• IBC views Credit Corp's $0.77 per share offer as not compelling
• IBC to update valuation before considering any revised proposal
• Abercrombie's 29.4% stake is essential for scheme to succeed

Humm Group Limited (ASX:HUM) has released an announcement regarding the non-binding indicative proposal from Credit Corp Group Limited to acquire 100% of the company's shares at $0.77 per share. The Independent Board Committee (IBC) of Humm Group has stated that the offer price is below the lower end of the control value range in the previous valuation, and while it is not viewed as compelling, the IBC is willing to engage with Credit Corp and provide due diligence access in order to ascertain whether a transaction can be reached that delivers appropriate certainty and value. The IBC has requested its financial adviser, Flagstaff, to update the valuation, which is expected to be completed by early May. Credit Corp's proposal is conditional on a scheme of arrangement being implemented, which requires the support of shareholders holding at least 75% of the votes cast. As Humm's largest shareholder, Andrew Abercrombie (through his company TAG) owns 29.4% of the shares, and his support would be essential for the $0.77 per share proposal to be successful. The IBC has requested Abercrombie to provide his current view on the Credit Corp proposal, and he has communicated that TAG is unlikely to support the scheme. However, if Credit Corp were to make an off-market takeover offer at $0.72 per share, Abercrombie has advised that, based on the information known to him, TAG does not intend to accept such an offer. The IBC will continue to keep shareholders updated as the transaction with Credit Corp develops, and shareholders are advised not to take any action at this time.