Activist shareholders blast Humm board over Credit Corp bid as spill meeting looms
The timing of Humm Group’s disclosure of a month-old takeover approach has infuriated activist investors, who are preparing to escalate their campaign to spill the board.
Humm Group has been lashed by shareholders after the buy now, pay later company appeared to try softening the impact of an impending board spill by simultaneously announcing a $385 million takeover approach from debt collector Credit Corp.
In a two-pronged disclosure, Humm told investors on Wednesday that it had received a formal notice by activist shareholders Raper Capital and Collins Street Asset Management, stating their intention to remove chair, founder and major shareholder Andrew Abercrombie from the board, as well as fellow directors Robert Hines and Andrew Darbyshire.
The company also revealed that it had received an indicative takeover proposal from Credit Corp – four weeks after the approach was made.
“What is the motivation of sitting on this for a month and only releasing it after they’ve received an intention to remove three directors from the board?” a spokesperson for Raper Capital and Collins Street told Capital Brief.
