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Premier Investments chairman Solomon Lew is calling on Myer to immediately update the market on its expected FY21 results, so prospective new board members have time to consider the opportunity before the annual general meeting (AGM). 

According to Premier, it is in conversation with "several highly-regarded and well-credentialed independent non-executive directors," but wants to allow them time to mull over the opportunity to join the Myer board with the retailer's FY21 results in hand. 

To avoid calling an extraordinary general meeting (EGM) before the AGM to appoint the new board members – of which Premier expects will comprise of an independent chairman and two Premier nominees – Premier has written to Myer's acting chairman to request an appropriate window of opportunity after the release of the company’s results before calling this year’s AGM. 

Premier states that this would allow:

  • Premier’s proposed independent non-executive directors to assess the opportunity of joining the Myer Board based on current financial and trading information before confirming their commitment
  • The Myer Board to consider Premier’s proposed independent non-executive directors for nomination in Myer’s 2021 Notice of 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 composition of the new Myer Board which is demonstrably in the best interests of all shareholders," Lew said in a statement. 

"The Myer board has the capacity to make a common-sense decision which will avoid a costly EGM and ensure a smooth transition.

"Since Myer’s March 2021 release, Australian retailers have had to deal with continuous temporary closures in response to COVID-19 outbreaks across all major cities, constant changes in Australian consumer confidence and the continued fluctuation of shopping activity in Australia’s CBD stores where Myer has a very significant portion of its major stores.

"Given the level of uncertainty 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," he said. 

Premier states that if Myer does not agree to this request, "Premier will have no alternative but to requisition an EGM in close proximity to the Company’s AGM."

Premier's actions follow a public stoush that took place in July, after Premier increased its shareholding in the department store and then requested its entire board resign. 

Premier's lawyers requested Myer's shareholder register on July 09 2021. 

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