JB thank you for your reply. I don’t think it’s as simple as...

JB thank you for your reply.

I don’t think it’s as simple as monthly receipts accounting for the difference. But the next Quarterly will reveal all. Their own projections as part of the prospective had similar percentages much lower than 40%.

Onto your point about the fact you aren’t concerned because they have paid 5 times ebit for smaller practices. How do you do that for a practice making no profit? Do you think they were given money to acquire these?

What about practices with marginal profit, e.g, $10,000? Do you think they paid $50k?

As I said, look at the total turnover of the group and you will see they must have bought many practices that weren’t profitable (billing under 500k).

Also, you know I can’t go into individual practices, but it’s telling that Smiles Inc hasn’t released turnover breakdown by practice.

Interesting times. I’ve been contacted directly or indirectly by a number of instos regarding this share and have expressed my concern to them. There is wide interest, that’s for sure.