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

I reckon it should not be less than 40p a share, if its less than that then its not worth it......thats my thoughts :)

Giving it a good shake, I really am surprised that people sell so easily.......

PP, good call on OSH a rare bit of blue today!

If you look at the chart, there are a lot of people holding from 40p levels, and a lot of free float out there. Surely will have to pay a handsome price to gain control I think :)

Love a bidding war......and some people with deep pockets mentioned there :) 40p at the end ? I hope so.....its worth more than 34p ;)


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.............

I still reckon a chance of 40p or more.........if they start offering at 30 to 34 and a bidding war and auction starts....could well meet my preferred target :)

Easy money buying now with a bidding war coming :) I think so .. ;)

For all those selling at 24p, I have a number of 5 pound notes I am wanting to swap for an equal number of 10 pound notes........interested in a 100K of 5's for a 100K of 10's ??? LOL ;)

5 way bidding contest then now :) Small extract from news report below, full article in the link at the bottom.

............"One of the potential bidders for dentistry group asis Healthcare may have been revealed. Yesterday rival dental company ADP Holdings - owned by the management and private equity group European Acquisition Capital - said it had bought Oasis shares at 24.75p and had a total stake of 12.91%. On Thursday Oasis revealed it had received expressions of interest in buying the business, with L&G Ventures, 3i, Hermes and Electra said to be among the other potential bidders. Oasis slipped 1.75p to 24.25p.".......

http://business.guardian.co.uk/story/0,,1794379,00.html

30p is where it starts, I still reckon a good chance the final price will be 40p a share or near to once a bidding war gets underway :) The patient will be rewarded I feel, those to jump first just threw money away selling at 24p.



From The Times
Bolder investors are rewarded as dental chain finds taste for Oasis
By Nick Hasell

Smaller capitalisation shares

A PRIVATE equity-backed chain of dental practices has emerged as a 12.9 per cent shareholder in Oasis Healthcare a day after the AIM-listed company admitted receiving preliminary bid approaches.
The high debt burden of the Norwich-based Oasis which had 37 million of borrowings at March 31 has meant that the 120-strong chain has not been a stock for widows and orphans. Bolder investors were rewarded for their bravery this week when Oasis, faced with a mystery investor trying to mop up its shares, conceded that it had received predatory interest.

That buyer broke cover yesterday, with Associated Dental Practices (ADP) confirming that it has acquired 10.5 million shares through KBC Peel Hunt at prices up to 24p. Followers hear that ADP, which runs 41 outlets from Reigate, may not bid itself. Rather, the small-cap rumour mill suggests a private equity house is a more likely acquirer, with the likes of 3i, Electra, Hermes and L&G Ventures tipped to come forward with an offer of at least 30p.

That would make ADP a winner on two counts. Not only would it make a profit on its stake, but also a 30p-plus exit price would set a benchmark for its own valuation. ADP has been owned by European Acquisition Capital for four years. It is thought to be mulling a float or trade sale. Oasis eased p to 24p

RNS Number:4217E
Oasis Healthcare PLC
12 June 2006
Oasis Healthcare Plc

Comment re preliminary expressions of interest

On 8 June 2006 the Board of Oasis Healthcare Plc announced that it had received preliminary expressions of interest to acquire all the share capital of thecompany. The Board advises that, whilst there can be no certainty that any offer will be forthcoming, one of these expressions of interest is at a level significantly above Friday's closing market price of 24.25p.

The Board believes that the company is increasingly operating in a more attractive marketplace and that, following the actions that the management have taken, Oasis is in a strong position to move forward.

Therefore Oasis has excellent prospects and the opportunity to create significant value for shareholders.

The Board believes that any offer should value fully the future prospects of the business.


12 June 2006

Nicely up again, still looking for my 40p target :)

Good OSH has put me in first place (at the moment) in the June 06 stock challenge :)

http://www.stockchallenge.co.uk/typo/stockchallenge/site/index.htm


I still think its a no brainer to buy OSH, and still look for 40p levels or more for the takeover......any decent buys push the price straight up, they are just trying to suck in weak sellers at cheap prices at the moment on poor market sentiment, my thoughts anyway.

Still happily sucking up the sellers willing to sell below 30p today.

This was written when the price was 30p yesterday, look at the the forward earnings and you can see why a price of 40p to 50p should come in the end.


"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 9.2, 7.4 and 6.2 respectively based on the share price of 30.5p at 12th June."

Bargain levels, I would imagine the MM's cannot believe people still selling so cheap, but then again it was perfect timing to launch a takeover bid, get loads of stock at cheap prices in market mayhem, means the final amount you pay the real big money for is cheaper overall ;)

Well, next week we should see some events that will point the way forward, like an offer at around the 40p level would be nice ;)

And a good post and comment from another poster :

"Interesting from the latest RNS that Foresight have been adding to their holding recently. They were formerly Advent VCT and obtained their shareholding at roughly 20p when Oasis purchased Dencare. I would have imagined that as the share price has been largely below 20p since the acquisition that they would have been keen sellers once the price rose above 20p. As thay have just purchased 100,000 shares presumably they see a final offer coming in at a level that it makes them worth buying shares in the current market!!!!!! "

Fingers crossed for an update or actual offer this week.........still hoping for 38p to 42p range :)

Been busy, so just popping in quickly, nice write up today on GCI with BUY rating and saying price needs to double before "fair value".....sounds good :)


http://www.growthcompany.co.uk

Oasis Healthcare
BUY 19/06/2006

Independent today:

"......................Traders remain upbeat about another bid coming in for the dental clinic operator Oasis Healthcare, as the shares gained 2.25p to 26.25p. The company rejected an initial approach from a mystery bidder on Monday, even though the bid was pitched "significantly above" the 24.5p the shares were trading at. The rumour around the small caps is that another bid could come in at as high as 35p per share, valuing the company at 28.4m.................."

http://news.independent.co.uk/business/analysis_and_features/article1093543.ece

Looks like round two might start soon........