Ann: Proposal from Latitude for Humm Consumer Finance, page-65

KKR owns 63% of LFS - with Shinsei owning 9.6% - so I assume both are happy with this deal and the issue of new LFS shares at (estimated) $2.00 price.

They dont need to do this - obviously see value in BNPL upside via HUM

I am assuming this is just the first offer - you need this to flush out others (if any)....

The Residual in HUM can be easily sold and the LFS shares dis tributes in specie - Mabye $1.10-$1.30 of value in 6-9 months - discount of 30-40% seems high, my guess Hedge Funs will analyse over next few days and if they like the risk reward will soak up volumes below (say) $1.00 - worst case they can hedge the look through LFS holding and have the residual business running at (88-63) at 25 cents or (25*495m shares) = $125m M Cap (needs more analysis for EV).

I really like this opening salvo and am a holder even a speculative buyer at these levels.

DYOR GL