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Ann: Shareholders to vote on Humm Consumer Finance transaction, page-85

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gilesy71

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24/05/22

17:13

Post #: 61594282
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Originally posted by capital3157: ↑

Andrew Abercrombie is destroyer of capital.

The idea that we are best to reject the deal and allow AA to use our capital to make acquisitions and participate in the consolidation of the industry would be laughable if it were not so costly.

There are 495m shares in issue.
At 70cps that is $350 million, mkt cap.

When the company was floated there were 217 million shares at $2.00
Market cap $434 million

AA (who held 80%) received $345 million and reinvested $130 million for a 30% stake
That is he put in his pocket, $215 million.

He then proceeded to make acquisitions funded by raising capital.

In 2008 he issued 3 million shares at $0.48. raising $1.4. as part consideration for the Certify acquisition.

In 2010 he issued 31.6 million shares at $1.28 raising $40.5 million to take advantage of the fallout from the GFC.

In 2013 he issued 11.3 million shares at $3.99 raising $45 million.
Followed by a SPP raising $10 million for 2.5 million shares at $3.99.

In 2015 AA issued 68.2 million shares at $2.20 raising $150 million to acquire Fisher & Paykal finance book. AA kicked in $27 million @ $2.20.

Terrara Capital was issued 20 million shares in 2019 at $1.25 raising $25 million and John Wylie was appointed to the board.

Then in 2020 AA issued 123 million shares at $1.14 raising $115 million.

So all up...equity has grown from 217 million shares in 2008 to 495 million today.

AA has raised $820 million including the float...or $386.9 million since the float....

And what does he have to show for it????

A market cap of just $350 million.

Since the float AA has torched $470 million...and some want to let him keep on going with the same capital destructive strategy.

It's time he moved on...and us too.

The are several vacancies in Victoria for a well healed well connected Liberal.

Expand

Very good post.

I was on the "no" side, but bite the bullet a couple of weeks ago and sold out (it was getting all to messy). But I am keeping an eye on it and may re-enter if they stop all the games and start communicating again (the lack of communication over the last 6 months is inexcusable).

If I come back in, your post may well be enough to change my vote to "yes".

HUM Price at posting: 70.5¢ Sentiment: None Disclosure: Not Held
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(20min delay)
Last 45.0¢		Change 0.010(2.27%)		Mkt cap ! $221.1M

Open	High	Low	Value	Volume
44.0¢	45.0¢	43.5¢	$35.28K	79.73K

Buyers (Bids)

No.	Vol.	Price($)
1	44479	44.5¢

Sellers (Offers)

Price($)	Vol.	No.
45.0¢	36618	2

View Market Depth

No.	Vol.	Price($)
1	44479	0.445
1	47619	0.435
2	24854	0.425
2	4633	0.420
2	57600	0.415

Price($)	Vol.	No.
0.450	36618	2
0.455	37401	3
0.460	29364	3
0.465	10000	1
0.470	12000	2

Last trade - 16.10pm 12/07/2024 (20 minute delay)

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Ann: Shareholders to vote on Humm Consumer Finance transaction, page-85

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Ann: Shareholders to vote on Humm Consumer Finance transaction, page-85

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