Andrew Abercrombie Ordered to Forfeit Shares in Humm by Takeovers Panel
Andrew Abercrombie, the former chair and major shareholder of Humm, is compelled to relinquish a 3% stake in the company. The Australian Securities and Investments Commission (ASIC) will sell this stake, which will be vested in the Commonwealth. This development comes after the Takeovers Panel declared unacceptable circumstances related to Humm’s corporate affairs.
The Takeovers Panel’s Orders
The Takeovers Panel issued a series of directives on Friday, rooted in an earlier assertion of undesirable circumstances concerning Humm. The orders are linked to the Humm board’s effective dismissal of a takeover proposal by Credit Corp, an offer that is still active.
Concerns Over Misleading Announcement
The Panel aired its concerns over a 17 December 2025 announcement from Humm, which it considered misleading due to omission. The announcement failed to disclose that on 21 November 2025, the Humm board, then chaired by Abercrombie, had chosen not to create an independent board committee in response to the Credit Corp Proposal.
Panel Criticism of Humm Board’s Conduct
Furthermore, the Panel criticized the conduct of the Humm board for failing to substantially engage with the Credit Corp Proposal. Given the statements Humm made to the market on 17 December 2025 and 14 January 2026, expressing its willingness to engage on the proposal, the Panel deemed the board’s lack of engagement unacceptable and contrary to an efficient, competitive, and informed market.
Panel Orders for Humm’s Independent Board Committee
The Panel has ordered Humm’s independent board committee to disclose its current view of the Credit Corp Proposal. This includes taking into consideration the position previously disclosed by Humm’s board on 14 January 2026, and whether the independent board committee has requested an updated valuation of Humm from its financial advisers.
Upcoming EGM
An Extraordinary General Meeting (EGM) requisitioned by shareholders Jeremy Raper and Collins St Asset Management is scheduled to take place at the end of the month.
Shareholder Reactions
Raper and Collins St Asset Management expressed astonishment at the Humm Board’s continued rejection of the Takeovers Panel’s findings. In a statement released yesterday, they highlighted the Panel’s corrective actions to address the company’s misleading of the market on various issues. They criticized the board for not providing any reasons for rejecting the Panel’s declaration of unacceptable circumstances and behaviour that was contrary to an efficient, competitive and informed market.
The shareholders added, “Surely the Humm board must now change its position in the wake of the Panel ordering on Friday that the 3% of Humm that former chairman Andrew Abercrombie acquired in mid-December 2025 in unacceptable circumstances must now be divested via ASIC.”
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