Review confirms Andrew Abercrombie bought Humm Group shares under ‘unacceptable circumstances’
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The news: A review of a Takeovers Panel declaration has reaffirmed that Humm Group director Andrew Abercrombie’s purchase of $9.6 million worth of shares in December took place under “unacceptable circumstances”.
The context: The Takeovers Panel on 18 March made the initial declaration after an application was made by Humm shareholder and veteran investor Anton Tagliaferro.
It found that an announcement made by the company on 17 December that Humm was “willing to engage” with an acquisition proposal for Humm by Credit Corp was misleading because then-Humm chair Andrew Abercrombie had informed Credit Corp on 28 November 2025 that the board would not recommend the proposal.
The Takeovers Panel also considered it misleading because it did not disclose that an independent board committee would not be formed in relation to the Credit Corp bid, which was a condition of the proposal.
A review of Takeovers Panel orders, that would compel Abercrombie to divest the Humm shares he acquired in December, is still under review.
Humm told the exchange that due diligence was granted to Credit Corp on 13 March.
An extraordinary general meeting to spill the board is currently scheduled for 1 May.
The source: ASX
