Solomon Lew has once again urged Myer shareholders to place their support in him, following the outcome of Myer's strategy day.
Lew, who has been bombarding Myer and its shareholders over recent weeks, revealed his company Premier Investments had gained stronger support during this time.
"We have been greatly encouraged by the letters, emails and phone calls we have received in support of Premier’s push to stop the rot on the board of Myer.
"Premier would welcome the opportunity to represent you at the Myer AGM, and to use your proxy to vote against the appointment of the Chairman-designate Mr Garry Hounsell and Myer’s two other Board nominees, as well as voting against all other resolutions."
Turning his attention the 'New Myer' strategy, Lew labeled it "dead on arrival", highlighting that the company is now actively targeting FY20 underlying earnings per share that are 65% below FY11 earnings per share.
The letter also pointed out the opinions of major analysts that commented on the Myer plan:
- JP Morgan: “... our forecasts currently assume that only 1 of the 4 new Myer targets would be achieved”
- Credit Suisse: “the strategy doesn’t appear to adequately address low perceptions of value and service …”
- Citi Group: “While targets have been rebased, we consider the “New Myer” strategy to be broadly unchanged”
Lew ended the letter by once again asking remaining shareholders for their votes, this time going so far as to include a proxy form.
"In fact, Premier has received so many requests from fellow shareholders to appoint us as their proxy for the Myer AGM that we are taking this opportunity to send a proxy form to you in the hope that you might want to do the same."