Basic Shares: 118.58 million
Fully Diluted: 134.33 million
It is an understatement that there have been a lot of ups and downs with AMA since The Howard Group first signed on in January 2006 to provide the company with investor and financial relations services. While our involvement with AMA through 2011 was a small behind the scenes role, the end of the year saw the formal relationship come to an end.
Unfortunately, expectation is only good if it is followed with delivery. Once again, the Great Wall kept out the invading hordes. This non-event, AMA's industrial type growth, the economic abyss of 2008, the fall-out of which we continue to live with and a broad retreat from junior stocks has meant that owning the stock has been akin to watching paint dry, the past year in particular. Just over 34 million shares traded in 2011 in a very narrow range of pennies with the average buy price being just under $0.21.
To management's credit, the company has been "re-tooled" in terms of how it approaches the business today versus several years ago. In our view, AMA is now a head down - keep grinding attitude company that continues to secure deals for its technology with small and regional airlines while methodically and surgically working to bring a "major" onside.
We don't know when or if AMA will sign an agreement with an international aircraft manufacturer to have its technology become part of the factory offering or if it will finally ink "the" deal in the commercial jet market that would be a major breakthrough or if Chinese airlines will suddenly open the order book in a large way. What we do believe is that AMA has spent at least the last two years making believers of the powers that be of the merits and advantages of its technology. However, will that be enough to "get the deal". As a reminder, it took the inventor of the original black box ten years to see his genius finally make it into a large way into aircraft and that was largely driven by regulation.
We sense that AMA's focus has become acute through the turmoil of the last few years and importantly, there is a balance between expectation and how to get to delivery.We know that many people have wondered why AMA has become so subdued and is noticeably absent from pounding the pavement and tables in North American financial centres.
We've had this chat with CEO and recently re-appointed President, Bill Tempany. He's clear that when AMA decides to once again step into the spotlight, there will be an exceptionally good reason for the decision. We view the approach as realistic and most sensible.
We like good surprises and very much hope that Bill and team deliver the main event early in the new year.
The fact is that with AMA's history as a "stock" and in context of the foreseeable malaise that will linger in the junior markets, it is going to take a material event to break open the dam.
On that note, we wish on behalf of all patient investors the very best to Bill and CFO, Tom French, Tammy, Matt and a host of others at AMA.
We want to see you on centre stage very very soon.