Myer’s largest shareholder,Solomon Lew,is now the company’s kingmaker. And in this case,(John) King replacer.
The owner of Peter Alexander and Smiggle plans to open 30 new stores for each brand as it eyes overseas growth.
Even if billionaire Solomon Lew hasn’t the appetite for a Myer takeover his stake has given him gatekeeper status if anyone else wants to have a try.
Myer investor and former founder of Swisse Vitamins Michael Saba says he’ll vote against adding Solomon Lew-backed candidate Terrence McCartney to the retailer’s board.
McCartney might be Premier’s Trojan horse but as the largest shareholder Lew’s Premier is entitled to have a representative on the Myer board.
The department store operator’s board has pushed major shareholder Solomon Lew to put up or shut up on taking over the reins at the retailer.
With inflation soaring and tough times on the horizon,can Solomon Lew’s Premier Investments,which has the likes of Smiggle and Peter Alexander in its stable,keep performing?
Changes are afoot in Canberra,with as many people leaving the nation’s capital as coming to it. The losers might do well to pick up a new book about performance.
Myer’s payout was a tiny morsel,but it sends a powerful message:The department store has made decent headway in improving sales and earnings. It leaves board nemesis Solly Lew in a bit of a pickle.
The battle for control of the Myer board has been amped up with aggressor Solomon Lew paying $15 million to increase his stake to just shy of 20 per cent.
Billionaire retailer Solomon Lew says he has seen no signs of a slowdown in spending from shoppers despite the pending threat of the Omicron variant.