Premier hits straight back

MELBOURNE: In a postcript to Just Group's most recent rebuttal of Premier Investments' takeover bid, Premier chairman Solomon Lew has issued a further statement upbraiding Just Group for refusing "to provide the basic information requested by Premier to enable all shareholders to properly assess the state of Just's busienss, which is clearly worse than anyone expected."

Issued following Just Group chairman Ian Pollard's statement on July 4, Lew's response went on to claim that in the space of one month, Just Group had had to downgrade its earnings per share by between 11 and 15 per cent.

"Just did not see the worsening environment coming, and has not been able to manage through it. Premier is concerned as to whether Just has properly adjusted its merchandising and cost of doing business to manage the business through the imminent spring and summer season and beyond. All shareholders should be very concerned with the Just board's reluctance to provide profit guidance for FY 2009."