Premier starts move against Myer board, page-12

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BenGrahamReborn

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08/02/18

15:35

Post #: 30920791
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Originally posted by usagi44 ↑

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.

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The Kogan acquisition idea reminds me of the 40 year old virgin where the woman he meets has a shop of things you can buy online. She's not actually selling things there to make a profit.

Problem is, Myer bricks and mortar is enormous. Wont help Myer.

MYR Price at posting: 64.5¢ Sentiment: Buy Disclosure: Not Held
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Last 60.5¢		Change 0.005(0.83%)		Mkt cap ! $1.041B

Open	High	Low	Value	Volume
60.0¢	61.0¢	59.5¢	$2.425M	4.027M

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No.	Vol.	Price($)
71	401601	60.0¢

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Price($)	Vol.	No.
60.5¢	226522	15

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No.	Vol.	Price($)
69	393107	0.600
35	487782	0.595
38	517144	0.590
22	253930	0.585
28	625866	0.580

Price($)	Vol.	No.
0.605	190883	20
0.610	315561	32
0.615	446908	25
0.620	215656	18
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