Pacific Smiles Group ASX Announcement

Pacific Smiles Group (ASX: PSQ) has announced a plan to reconstitute its Board. This follows Genesis Bidco acquiring a controlling interest, holding approximately 59.2% voting power. Current Chairman and two Non-Executive Directors will step down after December 16, 2024. New nominees from Genesis Bidco are expected to be appointed.

Pacific Smiles Group Announcement Summary

Pacific Smiles Group is undergoing significant changes with Genesis Bidco acquiring a 59.2% controlling interest. This has prompted a reconstitution of the Board, with current Chairman Giselle Collins and two Non-Executive Directors stepping down post the December Board meeting. Genesis Bidco plans to appoint Dr. Michael Caristo, Mr. Chris Yoo, and Ms. Tara Hariharan as new Directors, aligning with their strategic interests. Shareholders are advised to accept the cash offer from Genesis Bidco unless a better proposal is made. The offer period is extended to December 12, 2024, and could be extended further. The new appointees are not considered independent Directors per ASX governance guidelines.

Executive Commentary on Board Changes

The Board recommends that shareholders accept Genesis Bidco's cash offer unless a superior proposal emerges. The offer period has been extended to December 12, 2024.