NT News

Myer and Lew headed for AGM showdown

- ELI GREENBLAT

THE spectacle of a public corporate brawl between the board of department store owner Myer and its biggest shareholde­r, billionair­e Solomon Lew, is now more likely than ever after Mr Lew’s Premier Investment­s did not send in nomination­s for the Myer board before the deadline of 5pm Thursday.

It sets Myer directors, led by acting chairman JoAnne Stephenson, and Mr Lew’s army of advisers and lawyers on a collision course at Myer’s annual general meeting in November, and most probably an extraordin­ary general meeting – possibly within days of the AGM – where control of the board will be up for grabs.

Mr Lew is yet to unveil his own nominees for the Myer board, but tasted early victory last year when he successful­ly pushed for Myer chairman Garry Hounsell to be ejected from the board. Myer is yet to secure a new chairman, and has been led by a deputy chairman since November.

Mr Lew and Premier Investment­s have been stalking the Myer board since he first bought a 10.77 per cent stake in Myer in 2017.

Myer shares fell 2.8 per cent to 52c on Thursday.

Newspapers in English

Newspapers from Australia