The starting gun’s about to be fired for the proxy war brewing at Humm Group.
Humm Group was originally called Flexigroup, which grew out of FlexiRent, started by Andrew Abercrombie. He retains a 20 per cent stake in the company.Humm’s board expected to dispatch explanatory booklets detailing Latitude’s $335 million scrip-heavy bid for its consumer finance business this week, and outline what shapes as the two camps’ opening statements.
The “for” pitch is expected to be in line with what Humm told shareholders on signing the deal in February. It reckons the $335 million was a good price , its consumer business would benefit from Latitude’s scale and synergies, and that the remaining pure-play commercial business would have a better chance at re-rating.
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