Important Points
Australia’s largest smash repair chain is called AMA.
The lone board member from before the outbreak, director Simon Moore, is departing.
Trading conditions were good in the first quarter, according to AMA.
Simon Moore, a seasoned veteran of private equity, is stepping down from the AMA board following a turbulent tenure with Australia’s largest smash repair business.
On Thursday, Mr. Moore announced his impending resignation. He stated that while his tenure had “certainly not been a straight line or an easy ride,” he was optimistic about the future of Melbourne-based AMA.
Rob Homer, Simon Moore
He is the last survivor of the AMA’s pre-coronavirus board.
During its annual general meeting, the firm announced that underlying trade was improving and that it was filling a skills need by employing an additional 100 technicians from the Philippines, launching an apprenticeship program, and hiring domestically.
Insurers make up the majority of the 140-shop chain’s customer base. However, after being battered by COVID-19 shutdowns, strict insurance contracts, several capital raises, and governance issues, AMA found it difficult to bounce back.
Its losses since 2020 have exceeded $450 million, and its shares have dropped from $1.26 in the pre-pandemic year 2019 to 7¢ on Thursday.
Even more, AMA filed a lawsuit in federal court against former CEO Andy Hopkins, claiming he had falsely charged the business for up to $1.7 million in costs, including bonuses and automobile purchases, and demanded the repayment of a $1.4 million loan. In his countersuit, Mr. Hopkins claimed that AMA owed him more than $5 million in total, including underpayments and missing bonuses. These claims are still pending.
That public outburst occurred in January 2021 when Mr. Hopkins attempted to thwart an attempt to remove him from the company.
Mr. Hopkins gave a legal document response.
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