AMA reorganization, page-34

He may well have been positive in March but things have changed. On 13 April, the Board announced its intention to sell panel into private hands, meaning that current AMA shareholders wouldn't be shareholders in panel any more, not unless they opted for part ownership in the unlisted business.

If more than 50% of voting shareholders vote against the Blackstone bid on 24 August, the demerged AMA (panel only) will continue in operation alongside the demerged ACAD (parts etc). Both would remain listed businesses. AMA shareholders would become shareholders in both companies and would stand to gain from upside in panel as well as parts, including through consolidation as stated above, while Blackstone would not.