Australia's Humm Group falls after majority directors decide to resign

Humm

22/06/2022 02:19

** Shares of fintech firm Humm Group  HUM.AX  fall as much
as 6.7% to A$0.490, post their biggest intraday pct drop since
June 17
    ** Group says events leading to termination of deal with
Latitude Group  LFS.AX  have caused majority directors to
conclude that they cannot remain on Board of Directors with
major shareholder Andrew Abercrombie  urn:newsml:reuters.com:*:nASXbbjgHS
    ** Latitude Group last week terminated its A$335 mln
($235.97 mln) offer to buy HUM's consumer unit that includes its
buy now, pay later business  urn:newsml:reuters.com:*:nL4N2Y33IF
    ** Local media earlier reported https://www.theaustralian.com.au/business/financial-services/exhumm-chair-andrew-abercrombie-builds-stake-to-225pc-in-bid-to-block-sale-to-latitude/news-story/8212e81324b70d54231857a5b185045a
 that former HUM chairman Abercrombie was gradually increasing
his stake in co to block the Latitude deal 
    ** HUM says majority directors believe that it is in
shareholders' interests for changes to the composition of board
to be made in an orderly fashion
    ** As of last close, stock down 41.7% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))