Alex Waislitz’s Thorney Investment Group, owner of 6.8 per cent of AMA Group is orchestrating a board revamp.

His gun sights are aimed at chairwoman Caroline Waldron and two directors, Talbot Babineau and Kyle Loades.  According to an article in the Financial Review's Street Talk, Thorney wants the chairmanship to go to Brian Austin, already a non-executive director.

Alex Waislitz
Alex Waislitz
The ASX notice says: 'The s249D Notice requests the convening of a general meeting of the Company to consider, and if thought fit, to pass ordinary resolutions for the removal of each of Ms Caroline Waldron, Mr Kyle Loades, and Mr Talbot Babineau from the board of directors of the Company. Following receipt of the s249D Notice, and unless it is withdrawn by Thorney, the Board must call a general meeting within 21 days and hold that meeting within two months of such receipt.'

Street Talk sources said Thorney has resorted to the aggressive tactic after behind-closed-doors conversations to restructure the board failed.

The story says: 'AMA shares have lost 59 per cent of their value in the past year, while investors have had to sit through a deeply discounted equity raise and a never-ending debt refinancing process. The board also refused to engage with an M&A approach from former Capital SMART duo Jim Vais and Mark Milliner.

In particular, Thorney notes AMA’s share price has continued its free-fall since Waldon’s arrival and a circa $55 million equity raise. It is expected to push for AMA to tighten its cost structure and commit to a more efficient operating framework. '

If successful this would be AMA Group's third chairman in less than a year. Antony Day stepped down in September  2023 to be succeeded by Waldron. 

Waislitz is the founder of Thorney and says on his website that when he set up the company in 1991 he had a vision of being a “thorn in the side” of complacent company managers that are not delivering full value to their shareholders.

Caroline Waldren
Caroline Waldren

The website says that Thorney has always been 'prepared to agitate for change when warranted. This remains part of our DNA today. At Thorney, investing is never a static game. We work with an ethos that “the more we roll up our sleeves and get involved, the more we will ensure success”.'

AMA Group's share price is 4.2¢ today.


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