A Contrarian Buy, page-42

Round 2 .... LOL

http://www.copyright link/business/...o-renew-campaign-against-myer-20180115-h0iut0

• Jan 16 2018 at 11:00 PM
• Updated Jan 16 2018 at 11:00 PM

Solomon Lew set to renew campaign against Myer
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Analysts believe Myer likely underperformed David Jones but sales momentum may have improved in the weeks before and after Christmas. Louie Douvis
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by Sue Mitchell
A mixed report card from David Jones will provide more ammunition for Premier Investments chairman Solomon Lew to relaunch his attack on Myer and possibly bring forward a second attempt to overthrow the board.

Mr Lew was expected to wait until Myer's first-half results in March to demand an extraordinary general meeting and give shareholders an opportunity to appoint his three hand-picked nominees to the embattled retailer's board.

However, Mr Lew is understood to be weighing up whether to call an EGM before March because of Myer's deteriorating sales and share price and the time it would take before an EGM could be held (at least three months).

Myer shares have fallen as much as 15 per cent since mid-December, when chief executive Richard Umbers warned an unprecedented 5 per cent drop in sales in the first two weeks of December would have a "material" impact on earnings for the six months ending January.