Humm (HUM AU): Credit Corp Nears DD Completion

• Back in mid-2025, the Abercrombie Group (TAG), the family office of Andrew Abercrombie, tabled a A$0.58/share NBIO, by way of a Scheme for humm (HUM AU). Abercrombie then held 26.6%.

• Matters then muddied, considerably, for the non-bank lender. First from disgruntled activist/shareholders seeking a board spill; then the Takeovers Panel waded in over shareholders being misled on a competing Offer.

• That rival Offer, A$0.77/share Scheme or A$0.72 off-market, both NBIOs, was from Credit Corp (CCP AU). Due diligence is nearing completion. Does CCP firm terms or walk?

humm is illiquid. Look away now if not your thing.

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The Trade

• Downside appears limited here - ~8% to where shares traded shortly after TAG walked away from its Offer last November.

• I’m guessing no new developments until after the 13th May board-spill EGM, unless adjourned. Again.

• If small, illiquid arbs are your thing, I might get some exposure around here, towards loading up on any material weakness.

• An off-market Offer from CCP appears its best bet - but still a huge challenge. Unless it bumps terms.