Ann: Shareholders to vote on Humm Consumer Finance transaction, page-148

Humm chair Christine Christian accuses largest investor, Andrew Abercrombie, of ‘stringing shareholders along’

The Australian, in tonight's news.




Last week, Mr Abercrombie told The Australian that the directors recommending the sale “have a selfish reason for making it happen”. “They have a vested interest in the share price … I want to drive the value,” he said.The combined Humm consumer finance band Latitude businesses would be the largest of its kind in Australia and will have gross receivables of $8.4bn, some 5 million customers and around 82,000 merchants.

“So far, he has provided no plan on how Humm should respond to the substantial deterioration in non-bank consumer finance sector economics. He is also telling shareholders that Humm would be a consolidator in the sector – but he has not provided any plan for how Humm would realistically seek to fund these consolidation plans and create shareholder value.




Who knows what the truth is here???