Ann: HUM - Directors interest change - A Abercrombie, page-17

AFR “In a statementto the ASX late on Monday06/06/2022 4:37 PM, Mr Abercrombie revealed he had bought another 2,662,028 shares for $2,065,591, adding to his existing 100 million shares, which represents about 20.5 per cent of Humm [in fact 20.73%]. Since Friday**, whenthe statement was dated, Mr Abercrombie confirmed he had purchased a further** 2.6 million shares taking his total buying since the dispute went live to 5.2 million, adding just over 1.1 per cent to his holding, below creep provisions.”

** This is confusing. The previous sub sh notice was dated 23/9/2020. He bought about 2.6m shares from 3/5/21 to 25/8/21, but those purchases didn’t trigger the 1% sub sh disclosure rule at that time On the 4 days 31/5/22 to 3/6/22 he bought (another) 2,662,068 shares: thus in total, the 6/6/22 sub sh notice shows 5.317m bought including those made in 2021. It may be a coincidence that he also bought 2.6m shares last year, or the reporter may have misunderstood. I.e. did AA buy 2.6m MORE shares after COB Fri 3/6, or has that number alreadybeen included in the sub sh notice? I think the latter. The totalvolume traded on Monday 6 June was only 2,031,565, so he couldn’t have bought 2.6m since 3/6. It may be that the reporter’s use of the word ”since” is confusing- it makes it read as though AA bought 2.6m since Friday, but perhaps she meant to say that “since Friday, he has confirmed that he bought 2.6m recently UP TO and including Friday 3/6”.

I reckon AA had100.0m at 25/8/21, then made no trades until last week when he bought 2.662m,to give a total of 102.662m = 20.73%; if he bought any more shares on Monday6/6/ it was not 2.6m.

My reading of thecreep rule (S611 item 9) is that he can buy 3.% above what he held on, in effect,25/8/21 i.e. 100m. So he can now buy 3% x 495.27m = 14.86m, less the 2.662m he bought last week, i.e. 12.2m more from COB Friday. That is a lot of stock v the daily trading volumes. If he does so, this info may take a while to trickle out, as the 3Ys allow 5 business days’ reporting. The sub sh notices are faster, at 2 BD, but only required when they trigger 1% = 4.95m share movements.

Tanarra The press articles referring to John Wylie holding 2% in a familytrust as well as controlling 5.52% through Tanarra Capital appear to bewrong. The sale booklet (sections 4.8.2 and 4.8.3) –which show such info updated to 12 May 2022- states only the 5.52% for Tanarra Capital but NO further holding, which would have to be disclosed if it existed.