Ann: FY20 Results Presentation, page-37

Capital raising is a catch 22 for AMA, debt levels are already high, market cap has shrunk, COVID money will shrink next month and there is no dividends forecast (forseeable future)

AMA do have several sections making up the company like smash, heavy, third party, alloy, wreckers etc, so selling off an "arm" is one option to raise capital. I'm guessing they will look at all options, this would also help them focus on their core business of Smash. After the hit CARYLE took in the northern hemisphere, I can't see any PE's entering our auto market for a while. But stranger things have happened.