Humm Group (ASX:HUM) has called on shareholders to vote against a board spill motion put forward by activist investors Raper Capital and Collins Street Asset Management.
The motion, to be considered at a general meeting on Feb. 19, seeks to remove Humm founder and chair Andrew Abercrombie, along with directors Robert Hines and Andrew Darbyshire.
In a statement, Humm clarified that the notice for the meeting "has been prepared by the convenors and neither Humm nor any of its directors endorse or take any responsibility for its contents."
Raper Capital and Collins Street, which have set up a website outlining their case, have proposed appointing Jeremy Raper, founder of Raper Capital, and former Kerry Packer-linked executive Garry Sladden to the board.
A spill would require support from more than 50% of shareholders. Abercrombie holds nearly 30% of Humm, while Raper Capital and Collins Street own 5.95% and 3.62% respectively.
Humm Group criticised the proposed board changes, saying the convenors’ "focus on ill-conceived and simplistic capital management" could "severely undermine Humm's capital position and growth prospects."
The company described the activists’ plan as offering "no substantive strategy," warning it would leave the business "without direction at a critical time."
The company also disclosed last month that it had received a 77-cent-per-share proposal from debt collector Credit Corp.
At the time of reporting, Humm Group's share price was $0.72.