Ann: 3Q24 Quarterly Cash Flow and Activities Report, page-32

the problem is that without an unusually large increase in pricing from Suncorp on Capital Smart, to catch-up on what AMA was forced to miss out on over the past 4 years, any refinancing will be unusually onerous, like the rumors in the press stated, something about private credit with equity warrants attached, which would be outrageous.

so, if the new CEO is as weak as the last CEO, and if the new board is as spineless as the last board, and Suncorp gets away again with just a modest bump up in pricing, then sure, the share price might rise a bit from here, but real fairness, real justice for AMA's long suffering shareholders, will have been lost again for another year.

The Suncorp / Capital Smart repricing and the refinancing go hand-in-hand. AMA needs a normalized EBITDA margin which would allow for a normal (non-distressed) refinancing package. If Suncorp denies AMA that, it should be the last straw and I think legal action then becomes an absolute necessity.