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ASX:HUM

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Asia

Humm Group Says Federal Court Awards Party-to-Party Costs of AU$3.3 Million in Proceedings Brought by SMBC Leasing

Humm Group (ASX:HUM) said the Federal Court of Australia awarded party‑to‑party costs of AU$3.25 million, which were paid in full on May 6, in the proceedings brought by SMBC Leasing and Finance against Humm and its wholly-owned unit, Flexirent Capital, according to a Tuesday Australian bourse filing.The court on May 5 ordered that Flexirent and Humm pay SMBC AU$3.25 million as SMBC's costs of the proceedings fixed as a lump sum by the court.The firm had paid SMBC damages and interest totalling AU$19.5 million on March 2. Humm increased its provision for this matter to AU$19.0 million, after the court judgment on Jan. 30. In March, the firm recognized a separate provision of AU$3 million for costs associated with the proceedings.

ASX:HUM
Asia

Humm Group, Credit Corp Named as Defendants in High Court Proceedings by Former Chair

Humm Group (ASX:HUM) and Credit Corp Group (ASX:CCP) were named as two of the defendants in proceedings filed in the High Court of Australia on Wednesday, consisting of an application for constitutional writs and an interlocutory application, by Andrew Abercrombie, founder and former Chair of the firm, and The Abercrombie Group as trustee for the Philadelphia Trust, according to a Thursday Australian bourse filing.The other defendants are the Takeovers Panel, the Australian Securities and Investments Commission, Akat Investments, Jeremy Michael Kersten Raper, and Sandhurst Trustees as custodian for Collins St Value Fund.By the application for constitutional writs, the plaintiffs seek writs of certiorari to quash the declaration of unacceptable circumstances made by the Takeovers Panel on April 17 April and the orders made by thePanel on April 24. The plaintiffs also seek declarations that the declaration and the orders are invalid.By the interlocutory application, the plaintiffs seek orders that the extraordinary general meeting of Humm convened by Raper and Sandhurst Trustees, which was to be resumed on May 13, be further adjourned.Abercrombie and his associates currently own 29.55% Humm's issued shares.

ASX:CCPASX:HUM
Asia

Humm Group Shares Rise as Takeovers Panel Sets Aside Initial Panel Orders, Makes New Orders

Humm Group's (ASX:HUM) shares rose over 1% in recent trading on Monday after the Takeovers Panel on Friday set aside the orders made by the initial panel in Humm Group and made new orders.The new orders made by the review panel do not require The Abercrombie Group, an entity controlled by Humm's founder and former chair Andrew Abercrombie, to dispose of any shares. Instead, they require The Abercrombie Group not to vote 15 million of the Humm shares that it holds for around six months.The new orders require Humm to disclose certain information material to shareholders' assessment of the likelihood of progression of Credit Corp's proposed acquisition of Humm.The new orders also require The Abercrombie Group to continue to hold at least 15 million Humm shares until six months after the date of the disclosure, but those shares can be accepted into a bid made byCredit Corp.

ASX:HUM
Asia

Takeovers Panel to Consider Application by Humm Group's Former Chair

Humm Group (ASX:HUM) said that Australia's Takeovers Panel made interim orders staying the orders made by the initial Panel after receiving an application from Andrew Abercrombie, the firm's founder and former Chair, seeking a review of the Panel's decision to make orders in Humm Group, according to a Monday Australian bourse filing.The application will be heard by the same review panel that is considering Abercrombie's application for a review of the initial Panel's decision to make a declaration of unacceptable circumstances in relation to an application by Akat Investments.The orders made by the initial Panel will not take effect until the earliest of either further order of the review Panel, the determination of the proceedings, or two months passing from the date of the interim orders.Its shares rose 1% in recent trading on Tuesday.

ASX:HUM