Ann: Sale of hummgroup Consumer Finance to Latitude, page-36

It is interesting that they say in the presentation that all the sale related documentation and notice of meeting will be available in about 2 months. They are not exactly in any hurry are they.

Everything seem to be getting very closely "managed". Whether it be that
- LFS had exclusivity for such an extended period,
- the DD taking far longer than required (IMO)
- even after an extended DD the offer basically stayed the same
- an extended period till we get to see the nitty gritty documents which means shareholder meeting probably won't be till May at the earliest
- making the half year report look awful so the offer looks better (and presumably meaning the previously promised dividend will be no longer)

The risk I see in extending everything out is that if the LFS share price continues to fall, the deal becomes less and less attractive.

The other red flag I see if that LFS have said that if they can't get LFS shareholder approval, they will basically change the offer to make it mostly cash. This to me says the CEO is indicating the sale is going ahead whether he gets shareholder approval or not. Not exactly a great attitude IMO.

Anyway, to me the whole thing stinks of backroom deals, some of which we might see when the documentation is made available, but I have a feeling some of them might not become obvious till after the deal is over and the deal makers get rewarded.