Humm’s directors, minus the group’s founder Andrew Abercrombie, have warned shareholders that its consumer finance arm is unprofitable, in an effort to bolster support for the sale of the business to Ahmed Fahour’s Latitude Financial.

Latitude offered $35 million cash and 150 million Latitude shares, equating to $335 million, to buy Humm’s consumer finance business in February. The deal value has slid to $302 million based on Monday’s closing price. Street Talk first revealed news that Humm’s board had not unanimously backed the takeover in mid-May.