Andrew Abercrombie, the humm group chair, is closing on making a bid for the ASX-listed financier he once owned.
The family office of Andrew Abercrombie, the humm group chair, has been given clearance to begin “non-exclusive diligence in order to ascertain whether there is a path to a proposal that could deliver appropriate certainty and value” the board said yesterday.
humm received a non-binding indicative offer from The Abercrombie Group Pty Ltd to acquire humm group in late June.
The Independent Board Committee of humm said it “has formed the view that it is in the best interests of all shareholders to engage with The Abercrombie Group.”
The Independent Board Committee said it has requested that TAG “completes its due diligence and submits a refined proposal by mid September.”
Given TAG is the family office of the humm group chair and substantial shareholder Andrew Abercrombie, humm said it has put in place procedures and protocols to manage actual and perceived conflicts of interest.
humm has assets under management of $5.2 billion.
It’s CEO, Stuart Grimshaw, departed in April for personal reasons.
He was replaced by Angelo Demasi, the company’s Group Executive for Strategy, Technology and Transformation.