Chanticleer
There are no winners in the Humm mess
The battle for control of the ASX minnow has been bruising for some big names in Australian business. And it’s not over yet.
Don’t expect the recriminations over the collapse of Humm’s deal to sell its buy now, pay later business to Ahmed Fahour’s Latitude Financial, and Wednesday’s subsequent resignation en masse of the Humm board, to end any time soon.
The great irony of this shemozzle is that all the key players – the company’s founder and largest shareholder, Andrew Abercrombie, major shareholder and now former director John Wylie, the M&A arbitrage funds that bought into this stock looking for a quick buck, and the strategic shareholders, including the mysterious Duncan Saville – are all still stuck with each other, and all still looking for a way to extract maximum value out of this mess.
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