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Premier Investments looks into possible legal action against Myer

MyerMyer’s major shareholder, Premier Investments, is looking at possible legal action against the department store chain over what it  alleges is a lack of disclosure.

In a statement, Premier Investments said it is concerned that “deficient disclosure by the board of Myer” means the market is “trading on an uninformed basis”, and as a result the company is considering its legal options in order to “bring about urgently needed change to ensure that Myer shares are trading in an informed market.”

According to Premier, 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 parent company of Smiggle and Peter Alexander said shareholders do not have enough information to assess the performance of the so-called “New Myer” turnaround strategy, and reiterated its call for Myer to release its first-quarter sales and profit figures on Wednesday at its strategy day.

Myer has previously said it has rejected Premier’s request for members on its board because of a conflict of interest due to Premier’s status as one of its biggest suppliers.

Premier also criticised Myer’s directors as having not enough skin in the game and said the current directors have been paid a total of $6.24 million in the time they’ve been on the board – but own only $452,000 worth of Myer shares.

Shares in Myer were down 2.22 per cent, or $1.75, to 77.25 cents at 1322 AEDT.

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