Pacific Smiles Group (ASX:PSQ) has announced a major reconstitution of its Board following Genesis Bidco’s assumption of effective control.
Genesis Bidco, a private investment entity associated with Genesis Capital, now holds 59.2% voting power in the company and has made a cash offer to acquire all remaining shares. The offer period, automatically extended, is now scheduled to close on 12 December 2024 at 7pm Sydney time, though Genesis Bidco reserves the right to extend it further.
The Board has unanimously recommended that shareholders accept this offer in the absence of a superior proposal.
The Board changes will take place after Pacific Smiles’ next meeting on 16 December 2024. Chairman Giselle Collins and two Non-Executive Directors have announced their intention to step down. They will be succeeded by Genesis Bidco’s nominees: Dr Michael Caristo, who will become Chairman, alongside Mr Chris Yoo and Ms Tara Hariharan as Non-Executive Directors. Genesis Bidco has indicated that these appointees will not be considered independent Directors under ASX governance guidelines, with their appointments subject to standard checks.
Pacific Smiles operates over 120 dental centres across Australia, providing patient-focused care and services.