News: David Jones postpones meeting

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David Jones Limited (ASX:DJS) will postpone until July 14, its scheme meeting dealing with the buyout proposal from South African company Woolworths Holdings.

 

The department store retailer says the rescheduling is due to a notice being lodged by Australian Retail Investments Pty Ltd, that confirm entities of Solomon Lew hold 9.89 per cent of the company’s shares.

 

The Federal Court has granted the postponement to allow time for the board to assess the implications for shareholders of ARI’s holding.

 

In the absence of a superior proposal the board recommends that shareholders vote in favour of the Woolworths Holdings offer.

 

David Jones reported a net profit of $70.1 million in the first half of the 2014 financial year.