Q1. How are relations with Suncorp? Are they feeling guilty for selling us Smart Group for $320 million before COVID crashed our industry.
Answer: The Smart Group sale happened before COVID, which obviously changed everything.
Q2. Thank you to Simon Moore for his many years of service. It is always helpful for investors to have access to some exit perspectives from retiring directors. In his final AGM contribution as an AMA director, could Simon please comment on what he regards as the best decisions AMA made during his time on the board and does he have any regrets?
Answer: appreciated his extensive and thoughtful comments, talking up a more "sophisticated" executive team and a business turning over almost $1 billion a year. Listen to audio of exchange via Twitter.
Q3. Having just raised $55 million at 12c, are we really looking at doing another placement, let alone potentially placing 25% of issued capital if this resolution is approved?
Answer: CFO said there were no more equity raising plans and this was just for flexibility. Well why do it again? There was an 18.4% protest vote.
Q4. Well done for staring down the big and highly profitable insurers to get fairer contracts. Smash repair is still a highly fragmented industry but who are the second and third biggest smash repair operators in Australia and do any of the insurers own their own smash repair facilities?
Answer: The outgoing CEO mentioned that IAG still own a car repair operation but everyone else is out of it.
Q5. Could Caroline please summarise whether there have been a proxy protest votes against her share grant, or any other resolutions today. It would be helpful to next year disclose the proxy position to the ASX with the formal addresses to allow for considered AGM debate on the voting outcomes.
Answer: the moderator sensibly messaged that this wouldn't be asked because the proxy votes had been disclosed early, which was correct.
Q6. There was a 15% vote against Kyle Loades. Do we know which of our shareholders is casting protest votes today and what their concern is. Was it the dilutive structure of the capital raising?
Answer: chair said she wasn't aware who had voted against.
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