Genesis Capital Manager I Pty Ltd agreed to acquire 81.25% stake in Pacific Smiles Group Limited (ASX:PSQ) for AUD1.4 per share on December 16, 2023. The Indicative Proposal is subject to several conditions including satisfactory diligence, access to Pacific Smiles? senior management team and negotiation of relevant transaction documents.

The Board acknowledges the share price performance of Pacific Smiles has been disappointing. Notwithstanding this, the Board is confident in the prospects of Pacific Smiles, including having regard to the appointment of Mr Andrew Vidler as Managing Director as announced to the ASX on 19 December 2023. In this context, the Board considers that the Indicative Proposal is opportunistic and materially undervalues Pacific Smiles and has therefore rejected the Indicative Proposal.

As of March 19, 2024 Pacific Smiles Group Limited received a revised non-binding proposal from Genesis Capital Manager I Pty Ltd s for AUD 1.75 in cash per share. Transaction is subject to d entering into a binding scheme implementation agreement. Pacific Smiles has appointed Greenhill & Co as financial adviser and Gilbert + Tobin as legal adviser.