With Humm’s share price currently between 33.3 per cent and 39.2 per cent lower at 76¢, it hasn’t been a profitable outlay. It spent another $7.2 million in a placement at $1.14 the following year. Speaking of Tanarra, it bought 5.1 per cent of Humm (then called Flexigroup) in a $25.1 million placement in February 2019, priced at $1.25 a pop. She also presently chairs Tanarra Credit Partners, the credit investment arm of Wylie’s Tanarra Group. Later, Christian sat with Wylie on the board of the State Library of Victoria, taking over its chairmanship when he vacated it last year. Christian remained CEO and Wylie’s shop (by then acquired by Lazard) made three times its original investment by selling it back to Dun & Bradstreet in 2010. When she was Dun & Bradstreet’s local CEO, Carnegie Wylie bought the Australian arm in 2007.
Incidentally, and while Christian joined the board two years before Wylie, one doesn’t have to work too hard to excavate her long-standing connections either. “Andrew may have founded Flexigroup, but that does not give him the right to unilaterally dictate the company’s future,” she said on Tuesday. He says he’s been “ ostracised” by the other directors for his opposition to what he describes as an “insane” deal that significantly undervalues the consumer credit business.Ĭurrent chairwoman Christine Christian, for what it’s worth, reckons the “very effective” board has behaved entirely professionally.
He also happens to be the largest shareholder, founder and immediate past chairman. All was initially peachy.īut not any more, given Wylie is perceived as the driving force behind the Humm board’s decision to sell part of the business to Ahmed Fahour’s Latitude.Ībercrombie is the board’s sole and evidently livid holdout. Three years ago, Wylie’s firm approached and bought into Abercrombie’s business, Wylie joining the board in a characteristic blaze of publicity. The two Melbourne blue bloods - Wylie a philanthropic investment banker turned fund manager, Abercrombie a well-connected political insider and business founder - first met some 25 years ago at the Melbourne chapter of the Young Presidents’ Organisation. John Wylie is perceived as the driving force behind the Humm board’s decision to sell part of the business to Ahmed Fahour’s Latitude. Please go to for more information.No matter what happens in Latitude Financial’s attempt to take over Humm’s consumer finance business, the long-running friendship between John Wylie and Andrew Abercrombie is finished.
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A collection of centers and useful proportions on the line of numbers by John Brown.
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