Myer Holdings set for best week in 33 as top investor calls for complete overhaul

Myr

09/07/2021 04:50

** Shares of high-street retailer Myer Holdings  MYR.AX  are
set to register a 20% jump for the week — its best weekly show
since Nov. 20
    ** Top investor Premier Investments  PMV.AX  raised its
stake in MYR to 15.77% earlier in the week and called for
resignation of the retailer's entire board, sparing the CEO
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    ** PMV demanded complete overhaul after MYR saw a hit to its
sales due to store closures amid coronavirus restrictions
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    ** PMV's billionaire chairman Solomon Lew said they would
reconstitute MYR board with directors who have "expertise across
retail, property, logistics and e-commerce to reverse MYR's
decline"
    ** MYR said it is open to negotiations with PMV, also
offering to discuss board representation
    ** MYR, which saw a ~40% decline in share value in 2020, has
added more than 25% only in July so far
    ** PMV on Friday reaffirmed its demand for resignation of
the retailer's three non-exec directors, saying "any other
action would be futile, and costly for Myer shareholders"
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    ** PMV on track to lose ~4% for the week, their worst since
Jan. 22, 2021
    

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))