Hume Kyle
About Hume Kyle
Independent director of Plum Acquisition Corp. III (PLMJF) since January 15, 2025; age 64. Veteran CFO and finance executive across mining, energy and pipelines; credentials include CPA/CA, CFA, and ICD.D. Education: BA Economics & Accounting (University of Western Ontario) and Graduate Diploma in Public Accounting (McGill University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Dundee Precious Metals Inc. | EVP & Chief Financial Officer | 2011–2022 | Led multi-national gold miner finance function; governance experience at public issuer |
| TransAlta Corporation | Vice President, Treasurer & Controller | 2009–2011 | Oversight of treasury, controls at power generation and wholesale marketing company |
| Fort Chicago Energy Partners L.P. | Vice President, Finance & Chief Financial Officer | 2003–2009 | CFO for pipelines, NGL processing, and power operations |
| Nexfor Inc.; Noranda Inc.; Deloitte & Touche; Price Waterhouse & Co. | Various finance/accounting roles | Prior to 2003 | Progressive finance and audit roles building technical and governance foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Novagold Resources Inc. | Director | 2023–Present | Board service at public gold developer |
| Stornoway Diamond Corporation | Director | 2014–2019 | Board member; mining sector governance |
| Alliance Pipeline | Director | 2004–2009 | Board service; energy infrastructure oversight |
| Aux Sable | Director | 2004–2009 | Board service; midstream operations |
| Canadian Association of Income Funds | Director | 2005–2009 | Served on several committees, including Audit Committee as Chair |
Board Governance
- Independence: Board determined Kyle to be an independent director under SEC rules .
- Committee assignments: Audit Committee member (financially literate; qualifies as an “audit committee financial expert”); Nominating Committee member and Chair; not on Compensation Committee .
- Board structure/term: Classified board; Kyle is in the third class with term expiring at the third annual general meeting .
- Attendance and executive sessions: Not disclosed in filings.
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Director cash retainer | None | No cash compensation paid to directors prior to business combination |
| Meeting fees | None | No meeting or attendance fees disclosed |
| Committee chair/member fees | Not disclosed | No committee-specific fees disclosed |
| Expense reimbursement | Yes | Out-of-pocket expenses reimbursed; paid from funds outside trust account |
| Sponsor admin reimbursement | Up to $55,000/month | Reimbursed to Sponsor for office/admin services; not director pay |
Performance Compensation
- Equity awards (RSUs/PSUs), options, performance metrics, vesting schedules: Not disclosed for directors. No finder’s fees or consulting fees paid to directors prior to completion of a business combination .
Other Directorships & Interlocks
- Current public company board: Novagold Resources Inc. .
- Prior boards include Stornoway Diamond, Alliance Pipeline, Aux Sable; Audit Committee Chair experience (Canadian Association of Income Funds) .
- Shared directorships/interlocks with PLMJF counterparties: None disclosed.
Expertise & Qualifications
- Designations: CPA/CA, CFA, ICD.D .
- Sector expertise: Mining, energy, pipelines, power generation; audit and treasury leadership .
- Board skills: Audit committee financial expert; nominating chair; governance in complex, regulated industries .
Equity Ownership
- Reported beneficial ownership at PLMJF: No specific share ownership disclosed for Kyle; beneficial ownership table highlights Sponsor concentrations, not individual directors (other than CEO via Sponsor) .
- Ownership concentration (context):
- Mercury Capital, LLC (Sponsor): 5,933,508 Class B shares (84.01% of Class B; ~73.44% voting control) .
- Initial shareholders collectively held 95.6% of issued and outstanding ordinary shares as of record date, enabling control of votes on key proposals .
Governance Assessment
- Strengths:
- Deep audit and CFO experience; designated audit committee financial expert; chair of nominating—supports board process rigor .
- Independent director status .
- Risks and red flags:
- Sponsor/initial shareholders control: 95.6% of ordinary shares; can approve extensions/adjournments without public holders—significant minority protection risk .
- Going concern and liquidity pressure: Limited cash outside trust; substantial doubt about ability to continue as a going concern until July 30, 2025 deadline .
- Internal control material weakness: Identified and not yet remediated; disclosure controls deemed ineffective .
- OTC Pink listing and penny stock status: Reduced liquidity/coverage; additional trading and compliance risks .
- Potential conflicts: Sponsor reimbursements, promissory notes, and non-redemption arrangements (founder share transfers to investors) create incentives misaligned with public holders; corporate opportunity renunciation increases conflict latitude .
- PFIC tax risk: Likely PFIC; adverse U.S. tax consequences to holders; complex compliance .
Implications for investors: Kyle’s audit and nominating leadership is a governance positive, but PLMJF’s SPAC structure exhibits concentrated sponsor control, liquidity constraints, and control/environment risks that can override independent director influence. Monitoring remediation of ICFR weaknesses, cash runway, and any related-party arrangements will be critical .