Myer chairman-elect Garry Hounsell has issued a letter to shareholders asking for their support at the upcoming AGM, following a war of words with Premier Investments' Solomon Lew.
The letter follows a statement from Premier Investments yesterday, which said the company would be considering legal action against Myer.
"Premier Investments is concerned that the market is trading on an uninformed basis as a result of deficient disclosure by the board of Myer.
"Premier is considering its legal and other options in order to bring about urgently needed change to ensure that Myer shares are trading in an informed market.
"If the Board of Myer intends to announce any material changes to, or an update in relation to the stated targets and current performance of, the “New Myer” strategy, then it should have done so as soon as that information became available to the management team and Board.
"Until that information is released, Premier believes that the market has been, and is, trading on an uninformed basis," the statement read.
Premier also stated it would be closely monitoring Myer's “strategy day” on November 1and again called upon the company to announce its current sales and profits for the Q1 period compared to last year and expectations.
In Myer's letter to investors, Hounsell acknowledged the disappointment and frustration of shareholders, particularly in relation to share price but stated 'fresh perspective' would build a stronger brand.
"Today’s Myer Board has a fresh perspective on the business and is committed to the New Myer strategy with a dedicated focus on building shareholder value.
"Since 2014, five Board members have retired and seven new members have been appointed including me.
"The Myer Board is highly capable and has the right mix of skills with experience in traditional retail and also in fields that are shaping the new retail environment such as digital, data, customer experience and brand management."
Hounsell defended his own conviction to the company, highlighting his recent purchase of 500,000 shares.
He then warned those looking to side with Lew and his plans to appoint three Premier nominees to the board.
"Premier is not only a Myer supplier but also operates businesses that are outright competitors to Myer. Therefore, Premier is also a threat to the performance of our company as it fights for the business of Myer customers.
"It should go without saying that the potential risks in allowing a competitor into our boardroom where we discuss highly sensitive matters such as performance and strategy would be enormously damaging and against the best interests of Myer shareholders.
"The Myer Board and shareholders should be deeply concerned that Premier has expressed an intention to seek the appointment of three non- executive directors related to or effectively affiliated with it, which would result in its 10.77% shareholding controlling 43 % of the non-executive Board seats!
"Premier and Mr. Lew’s objective is to pursue its self-interests which by virtue of its conflicts cannot be aligned with Myer’s."
In a final effort, Housnell pointed to the importance of the 'New Myer' strategy and its Myer One program moving forward.
He also asked that shareholders maintain an "independent Myer" by voting in favour of all the resolutions currently recommended by the Myer board.
In response to the letter, a spokesperson from Premier stated Myer shareholders were tired of excuses and needed new leadership going forward.
“The Chairman-designate sounds worried and desperate to protect the Board from accountability. Shareholders are sick of the spin and excuses for Myer’s value destruction under this Board.
"Shareholders have a clear choice: more of the pain under Mr Hounsell, or genuine change and improvement by supporting Premier.”