Extract from Times article :

http://www.timesonline.co.uk/newspaper/0,,2706-2217603,00.html

................OASIS IS COURTED

Shares in Oasis Healthcare leapt 40 per cent to 24p after the dentist chain said it had received several approaches to buy the company.

Oasis declined to comment further, but City sources said that venture capital firms, including Legal & General Ventures, 3i and HgCapital, were understood to be lining up bids at 30p to 34p a share in what is likely to be a hotly contested auction.............

Web Site : http://www.oasisdentalcare.co.uk/

Email News Alert : http://www.oasisdentalcare.co.uk/investors/email/

About Oasis Healthcare

Oasis Dental Care Ltd, is the UKs leading operator of dental practices in the UK, with over 120 practices throughout England and Wales. A wholly-owned subsidiary of Oasis Healthcare Plc, Oasis aims to become the national dentist of choice for patients, staff and associates, providing a recognised and consistent service.

History of the business

Oasis has acquired well-established, profitable dental practices with potential for expansion which satisfy specific criteria in terms of size, operating performance and clinical capability. Through investment in new surgeries, practice refurbishment and marketing, supported by the introduction of specialist services, such as Orthodontics and Implants, and increased focus on customer service and higher quality private treatment, the Company expects to achieve significant growth in practice turnover and profitability.

Oasis has undertaken a period of rapid growth since it was established in 1996. The key milestones have been:

1999 Oasis made up of four practices
2000 Growth to 12 practices and listed on AIM
2001 Acquisition of a further 23 practices
2002 Growth to 65 practices
2002 Acquisition of Ora Dental Group Ltd with a further 10 practices
2003 Acquisition of Dencare Management Group Ltd with a further 36 practices
Today Total estate of over 120 practices

The Oasis vision

Our vision is to be the national dentist of choice for patients, staff and dentists, providing a recognised and consistent service.
We aim to harness the capability of over 120 practices whilst recognising that dentistry is a local business which must respond to local needs. Our cluster model provides the balance required for our network of over 500 dentists and 1300 staff.
To meet our strategic vision we have therefore moved away from an overtly centralised business model to one structured into 21 geographically-based clusters of up to 10 practices.

The cluster model

Each cluster is run by a full-time cluster operations manager and a part-time cluster clinical director. This balanced management team - who are fully profit & loss accountable with the authority to make the majority of day-to-day capital expenditure decisions - ensure the application of local knowledge. This structure also ensures that staff and associates work in a culture of belonging to a wider Oasis community. This has a number of benefits:
optimisation of internal referrals
focus on local recruitment activity
sharing of resources, experience and best practise

Acting as a corporate body

Alongside the cluster teams we have five regional dental directors as well as the central clinical Board, formed of a majority of senior dentists. This team is charged with the construction and maintenance of our clinical governance framework, and to determine clinical support for the services we provide.
Our commercial team meanwhile focuses on optimising the commercial gains from our size and scope, including optimising supplier deals and implementing new products and services across the estate.

The future

In the short term Oasis will focus on the continued implementation of localised clustering and optimisation of profit from the existing estate. In the longer term we anticipate embarking on a structured acquisition strategy. We are confident that our vision and strategy will allow a success to be made from the corporate dentistry model.

Major Shareholders

Advent VCT--------------------7,508,113 (9.20%)
BLS Holdings Ltd Prtnship----6,749,964 (8.27%)
Singer & Friedlander IM Ltd--6,590,000 (8.07%)
Joseph Joe King--------------3,347,500 (4.10%) DIR
Goldman Sachs Group Inc-------2,855,500 (3.50%)
BWD AIM VCT PLC--------------2,542,500 (3.11%)

Here is the latest (June 06) update from http://www.armshare.com

The company broker's note dated 31st May 06 projects fully taxed adjusted EPS of 3.3p for 2006/7, 4.1p for 2007/8 and 4.9p for 2008/9 representing P/Es of 4.5, 3.6 and 3.0 respectively based on the share price of 14.75p at 31st May.

"
The final results to March 2006 showed sales of 82.5 million (2005: 74.9 million), operating profit of 2.4 million (2005: (384,000)), pre-tax loss of 366,000 (2005: (2.9 million)) and adjusted EPS of 3.36p (1005: 1.78p). The company reported that the growth was achieved from 122 practices (2005: 125); practice EBITDA was 10.9 million (2005: 9.1 million) representing 13.2% of sales (2005: 12.1%) - there are a number of practices, particularly within Greater London, which are achieving under 10% (compared with the target of 15%) and for which strategies are being formulated to deliver improved performance over the current financial year; capex was 4.2 million, of which 1.2 million related to 8 new Welsh practices and 2.9 million was on modernising 36 surgeries; debt was reduced to 37.0 million (2005: 39.5 million); working with Kodak, a new clinical IT system is being developed which will, for example, enable the viewing of patient records by both the referring dentist and the relevant specialist, irrespective of geography.

Research Standing

We said " With the heady days of expansion over, at least for the moment, its going to be a long course of treatment, as exertion of buying muscle and the drive for private patients opens a long road towards the necessary levels of returns. It hasn't been pain free yet, but when the current cavity is filled it may well be time for the healing process to begin."

The company broker's note dated 31st May projects fully taxed adjusted EPS of 3.3p for 2006/7, 4.1p for 2007/8 and 4.9p for 2008/9 representing P/Es of 4.5, 3.6 and 3.0 respectively based on the share price of 14.75p at 31st May.

COMPANY MEETING

ArmShare met the current CEO on 1st December 2005. Oasis has followed the well trodden buy and build strategy, and reached the stage where conventional business skills needed to be applied if the organisation was to deliver shareholder value. In 2004, the CEO who implemented the initial strategy left and his replacement (who joined in August 2004) brought in-depth experience of running retail multi-site operations. This lead to the implementation of the cluster infrastructure referred to above - the early signs are that this is producing a virtuous circle of being more attractive to dentists, providing a better service to clients, organic sales growth and better margins - these early signs were endorsed by the final results to March 2006. Continuation of the virtuous circle will make it quite straightforward for the company to handle what presently looks like excessive borrowings totalling 37 million at March 2006 (2005: 39.5 million). "


__________________________________________________________________

Recent Institution and Director Buying ;

19th Sept 2005 S Lambert buy 1.0 million @ 10.5p
19th Sept 2005 G Blomfield Buy 500,000 @ 10.5p
29th April 2005 Goldman Sachs Buy 2.855 million.
14th Dec 2005 Stephen Lambert Buy 100,000 @ 12p
3rd Dec 2005 Stephen Lambert Buy 165,000 @ 10.5p
3rd Aug 2004 Stephen Lambert Buy 35,000 @ 16.2p
_______________________________________________________________

Links :

Wales Feb 2006 Link

Latest update from www.armshare.com

The interim results to September 2005 showed sales of 40.1 million (2004: 37.1 million), pre-tax loss of 131,000 (2004: 493,000) and adjusted EPS of 1.26p (2004: 0.81p). The ArmShare editor uses an Oasis practice which he had seen since its acquisition by Oasis lose operationally 'the eye of the owner'; the key to the success of Oasis is how to run a multi site operation and instil into the organisation structure the 'eye of the owner' within each practice - the current CEO was appointed in August 2004 and has installed the cluster structure referred to above, whereby each cluster comprises 4 to 10 practices and is run on a day to day basis by a cluster manager and a cluster clinical director. The editor met the CEO for the first time on 1st December and a full report of the data gleaned at that meeting will be provided shortly after getting clarification on a couple of issues. The company reported that its strategy is to grow sales organically - it achieved organic sales growth during the period of 10% (this from a practice base which had been shrunk from 125 in 2004 to 122) ; the period has absorbed 500,000 of costs associated with the cluster infrastructure; the operating cash inflow during the period was 2.5 million (depreciation amounted to 1.1 million and goodwill amortisation was 1.1 million); despite the 500,000 cluster infrastructure costs, the practice EBITDA (pre central costs) margin to sales has risen from 12.3% to 12.5%; and the board regards prospects for H2 as encouraging.
Research Standing
We said " With the heady days of expansion over, at least for the moment, its going to be a long course of treatment, as exertion of buying muscle and the drive for private patients opens a long road towards the necessary levels of returns. It hasn't been pain free yet, but when the current cavity is filled it may well be time for the healing process to begin."

Oasis has followed the well trodden buy and build strategy, and reached the stage where conventional business skills needed to be applied if the organisation was to deliver shareholder value. In 2004, the CEO who implemented the initial strategy left and his replacement (who joined in August 2004) brought in depth experience of running retail multi-site operations. This lead to the implementation of the cluster infrastructure referred to above - the early signs are that this is producing a virtuous circle of being more attractive to dentists, providing a better service to clients, organic sales growth and better margins. The ArmShare editor met the current CEO on 1st December and has a couple more issues to pursue, following which a fuller description of what appears to be a revitalised business will appear. If the virtuous circle is for real and with the company's present level of sales as a platform, it will become quite straightforward for the company to handle what presently looks like excessive borrowings totalling 40 million.

Oasis blue today. For me this is the final year that OSH may stay cheap, once we get into 06/07 financial year then the recovery is a done deal.

05/06 I think will still see the stock being cheap, but not by the December interims I think.

Blue today, nice to see considering a number of small sells in the past 7 days, should not really move up unless there is a large buy to come some time soon.

dont waste youre money

Nice tick up today. When the CEO recently spends over 100K buying shares, I think its most definitely not a waste of money :)

And another tick up at the end as well :)

An interesting post from Stewpot to me elsewhere, and to add to his thoughts, I would add that IFRS reporting is going to have a very beneficial effect on the OSH books. Half way through a 3 year recovery, and 18 more months of progress to go I think.

Stewpot,13Jan06

Just to give you a break from talking to yourself PP, I will add a few comments. Despite a lot of Dentists worrying about NHS contracts with their local PCT's, they will all be resolved by April 1st, and the profession will settle down. Most of these contracts are very favourable, as the government continues to throw money at Doctors and Dentists in an effort to shore up the 'front line'. The contracts mean that all NHS practices will have guaranteed incomes, the bottom line becomes more predictable, and the value of those practices will inevitably rise. Why will they rise? Because no-one will be able to set up a new practice without the local PCT's blessing, and they will want them to set up in deprived areas only, not in nice middle class areas already covered.
What does this mean to the corporates like Oasis? Firstly they have an existing portfolio of practices whose underlying value is set to soar. Secondly they have the purchasing power to move in on the best NHS practices with the best contracts, as these practices become out of the financial range of most individual Dentists. Already the opposition, 'Independant Dental Holdings' have indicated that they are starting to 'aggressively pursue' additions to its portfolio. The only problem is the shortage of dentists, and this is slowly being resolved as they pour in from all parts of the world when they see what they can earn here.
The bottom line is that this stock is set to go through the roof. It may not happen until the summer when things become a little clearer, but it will happen. Get in now!

Its good to see also that Oasis are offering to take in new partners and acquire, they should be having plenty of cash now, with cash generation growing well.

http://www.oasisdentalcare.co.uk/join/recruitwithlists/index.php

Recruit with Lists
We are interested to hear from all dentists regardless of circumstances, including sole practitioners or small partnerships, who would like to remove the burden associated with running a practice in todays legislative climate. Alternatively, if you simply want to realise the value on your current property and then utilise a surgery within a local Oasis practice, we would like to hear from you.
We have completed many successful mergers where dentists have joined Oasis with lists of active patients, and we currently have many opportunities in private, NHS and mixed practices throughout our estate.
We will offer an extremely competitive deal to you, which is likely to include an attractive payment for the goodwill of your business and a high share of income with performance-related bonuses. You will also be given comprehensive clinical and commercial support to ensure a successful integration so that you and your patients, plus any staff or colleagues who may also join, are happy with the move.
Once you and your patients have settled in, like all Oasis dentists, you will be able to benefit from opportunities to develop and progress. Our practices work together in local clusters to benefit our teams with improved networking, increased referral activity, comprehensive clinical and business management support, targeted investment and local decision-making.
To find out more about the opportunities available within Oasis, or to discuss our attractive packages, contact your local Business Development Manager:

- Debbie Bowers (Midlands)
- Jane Feierabend (South-West)
- Kim Leivers (North-East)
- Richard Holmes (North-West)
- Russell Trenter (South-East and Home Counties)
- Sam Debenham (Greater London)
_____________________________________________________________________

http://www.oasisdentalcare.co.uk/join/acquisitions/

Acquisitions
Oasis is continuing to expand and is looking for suitable practices throughout England and Wales.
If you are interested in joining the most progressive dental company please send a letter with the details about the size (financial highlights, number of surgeries), scope (potential for growth in terms of practice facilities and local market) and mix (NHS/private/private capitation) of your practice, together with the best way to contact you to the address below.
We will follow up all enquiries with a letter, either thanking you for your interest or asking for further information. Send your practice information in confidence to:

Jacqui Carter jacqui.carter@oasis-healthcare.com
Oasis Healthcare Plc
69-75 Thorpe Road
Norwich
NR1 1UA

Given the move up end of day Friday, its possible there could be some news coming, they indicated they wanted to add some profitable practises as they were going to have a spare 4m cash to spend end of last year, could we see some news on this coming. If the others are trying to buy top ones, maybe OSH are too, and news is around the corner ? Either that or a new research note might be on its way.

A good post elsewhere that re-enforces the theme that OSH has plenty of upside when it comes to revaluing their property assets, as you see below IDH value has gone up massively from 2004 delisting to Jan 2006. What would Oasis assets be valued at now if the company were to get everything revalued ? ;



'FOR SALE,
Dental stake Neeeds Filling
Luke Johnson is looking for a buyer for his 30% stake in Integrated Dental Holdings.
Johnson led consortium to take IDH off stockmarket in 2004 for deal 25million. Today the business is valued between 50 million and 70 million.'

I have slightly abbreviated article, page 3 ST business section.

Nice to see the rise continuing, here is hoping another large director buy order has gone in.

Did well on the day so far for OSH, something is stirring.

Couple of links to read, industry related ;

Link 1

Link 2

On the move up again........

Looks like the expansion into Wales is going well, this should boost 2006/7 figures, so apart from decent prelims in June, we should be on for impressive growth come interims in December


New surgeries to tackle NHS dentist crisis Feb 27 2006
By Tom Bodden, Daily Post

UP to 18,000 new NHS dental places are to be created in North West Wales.

Gwynedd local health boards are in talks with a company aimed at opening two new NHS surgeries.
The move follows years of dwindling NHS cover in the region, with patients travelling hundreds of miles to see a dentist.
The Gwynedd scheme also comes after the announcement of a similar programme in Flintshire which will create up to 37,000 NHS places. Another scheme in Denbighshire is expected to cater for up to 20,000 NHS patients.

And more than 27,000 new NHS dental places could be created in Conwy if talks between the Assembly, Conwy's local health board, two Colwyn Bay dental practices and a separate private company go well.
Access to NHS treatment across North Wales has reached crisis point as more and more dentists turn private.

Gwynedd health chiefs hope the required planning permission will be given for new surgeries within the next seven to 10 days.
Gwynedd LHB spokeswoman Heather Merrick said officials were working with Oasis Dental Care on the plans for new surgeries in Caernarfon and Penrhyndaedraeth, both with up to four dentists' chairs..
If approved, the facilities would open in stages, eventually treating up to 18,000 additional NHS patients.
Talks are also under way with every dentist in the county over a new NHS contract due in April.

Health bosses hope to negotiate small numbers of extra NHS places.
Two practices in Bangor are among those which agreed new Personal Dental Schemes.
Oasis Dental Care is already working on schemes with four local health boards in North Wales.
The new NHS dental contract is due to start on April 1 but some dentists remain unhappy at the terms and conditions.
"We have visited every single dentist in Gwynedd to negotiate a contract for next year, asking if anyone is able to provide any additional services," Ms Merrick said.
"Some have indicated that they may be able to depending on funding from the Assembly."
Denbighshire local health board is negotiating with Oasis to open two new surgeries at Rhyl and possibly Denbigh, depending on planning approvals, with eventual scope for 20,000 more NHS places.
David Johnson, the Denbighshire LHB assistant director of primary care, said a number of Personal Dental Service contracts with practices should begin to ease the shortfall in coming months.
Neighbouring Flintshire LHB has already announced an agreement with Oasis Dental Care for three new surgeries at Flint, Deeside and Mold with the potential to treat 37,000 NHS patients.
Oasis has also identified a location in Old Colwyn which could house eight additional dentists and provide around 15,000 registrations, while two existing dental practices are looking to open a further six dental chairs which could see a further 12,000 NHS registrations in Conwy county.

Oasis has more than 120 practices nationwide, including Wrexham and Chester.



Wales Feb 2006 Link

http://tinyurl.com/s8rod

Dentists invite patients to sign up by text Mar 22 2006
By Roland Hughes, Daily Post

MORE than 80,000 North Wales people will be able to sign up to a new NHS dentist from today - by text message..
Eight new NHS dental practices will open in four North Wales counties next month, with no need to queue around the block to sign up.
Patients will be able to sign up online or by sending a text message to the company behind the scheme, Oasis Dental Care.
Flintshire will see the biggest change, with 15 new dentists starting work from next month in practices in Mold, Ewloe and Flint.
New practices in Rhyl, Denbigh, Caernarfon and Penrhyndeudraeth will get four dentists each, with eight dentists coming to a new practice in Colwyn Bay.
The scheme came to fruition after Norwich-based company Oasis Dental Care won a tender put out by four North Wales Local Health Boards.
Pat Langley, clinical director at Oasis, said, "We are delighted to have this very exciting opportunity to make dental care available to the local populations of North Wales.
"We recognise that these communities have sometimes waited a very long time for adequate access to dental care.
"Whilst we will do all we can to ensure that everyone who wants to be seen is, potential applicants should be aware that it can take anything up to two years for a new practice to see the total volume of patients it can serve."
Oasis hope the unique way of signing up new patients will avoid people queuing outside the surgeries for hours in the hope of gaining a place.
Caron Best, project manager with Oasis, said: "Because of the scale of the exercise, we knew that if we just gave people the options of turning up at the practice or using the phone, people would get fed up."
People who want to join will be chosen at random, with no guarantee of getting a place if you sign up.
Potential patients will be given two weeks' notice to go to the surgeries for initial check-ups before joining up.
The company runs another 120 surgeries across Britain, and is responsible for 650,000 NHS patients.

Oasis Healthcare PLC 03 April 2006

Oasis Healthcare Plc
('Oasis Healthcare' or 'The Company')
Pre-close Trading Update

As it enters a close period ahead of its preliminary results, Oasis Healthcare
Plc, the UK's largest operator of dental practice announces an update on trading for the twelve months to 31 March 2006. The company's preliminary results will be announced on 31st May 2006.

Trading
The Company's turnover, from a combination of both NHS and Private income streams, has risen compared to the same period last year and as a result the company is pleased to report that trading for the year ended 31 March 2006 has been in line with market expectations.

As a result of the concerns and uncertainties being felt by dentists surrounding the biggest change in NHS dentistry since 1948, we have experienced some slow down in activity during the last few weeks, however all of the Oasis Practice based contracts with the various Primary Care Trusts have been signed by the due date and will provide a more evenly balanced spread of income for 2007.

Stephen Lambert, Chief Executive commented:
'The benefits of the new organisational structure continues to deliver the
desired operational improvements both in terms of turnover growth and practice efficiencies. The current uncertainty about the new NHS contract has had a marginal impact on the final quarter's trading. In this context, Oasis is very well placed to optimise any reallocation of funds from independent dentists who chose to leave the health service. As a result, we remain confident for the future and look forward to continued growth.'

3 April 2006
Enquiries:
Oasis Healthcare Plc
Stephen Lambert, Chief Executive Tel: 01603 599601
Guy Blomfield, Operations Director

Interesting we now have 4 MM's now, the new one ARBT joining this morning on the bid at 13p......and in effect showing a mark down.....

Couple of posts from AF for info :


Stewpot2 - 6 Apr'06 - 18:14

Everything signed and sealed, contracts set in stone with the PCTs for the next 3 years, private sector flourishing like never before. Their main rivals attract private equity, how long before this is gobbled up? Dip your bread now before its too late.

PapalPower - 7 Apr'06 - 02:11
I agree Stewart, its very confidence boosting that everything is proceeding well. I think the market might wake up to this one after the prelims and later interims this year. Happy to hold and top up !

And this is the latest update from www.armshare.com

"The April 2006 pre-close update re the final results to March 2006 reported that trading has been in line with market expectations; with the uncertainty surrounding the biggest change in NHS dentistry since 1948, there has been some slowdown in activity in the last few weeks, but all of the Oasis Practice based contracts with the various Primary Care Trusts have been signed by the due date and will provide a more evenly balanced spread of income for 2007. "

http://tinyurl.com/sxbfm

Dentists' ring of confidence
07 April 2006

Norwich's Oasis Healthcare, the UK's largest operator of dental practices, has reported steady performance - with profits expected to be in line with expectations.

The company, which has had a rocky couple of years, said its income from both private and NHS dentistry had risen in the last year.

It added: As a result of the concerns and uncertainties being felt by dentists surr-ounding the biggest change in NHS dentistry since 1948, we have experienced some slowdown in activity during the last few weeks.

But all of the Oasis practice-based contracts with the various primary care trusts have been signed by the due date and will provide a more evenly balanced spread of income for 2007.

Chief executive Stephen Lambert said: We remain confident ... and look forward to continued growth.