Myer on collision course with billionaire shareholder over board
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.
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 advisors and lawyers on a collision course at Myer’s annual general meeting in November and most probably an extraordinary general meeting – held 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 chair since November.
For shareholders it will likely provide another entertaining pitched battle between the Myer board and Mr Lew at the AGM slated for November 4, albeit most probably online rather than a live brawl at the
Myer Mural Hall in Melbourne.
Thursday was D-day for the battle between department store owner Myer and its most vocal critic, billionaire Mr Lew, with nominations for the Myer board required to have been handed in to Myer’s registered office no later than 5pm, Melbourne time. Eight days ago Myer set itself up on a collision course with its largest shareholder, Mr Lew’s Premier Investments, by releasing a statement late on Wednesday night saying that it will hold its annual general meeting on November 4, rebuffing Mr Lew’s demand the shareholders meeting be delayed until later in the year.
Mr Lew and his Premier Investments company have been stalking the Myer board since he first bought a 10.77 per cent stake in the troubled retailer in early 2017, and has attempted to put up his own director nominations in the past.
However, if Mr Lew was now hoping to elect his own hand-picked directors to the Myer board and at the AGM in November he had to lodge the nominations with Myer by the close of business on Thursday.
Last week Myer rebuffed Mr Lew’s request by issuing its ASX notice to set a date for the AGM and seek nominations by Thursday.