Humm Group’s Andrew Abercrombie granted a stay on order to divest holdings
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The news: Humm Group’s founder and former chair Andrew Abercrombie has been granted a stay on Takeovers Panel orders to divest about $9.6 million worth of shares as the panel considers his review application.
The numbers: At 10:25am AEST, shares in Humm Group had lifted 1.6% to 64 cents each, below Credit Corp’s acquisition offer of 77 cents per share.
The context: The Takeovers Panel initially ordered that Abercrombie vest the 15,000,000 Humm shares, equivalent to a 3% interest, acquired by his family office The Abercrombie Group in December. The holding would vest to the Commonwealth government for ASIC to sell.
The divestment order will not take effect until the earliest of a further order from the review panel, determination of the proceedings or two months from the date of interim orders.
The share acquisition was deemed to be “contrary to an efficient, competitive and informed market” in the context of a Humm Group announcement on 17 December that said it was “carefully evaluating” an acquisition proposal from Credit Corp and was “willing to engage on the proposal”.
This was deemed by the panel to be misleading given that Credit Corp was informed on 28 November 2025 that its offer would not get Humm board recommendation, according to the Takeovers Panel.
