Lew lands second Myer strike
Myer has received a ‘second strike’ against its remuneration report after its largest investor, billionaire Solomon Lew, successfully rallied other shareholders to his bid to destabilise and turf out the entire Myer board, with 37.49 per cent of proxy votes rejecting the resolution at the annual general meeting this morning.
In Myer’s (MYR) historic Mural Hall, chairman Garry Hounsell released the details of the votes which showed that 37.49 per cent had voted against the adoption of the remuneration report, beating the hurdle of a 25 per cent ‘no’ vote to trigger a second strike.
Premier Investments Chairman Solomon Lew. Picture: David Geraghty/The Australian
There were 61.83 cast in favour of the remuneration report.
Mr Lew’s Premier Investments (PMV) is Myer’s biggest shareholder with a stake of 10.8 per cent in the struggling department store owner.
MYR Price at posting:
43.5¢ Sentiment: Hold Disclosure: Held
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