Ann: Shareholders to vote on Humm Consumer Finance transaction, page-32

after reading the report last night, my decision on 225k shares is vote NO.
1) opportunistic - I think consolidation of BNPL is happening now and will be completed in 6-12 months. Share price tend to get suppress during this phase.
2) undervalue - i would consider if $335m in cash but not in LFS shares. Basically Humm shareholder taking the risk of expansion to overseas and LFS reap the rewards. I still think $400 is consider fair given the potential growth in Uk and Canada which I never heard I never heard a single word from the CEO.
3) profitable- we are a profitable company not a distress company. The current scenario looks like humm is a distress company that need to sell assests for cheap. Given we are not a distress company and not in the urgent to sell assets, LFS should pay 30% on top of what Kroll estimate which is ~$400mil.
dyor