Humm Group Limited (ASX: HUM) has received a declaration of unacceptable circumstances from the Takeovers Panel regarding its handling of a non-binding indicative offer from Credit Corp Group Limited (Credit Corp). Humm Group is an ASX-listed company that provides consumer finance products. The Panel’s decision follows an application by Akat Investments Pty Ltd and an undertaking previously accepted from Humm concerning insider participation and conflict of interest management. The Panel found that Humm’s announcements regarding the Credit Corp proposal contained misleading statements and omissions, hindering an efficient and informed market.
The Panel highlighted specific concerns within Humm’s December 17, 2025, announcement. The statement that the Humm board was “carefully evaluating” and “willing to engage” on the Credit Corp proposal was deemed misleading. Evidence suggested that the then-Chair and major shareholder had already decided to reject the proposal weeks earlier. Furthermore, the announcement failed to disclose that the board had decided against forming an independent board committee to assess the Credit Corp offer. The Panel also found a January 14, 2026 circular misleading, as it misrepresented the timing of communication with Credit Corp regarding the perceived inadequacy of their offer.
In addition to concerns around market communications, the Panel criticised the Humm board’s failure to engage substantively with the Credit Corp Proposal, which they stated was “unacceptable and contrary to an efficient, competitive and informed market”. The Panel also raised concerns about acquisitions of Humm shares by Mr Abercrombie immediately following Humm’s 17 December 2025 announcement.
The Takeovers Panel is still considering whether to make final orders and, if so, what those orders will be. Further details and the Panel’s reasons for the decision will be published on the Takeovers Panel website in due course. This development will likely be closely watched by investors and market participants.
