Update on $HUM.AX Humm Group heading into AGM. Has been lots of noise and v poor perf this yr but here is where we stand: - AA did not nominate anyone for the BoD (positive) - Dyson + Cheadle leave the BoD post AGM (positive) - Dhawan to become chair post AGM (positive) - Darbyshire - AA rep on BoD, effectively - likely removed post inquiry given heinous conduct (see AFR coverage) in near-term (positive) - new BoD comprises activist-led nominees + MD + Fleming - all of whom have a mandate to maximize value - stock trades <0.5x tangible book. 4-5x P/E w/ annus horribilis behind us - need to avoid spill vote at AGM, I will have detailed thoughts on that in lead up to meeting This is a v diff r/r at 38c vs 65c pre activism. At this point - imo - all you need to do well is an end to the noise
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