Humm Group (ASX:HUM) has disclosed it received a notice under section 203D of the Corporations Act from Jeremy Raper and Collins Street Value Fund on Dec. 15.
The notice signals an intention to propose the removal of directors Andrew Abercrombie, Robert Hines, and Andrew Darbyshire at a general meeting, along with any directors appointed after Dec. 15.
The company has not yet received a request to call such a meeting under section 249D, nor is it aware of a meeting being scheduled under section 249F.
Separately, Humm Group confirmed receipt of a confidential, conditional, non-binding indicative proposal from Credit Corp Group (ASX:CCP) to acquire 100% of the company.
The proposal outlines a potential scheme of arrangement at $0.77 per share in cash, or, if the scheme is unsuccessful, an off-market takeover offer at $0.72 per share, contingent on securing acceptances for 50.1% of Humm shares.
The Humm board, with advice from its financial and legal advisers, is carefully evaluating the offer and remains committed to acting in shareholders’ best interests.
While discussions with Credit Corp regarding due diligence and a standard non-disclosure agreement are ongoing, the board emphasised that the proposal is non-binding, conditional, and subject to multiple approvals, including Credit Corp board consent, regulatory clearance, and Humm’s independent committee recommendation.
No binding agreement has been reached, and there is no certainty that a transaction will occur.
At the time of reporting, Humm Group's share price was $0.72.