AMA Group Shareholder Moves To Overthrow Chair, Two Board Members

Thorney Opportunities and TIGA Trading (Thorney) have orchestrated to oust Non-Executive Chair Caroline Waldron, along with Non-Executive Directors Kyle Loades and Talbot Babineau from the AMA board.

On 27 May, AMA Group notified the Australian Securities Exchange that it received a notice under Section 249D of the Corporations Act 2001 from Thorney, stating that they hold at least five per cent of votes that may be cast at a general meeting and requesting the convening of such a meeting to consider ordinary resolutions to remove the trio. Following a Section 249D notice, the AMA Group board must call a general meeting within 21 days and conduct it within two months.

Thorney, which owns 6.8 per cent of AMA Group, reportedly acted after ‘behind-closed-doors’ talks to restructure the board failed to bring change.

According to the Australian Financial Review ‘Street Talk’ column, Alex Waislitz, Non-Executive Chairman at Thorney, wants Brian Austin, Non-Executive Director at AMA Group and Non-Executive Deputy Chairman at PSC Insurance Group to become AMA Group Chair. ‘Street Talk’ reported that a major point of contention for Thorney is that AMA’s price “continued its free-fall since Waldon’s arrival and a circa $55 million equity raise”, adding that Thorney “is expected to push for AMA to tighten its cost structure and commit to a more efficient operating framework.”

AMA Group shares closed at 4.6 cents on Friday.