Pacific Smiles (PSQ AU): Genesis Returns To Dislodge Co-Founder

• Earlier this year, Genesis Capital secured ~89..27% in Pacific Smiles (PSQ AU), an operator of dental centers, via a A$1.90/share tendering Offer. Co-founder Alison Hughes resolutely maintained her 10.01% stake.

• PSQ has now announced Genesis has returned to the well with a A$2.20/share unconditional Offer.

• That’s a solid 37.5% premium to last close. And within the IE’s revised fair value range of A$2.13-A$2.56/share, who declared termns fiar and reasonable.

PSQ is super illiquid. Look away now if this is not your bag.

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The Trade:

• The Offer is unconditional.

• This will trade to terms. If not marginally through.

• For those shareholders who rejected the last offer, here is your exit.

The NEW News

• Genesis Capital, with 89.27%, has launched an off-market unconditional Offer at A$2.20/share for shares not held.

  • Here is the Bidder’s Statement. Here is the Target Statement.

• Close of Offer is the 17th November (unless extended).

• Terms have not been declared final (as far as I can see).

• The IE says fair and reasonable.

• That’s it - super straightforward.