There are no winners in the Humm shambles, with Latitude shares downgraded after the consumer finance division sale was scrapped.
Some Humm shareholders have demanded the immediate resignation of chairwoman Christine Christian and director John Wylie, saying the duo failed to act in their best interests by allowing Latitude Group to walk away from buying its consumer finance business.
Latitude Group shares were hammered on Monday as investors mulled where-to next for the Ahmed Fahour-led non-bank lender following the deal’s implosion. He flagged the possibility for Latitude to return with a new offer at an “affordable” price if Humm shares continued to languish. Mr Fahour had previously extolled the benefits of Latitude using Humm’s consumer finance and buy now, pay later businesses to feed its growth pipeline, as younger customers graduated from small-ticket to bigger-ticket instalment pay transactions and unsecured loans.
The stock had recovered some of its losses, trading more than 6 per cent higher at 48¢ ahead of the close on Monday after it was revealed that reclusive investor Duncan Saville had acquired a minority stake over the past six months. Ms Christian confirmed that Humm’s majority directors, absent renegade director Andrew Abercrombie, had asked Latitude for more money on Thursday, after the board had campaigned for weeks saying its HCF was “unprofitable” and severely challenged in the current market environment.
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