Solomon Lew continues his bid to have the Myer board axed as Premier Investments calls on the department store to release its preliminary full-year financial results, in order to “allow an appropriate window” for shareholders to decide whether to keep the board on.
Myer generally releases its results in early September, which Premier say isn’t enough time for possible executive directors to parse the figures before the late October annual general meeting.
“The Myer board have stated that they are committed to working constructively with Premier as its largest shareholder, and our proposal is a constructive and pragmatic way of resolving the new Myer board which is demonstrably in the best interests of all shareholders,” Lew said.
“Given the level of uncertainty [in the market] and the large loss incurred last year by Myer (a net loss after tax of $172 million), Premier is requesting that Myer immediately update the market on its expected FY21 results.”
A Myer spokesperson said: “Myer has repeatedly requested that Premier Investments provide the names and background information in relation to each person Premier proposes to nominate to the Myer board as soon as possible.
“The Myer Board remains open to constructive dialogue regarding the Director nomination process and existing timelines but only in the context of full transparency of Premier’s nominees in the near term, allowing consideration within the principles previously outlined and consultation with other large shareholders.”
