Ann: AMA Group Board Update, page-9

Refi doable without capital raise IF Suncorp adjusts pricing up enough to give AMA decent margin and free cash flow for the period beginning July 1, 2024.

So here's the press release that should be: "AMA announces renewal of CapitalSmart JV with Suncorp, and completes refinancing. Today AMA is pleased to announced that based on a renewal of the CapitalSmart JV, with better pricing and other protections, AMA's projects a return to a 9% EBITDA margin in 2025 (pre-AASB16). Suncorp willingness to invest further in CapitalSmart through higher pricing highlights the mutual importance of the relationship, and has been a critical factor in facilliating AMA's successful refinancing."

Sadly, here's the press release that is more likely: "AMA announces capital raise. Due to inadequate re-pricing from Suncorp on the CapitalSmart JV again this year, AMA now projects it will not generate sufficient cash flow in FY2025 to allow a refinancing of our debts without additional capital, We hope that someday Suncorp will allow us to make an adequate return for fixing 50% of all of their cars, especially given the $400 mil. we gave them. Unti then we look forward to raising capital annually to give to Suncorp. We hope you don't mind."

Here's my suggested press release: " AMA sues Suncorp and Suncorp's CEO Steve Johnston and AMA's former CEO Andy Hopkins and Chairman Anthony Day for $500 million for fraud and unconscionnable acts..."