From 'The Australian' this morning (there was also an article in...

From 'The Australian' this morning (there was also an article in 'AFR' as mentioned in another thread - why start a new thread?):

"Billionaire Solomon Lew has used creep provisions to snatch another 3 per cent of Myer for his listed fashion and investment vehicle Premier Investments, to tighten his grip on the department store and possibly gain a second board representative.

In late trading on Thursday Premier Investments bought up 2.95 per cent of Myer after paying 75c per share to take the Lew-controlled company to 31 per cent of Myer,..

...Currently Premier Investments director Terry McCartney sits on the Myer board and he was recently joined by former Premier Investments director and Lew ally Gary Weiss, who is Myer deputy chairman and lead independent director. It is unclear if Premier Investments will seek a second director on the board now that it owns 31 per cent of Myer.

The growing stake in Myer also comes at an interesting time for Premier Investments as it considers a planned demerger of its sleepwear retailer Peter Alexander and stationery store Smiggle into newly-listed companies where both brands – unshackled and autonomous – can chase higher growth opportunities, especially overseas.

Under the new strategy unveiled by Mr Lew in late March, Premier Investments will emerge with a stable of assets ranging from stakes in the demerged Peter Alexander and Smiggle brands, and its existing legacy retail chains, to large equity stakes in Breville and the now higher stake in Myer."

Ultimately this could see, some analysts have speculated, that Premier Investments could then backdoor list its fashion brands into Myer.