Premier starts move against Myer board, page-6

I have to confess to exiting my MYR position some months ago. I became increasingly sceptical of the whole situation - the incumbent board overseeing seriously poor performance on the one hand and Sol Lew's motives on the other. I'm still keeping an eye on developments, but my thinking is that (1) the culture within the firm is beyond repair and (2) if Sol successfully rolls the board at an EGM, nothing much good will come of it for non-PMV shareholders. Premier (PMV) and Sol's associated companies, by contrast, will get a vessel into which they can aggressively peddle inventory, unwanted or otherwise. (Owning PMV rather than MYR might make more sense.)

For those who remain holders, the stock does look pretty oversold with a serious amount of negativity priced in, so downside is probably quite limited. Also, any unexpected positive news would certainly squeeze the shorts. Best perhaps to hope that another party interested in taking over the brand and/or benefiting from the exposure to shoppers afforded by the stores might emerge. Alan Kohler in an interview with Kogan.com CEO Ruslan Kogan a couple of weeks ago jokingly put Kogan.com into play as a potential acquirer of Myer. This seems unlikely, but it's something like this that Myer really needs at present.