Ann: hummgroup announces change of Chair and receipt of proposals, page-238

My money is on him being central to the PE bid.
Using debt to buy the Retail means his equity % will increase to 30% - 40% - 50%, who knows.
That's what I am expecting....retail handing the gold to him at the bottom of the market now that he knows the management have an attractive growth story underway...and they will be rewarded to stay with him and get a good % of equity themselves.

Just keep buying...and lookout for write downs and write-offs at the half year to just lower expectations and clear any remaining deadwood.