Page 8 - Australasian Paint & Panel magazine Nov-Dec 2021

8
NEWS
10 MARINO LEAVES SMART • 12 IAG ASIC INQUIRY • 14 TOP STORIES 2021
PAINT&PANEL NOVEMBER / DECEMBER 2021 WWW.PAINTANDPANEL.COM.AU
AMA DROPS $12M
A
AMA GROUP HAS BEEN RE-
quested by the ASX to provide quarterly cash flow and quar- terly activity reporting. The
company issued this statement prior to publishing the results. ‘The request to do so reflects the attention drawn to material uncertainty regarding AMA Group’s ability to continue as a go- ing concern, identified by the Auditors
in the FY21 Annual Report.
'The Board considers this matter re-
solved following the successful capital raising and enhanced banking facility ar- rangements announced in September and completed in October 2021. However, as these financing activities occurred follow- ing the release of the FY21 annual report, they are not reflected in the annual report
nor taken into consideration by the audi- tors in the preparation of their opinion.’
With its capital raising completed, the AMA Group reports that during the first quarter of the 2021/22 financial year (July to September 2021), it completed an accelerated 1 for 2.80 pro rata, non- renounceable entitlement offer; along with a $50 million senior unsecured convertible notes offer.
AMA said that both offers were well supported, raising a total of just under
AU$100 million. Of those proceeds, $72.5 million was used to permanently repay group debt.
Operationally it has not been a black quarter for the company. From a turnover of over $252 million, the company saw a net cash default of $12.798 million.
The business was significantly COV- ID-19 affected during 1Q22, with lock- downs in New South Wales and Victoria continuing to be reflected in depressed repair volumes.
CABOOLTURE CRASH HITS GOLD
CABOOLTURE CRASH REPAIRS AND DA-
vid Nash Smash Repairs in Queensland and East Adelaide Tow and Crash are the latest businesses to achieve I-Car Gold Class Collision status.
Caboolture Crash Repairs is part of the Suncorp repairer network. The flexibility of both online and on-site training enabled several staff to achieve Platinum status.
Kathy Nash, business manager of Da- vid Nash Smash Repairs, noted that the structured learning program of I-Car was more goal-oriented and kept abreast of constant changes within the industry. "The various training methods provided flexibility and options to integrate train- ing into our daily work schedules with relative ease," said Nash.
Tim Felice, of East Adelaide Tow and Crash Australia said: “the online virtual classroom training allowed the team to enjoy the comfort of their own space and provided an opportunity to discuss thoughts openly and learn from each other," Felice said.
seem daunting, but when it also pro- vides a way to build relationships over a yiros and beer, it’s a win win."
Their qualified panel beater, Ben Wright, completed the structural steel welding training and certification, ben- efiting in ways he did not expect. Not only did his welding skills improve im- mensely, his confidence and ability to problem solve and innovate, came from
the one-on-one learning and educated co-ordinator’s direction and leadership.
Felice realises that the future of the com- pany is 'recognition'. "If we can be recog- nised and strive for OEM badges, this will add to our premium profile. I-Car Gold Class renewal training will continue to keep our brand in check, align us with the latest information in all aspects of the in- dustry and boost our reputation.”
"The nature of consistent training can