Solomon Lew’s Premier Investments hurls new grenade at Myer

Solomon Lew’s Premier Investments has stepped up the war of words with department store owner Myer.

Soloman Lew’s Premier Investments is likely to move against Myer directors up for re-election at the October 29 meeting. Picture: Aaron Francis

Solomon Lew’s Premier Investments has stepped up the war of words with department store owner Myer in what could be his next boardroom assault after he requested a copy of the shareholder register, in what promises to be a potentially fiery AGM.

Premier Investments is likely to use its 10.8 per cent stake in Myer as a base to rally support from other shareholders, mainly retail investors, to vote against directors up for re-election at the October 29 meeting.

That is especially the case for chairman Garry Hounsell, with whom Mr Lew had a bitter public exchange two years ago when the billionaire first agitated for the Myer board to be dumped.

It got so bad that Mr Lew accused Mr Hounsell of being a liar and lawyers were nearly brought in as the two businessmen went to war in front of shareholders and the market.

The very public corporate ­battle later this month could be complicated by the fact that this year’s AGM will be virtual due to COVID-19, robbing onlookers of the theatrics of Mr Lew’s trusty lieutenants and proxy holders throwing verbal grenades at the chairman from the audience.

In a public statement sent on Fri­day, Premier Investments, Myer’s biggest shareholder, said it had requested the register in order to consider writing to Myer’s members in relation to any resolutions proposed at the AGM.

After about 18 months of silence, Mr Lew has renewed his attack on board members following the release of its 2020 results, calling for their resignation and that of chief executive John King.

Mr Lew’s previous attempts to eject the board and kick out directors was thwarted by funds managers Anton Tagliaferro, whose Investors Mutual had a 9.8 per cent stake in Myer, and Geoff Wilson, who held just under 6 per cent.

However, Investors Mutual has since sold down its stake, handing Mr Wilson’s Wilson Asset Management more influence on the vote at the AGM.