The clock was ticking. Humm Group founder Andrew Abercrombie had just five days leading up to last Christmas to convince Latitude Group’s private equity owners – led by KKR – that the group’s consumer finance assets were worth more than the $335 million offer on the table.

Latitude’s chief executive, Ahmed Fahour, and chairman Mike Tilley were also running out of time. After two failed IPO runs, Latitude had finally succeeded in listing – but its limited free float meant it couldn’t crack the ASX 200. The mostly scrip offer would give it Humm’s register and its private equity owners the exit they had been seeking.