• Humm's independent board committee must disclose its current view on Credit Corp's acquisition proposal
• 15 million Humm shares acquired by major shareholder to be divested
• Restrictions on major shareholder acquiring more Humm shares

The Takeovers Panel has made final orders in relation to an application by Akat Investments Pty Ltd regarding the affairs of Humm Group Limited (Humm). The Panel previously made a declaration of unacceptable circumstances in relation to Humm's handling of a conditional, non-binding indicative offer from Credit Corp Group Limited to acquire control of Humm. The Panel found that Humm's announcements regarding the proposal were misleading, and that the conduct of Humm's board in failing to engage substantively with the proposal was unacceptable. The Panel has now ordered that Humm's independent board committee must disclose its current view of the Credit Corp proposal, including whether it differs from the position previously disclosed by Humm's board. The Panel has also ordered that 15 million Humm shares acquired by a major shareholder, The Abercrombie Group Pty Ltd, be vested in the Commonwealth for ASIC to sell. Further, the major shareholder and its associates are restricted from acquiring more Humm shares until the shares are divested and for six months after the independent board committee's disclosure. The Panel considers these orders necessary to address the serious unacceptable circumstances surrounding Humm's handling of the acquisition proposal.