Humm chairman Christine Christian says she is proud of the board’s actions in the face of “multiple, aggressively worded threats” from the group’s biggest shareholder and founder.
In a statement put out to placate a wave of shareholder anger over the directors failure to put to a vote the planned sale of its consumer finance arm to Latitude Financial, Ms Christian shifted the blame to renegade director Andrew Abercrombie.
Following Monday’s call for Ms Christian and fellow director John Wylie to resign, shareholders of the embattled consumer finance and commercial leasing group have told“They’re denying any kind of wrongdoing,” said one small shareholder of the directors. “They were so adamant in all of those statements that this was such a good deal and kept telling shareholders to support it.
“We are wary that Humm may breach its covenants. However, we estimate its market price already compensates for a dilutive raising,” Mr Ler said in a note. While Ms Christian said the deal value falling below the $260 million bottom of Kroll’s range was the justification for walking away, Mr Ler said the profit downgrade suggested there had been a big change in the operating environment since it was written “only about a month ago”.Ratings cut
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