It's an interesting article in the AFR regarding Jim Vais and...

It's an interesting article in the AFR regarding Jim Vais and Mark Milliner approaching AMA wanting to buy Capital SMART back. Article indicates they are willing to pay "more than $50m" for it. Sounds opportunistic to time with AMA's debt refinancing discussions.

Putting the massive write-down in value since acquisition to the side for a minute.

You don't buy things for full price, so clearly they believe there is more value that can be squeezed from that asset with solid operational management in place. What's Capital SMART actually worth, with good management - you'd suggest they'd be targetting at minimum a 100% return on their investment, to earn a return and allow for risk - therefore call it $100m.

Tells you size of the prize if Mat and Co can get it right... SMART could be worth about the entire current market cap of AMA.

Article says the AMA Board declined to open up a data room for due diligence. Good on them. I'd prefer to give the new CEO the runway to operate the asset and increase the value of the business for current shareholders.