The phones are ringing off the hooks in the offices of Humm Group’s shareholders.
Street Talk understands that instead of getting calls from proxy advisers’ staff, Humm’s shareholders are getting asked to jump on calls with four different parties.
Ahmed Fahour, the CEO of Latitude, has a binding agreement to buy Humm’s consumer finance arm. But it’s not to the liking of Humm’s founder.There’s obviously Humm and its renegade founder, shareholder and director Andrew Abercrombie teeing up chats. But also doing the rounds is the buyer, Latitude Financial Services, and John Wylie’s Tanarra Capital, which is a shareholder and on Humm’s board.Their minds now are turning to every players’ motivations.
Where it all lands will be interesting to see. Humm’s board is quietly confident it can get the deal through, but Abercrombie hasn’t given up yet. He was understood to be still in the market for more Humm shares on Monday, even though no one knew to what end. Latitude’s offer is for Humm’s consumer finance business for $35 million cash and 150 million Latitude shares. Amid the back-and-forth, Humm’s told investors the unit had been unprofitable for the past four months.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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