Shareholders of loss-making smash repairer AMA Group are expected to vote on a bid to remove chair Caroline Waldron and non-executive directors Talbot Babineau and Kyle Loades.

Investment firm Thorney Opportunities, which holds more than 5% of votes in AMA, sent a notice to the repairer yesterday requesting a general meeting to vote on its resolution to overhaul the board.

Section 249D of the Corporations Act states a company must hold a general meeting at the request of members with at least 5% of the votes. The meeting must be called within 21 days and held within two months.

“The S249D notice requests the convening of a general meeting … to consider, and if thought fit, to pass ordinary resolutions for the removal of each of Ms Caroline Waldron, Mr Kyle Loades and Mr Talbot Babineau from the board of directors of the company,” AMA said in a sharemarket announcement today.

AMA Group has been trying to revive its business, including seeking to renegotiate pricing arrangements with key insurer customers, in response to rising costs in the crash repair industry. The business narrowed its first-half loss to $9.2 million from $27.2 million in the previous corresponding period.

insuranceNEWS.com.au understands Thorney has been unhappy with AMA’s performance over several years and feels it is time for change. The investment firm believes many other shareholders agree.

Thorney requested the general meeting after unsuccessful private talks regarding a shake-up of the board.

Following the appointment of Ms Waldron as chair last September, AMA’s share price has continued to struggle.

insuranceNEWS.com.au understands Thorney is seeking immediate change with the appointment of incumbent non-executive director Brian Austin as chair. Mr Austin is deputy chair of broker group PSC Insurance.