Myer has set its AGM date – Thursday, 4 November – and will require any nominations for outside directors to be made and received by next Wednesday, 2 September, effectively pushing back shareholder Solomon Lew’s calls for greater financial transparency ahead of the AGM.
Lew has been pushing for Myer to release its preliminary financial results early in order to ensure his picks to join the Myer board have an accurate picture of the state of the business, but will now need to put these nominations forward without complete information.
Further details of the AGM will be released “in the coming weeks”.
Myer’s decision puts Lew in the spotlight, having stated he intends to call an extraordinary general meeting if his demands aren’t met.
“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 new Myer board which is demonstrably in the best interests of all shareholders,” Lew said previously.
“Given the level of uncertainty [in the market] and the [$172 million] loss incurred last year by Myer, Premier is requesting that Myer immediately update the market on its expected FY21 results.” Myer’s half year results, however, did see the business recover slightly – with a net profit after tax of $42.9 million, up 8.4 per cent.
Lew has publicly said he isn’t interested in a full board takeover of the department store, though has also said Premier reserves its rights to make an application to the Takeovers Panel if necessary.
Inside Retail has reached out to Premier Investments for comment.