AMA Group held its annual AGM on 23 November where new board members were announced. On 1 September it was announced that Carl Bizon would leave AMA Group in November and at the same time it was reported that Anthony Day had retired as Chair and non-executive director along with Paul Ruiz the Chair of the Audit and Risk Committee, leaving positions open on the board.
During the AGM opening address AMA Group Chair Caroline Waldron said: "Our first governance priority when I took over as Chair was to build a fit for purpose Board, comprising people with the right mix of skills and experience, and to adopt a structured approach to Board refresh."
The new board members are Kim Stewart-Smith who has extensive board experience and a strong background in finance. Stewart-Smith assumes the role of Audit Committee Chair. Brian Austin is an experienced ASX Board Director and serves as the Non-Executive Deputy Chairman of PSC Insurance Group who previously served on the AMA Group Board from December 2015 to February 2020. Commenting on the appointment Waldron said, "Insurers are our biggest collision repair customer group, and Brian’s deep insurance industry experience and relationships will be invaluable as we continue our customer-centric strategy. We look forward to his industry and governance insights, gained from his long and esteemed career to-date.”
Talbot Babineau, who began serving on the board in February this year was officially voted in as a non-executive director and Kyle Loades was re-elected to the Board in line with the standard re-election process.
Long serving board member Simon Moore, who brokered the Capital S.M.A.R.T acquisition, will be leaving the board in February 2024 'following delivery of the Group’s 1H24 results and in order to continue supporting the current refinancing activities.' The Board is now undertaking a search for a new Non-Executive Director with collision repair, automotive parts (or similar) sector skills, with a particular focus on those who have built a customer-first culture in an organisation.
Waldron then addressed the subject of refinancing debt facilities, including providing a clear solution for the current $50 million of convertible bonds which, while maturing in March 2027, have a cash redemption option for bondholders in March 2025.
"Today we have formally launched the process with a group of prospective lenders who have shown strong interest in the transaction, and we expect to be well progressed with the refinancing by the release of our half year results in February 2024."
Waldron also announced that AMA Group is piloting an ADAS calibration capability called Tech Right ADAS Solutions (Tech Right). The technology will initially be installed in six sites across the AMA Group network with the intent to also service AMA Group’s nearby repair facilities. "Tech Right’s business performance will be assessed over the coming months, at which point, further investment decisions will be made including the location of additional installations and capital to be deployed in relation to rolling out ADAS calibration technology further throughout the AMA Group network." Waldron said.