Takeovers Panel delays Humm meeting as it prepares orders
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The news: The Takeovers Panel has ordered the Humm Group board adjourn the company’s general meeting by three weeks as it investigates the board’s handling of Credit Corp’s takeover offer late last year.
The context: The Panel requested that the meeting be rescheduled from 19 February 2026 to a date no earlier than 12 March 2026 and no later than 18 March 2026. Humm Group shareholders must be informed of the new date by 5pm on 18 February.
The interim orders have effect until further orders from the Panel, the determination of the Panel’s proceedings and two months from the date of the orders.
In a release published on Tuesday evening, the Panel said it "it conducting proceedings in response to the Application and considers that these interim orders are necessary to provide the Panel more time to consider the Application and preserve the status quo in the interim."
The Panel is investigating an application received by Humm Group shareholder Akat Investments late last month, focused on the Humm board’s handling of a takeover offer from Credit Corp Group and a previous, withdrawn offer from The Abercrombie Group (TAG) – an entity linked to current Humm chair, founder and major shareholder Andrew Abercrombie.
Abercrombie stood down from his role as chair last week amid the shareholder action, "to avoid any perception of bias of conflict". Abercrombie, who will remain a non-executive director, will be replaced by Robert Hines, who joined the board in 2022. The company said Hines will oversee its engagement with "any change of control proposals", including Credit Corp's current $385 million buyout bid.
The board also decided to increase its size to six directors "as soon as practicable" after the upcoming extraordinary general meeting.
Akat’s application to the Takeovers Panel alleged the circumstances are unacceptable as Humm Group board did not disclose the Credit Corp Proposal for almost one month after its receipt and not until a section 203D notice was given to Humm, the full details of the Credit Corp proposal were not released, due diligence has not been granted to Credit Corp “over two months after the receipt of a bona fide acquisition proposal”, and the Humm board has not formed an independent board committee to assess the Credit Corp offer.
The source: ASX
