The Humm board’s majority directors have agreed to step down, with John Wylie and Alistair Muir to leave immediately.
Humm shareholders have claimed victory after the company’s majority directors agreed to step down following the collapse of a deal with Ahmed Fahour’s Latitude Financial.
“This will enable a new board of directors to take the company forward and deal with the challenges and opportunities ahead,” Humm said in a statement. The lone voice of dissent against the deal on the Humm board, Mr Abercrombie mounted a campaign to oppose the sale on the grounds that the $35 million in cash and 150 million Latitude offered was too low.
Ms Christian later said the majority directors agreed to “mutually terminate” the deal because the value fell below the bottom of the range listed in the independent expert’s report of $260 million. When first put to the market in January, the deal was worth $335 million but had fallen to $245 million by the time it was scrapped.
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