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Premier Investments is Preparing for Another Meeting with MYER

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By Published On: October 2, 20200 Comments

Premier Investments is requesting a copy of both Myer's register of members and the register maintained by Myer, following a letter criticising the retailer's FY20 results. 

Premier Investments has requested this to consider writing to Myer’s members, in relation to any ‘resolutions proposed at Myer’s AGM this year’.

Billionaire retail investor, Solomon Lew, is making another attempt to oust the management at Myer. Premier Investments currently holds an 11 percent stake in the retailer. This comes as the department’s store released its full-year results, with a drop in total sales by 15.8 percent.

“Premier has requested these registers in order to consider writing to Myer’s members in relation to any resolutions proposed at Myer’s [annual general meeting] this year,” Premier said in a statement to ASX.

“Today’s results are disastrous and shameful,” read a statement from Premier Investments on September 10. “Two years into John King’s tenure – it’s clear the Myer turnaround is in tatters. It’s now time for the CEO to follow the Board through the exit.”

“The numbers are dire – notwithstanding the impact of COVID-19, the business is trading beyond poorly – sales are down, EBITDA is down – on top of massive further write-downs to its brands and leases,” Premier’s statement read.

In September 2020, Solomon Lew told the Sydney Morning Herald that administration may be a likely outcome for the retailer. “The banks have now got control of Myer, so Blind Freddie can see what’s going to happen,” he told SMH.

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