MYR cap raise, page-4

https://www.ig.com/au/news-and-trade-ideas/myer-share-price--where-next-following-covid-19-business-update--200328

‘We are now taking all necessary measures to minimise our cost base, including engaging in ongoing discussions with suppliers and landlords,’ Mr King said.

Myer’s CEO further commented that the ‘decision to temporarily close all Myer stores and stand down so many loyal and dedicated team members is one of the toughest decisions this Company has faced in its 120 years of operation.'

Myer’s Board and its Executive Team – including Mr King – will not receive any renumeration during this closure period.

‘Heading into its H1, the renowned investment bank J.P. Morgan was Overweight the retailer, pegging Myer’s fair value at 75 cents per share.’

At the time J.P. Morgan’s price target was well under-water and continues to be so now. To be fair at least, even though the investment bank did lower its price target on Myer to ‘just’ 50 cents between our last piece of coverage on the retailer – J.P.’s revised fair value estimate remains well off the current mark.

Watch this space.