- Premier Investments, a major shareholder of Myer, is preparing to take another shot at dislodging the board of directors of the department store.
- Solomon Lew’s company today demanded a copy of Myer’s register of shareholders.
- Premier is looking at preparing resolutions to put before shareholders at the AGM.
Solomon Lew’s Premier Investments is getting prepared for another attack on the board of directors of Myer.
The latest battleground will be Myers’ annual general meeting of shareholders later in the year.
Premier, the owner of Smiggle, Just Jeans, Portmans and Peter Alexander, today used provisions of the Corporations Act to demand a copy of Myer’s register of shareholders.
The company said: “Premier has requested these registers in order to consider writing to Myer’s members in relation to any resolutions proposed at Myer’s AGM this year.”
Myer’s annual results released last month showed the department store chain with a loss of $486 million — bigger than the company’s market capitalisation.
John King, who started as CEO in June, apologised for the company’s annual results, saying “shareholders deserve better”.
Veteran retailer Solomon Lew called the board of directors of Myer an “absolute disgrace”.
Premier Investments, which has a 10.8% holding in Myer, has been agitating for the board to be replaced.
“And while the Board of Myer, led by Garry Hounsell, has bumbled along and taken their fee cheques, it is Myer shareholders who have suffered,” said Lew.
“Sales are down. Profits are down. Service levels are down. CODB (cost of doing business) has increased. Dividends have ceased.”
Myer shares are trading today at $0.527, down from $1.46 two years ago and $0.82 a year ago.
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