ASG shares suspended

TAKEOVER target Automotive Solutions Group — formerly based in Robina — has been suspended from the ASX after listed smash repairs firm AMA Group issued a notice of compulsory acquisition.

Margate-based AMA, which is headed by chairman Ray Malone, first lobbed its takeover offer for ASG in May.

It followed a fall in revenue for the company, which debuted on the ASX in December, 2016, and the resignation of its inaugural chief executive, Tanya Mason, who was just four months into the role. Last month AMA told the ASX it had acquired more than 90 per cent of the securities in ASG.

ASG formed from the merger of eight parts and fabrication companies including steel fabrication firm Barden, engine remapping and performance services company Roo and Victoria-based retailer Umhauers.

Shares in ASG, which shifted its head office to Brisbane after initially being based in Robina, last traded at 34.5¢.