Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Myer Holdings Limited
  6. News
  7. Summary
    MYR   AU000000MYR2

MYER HOLDINGS LIMITED

(MYR)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Australian high-street retailer Myer's top investor raises stake, calls for overhaul

07/06/2021 | 03:55am EDT
Shoppers use their phones as they walk past the entrance to a Myer department store in Sydney

(Reuters) -Australia's Premier Investments Ltd said on Tuesday it had increased stake in Myer Holdings Ltd to 15.77%, as the top investor pushes for an overhaul at the iconic high-street retailer facing a sales hit due to the pandemic.

Premier Investments bought 41.1 million shares in Myer, it said in a statement, while its billionaire chairman Solomon Lew separately called on Myer's board to resign immediately.

"We will work with other shareholders to reconstitute the Myer Board with directors who have expertise across retail, property, logistics and e-commerce, so that Myer can reverse its decline," Lew said.

Myer declined to comment on the statement made by Premier Investments, while its stock surged 14% to close at A$0.425.

Myer and other brick-and-mortar retailers have been among the hardest hit by the pandemic and have had to depend on millions of dollars in government support.

The 120-year old firm reported a 13% drop in first-half sales in March, mainly due to store closures amid the pandemic.

Lew's clout was on show last year when Myer's then chairman, Garry Hounsell, said he would retire after failing to get support from Premier and its second-largest shareholder Wilson Asset Management.

(Reporting by Riya Sharma; Editing by Rashmi Aich)


© Reuters 2021
All news about MYER HOLDINGS LIMITED
09/15Energy, mining stocks lift Australia shares as markets cheer easing of virus curbs
RE
09/15Myer Holdings Limited Announces Board Changes, Effective 20 September 2021
CI
08/11PREMIER INVESTMENTS : Australia's Myer expects swing to profit as online sales jump
RE
08/11MYER : Australian retailer Myer expects to swing to annual profit
RE
08/10Myer Reportedly Testing the Market for Three of Its In-House Labels
CI
07/23MYER : Secures 10-Year Lease on Victoria Facility
MT
07/08Top investor in Australia's Myer kicks off board reshuffle talks with shareholders
RE
07/08Australia's Myer open to talks after top shareholder demands board revamp
RE
07/07MYER : offers to discuss board representation with top shareholder as pressure mounts
RE
07/01CHARTER HALL LONG WALE REIT : to Acquire Interests in Three Australia-based Properties for..
MT
More news
Analyst Recommendations on MYER HOLDINGS LIMITED
More recommendations
Financials
Sales 2022 2 670 M 1 991 M 1 991 M
Net income 2022 39,6 M 29,5 M 29,5 M
Net cash 2022 222 M 166 M 166 M
P/E ratio 2022 11,6x
Yield 2022 -
Capitalization 448 M 335 M 334 M
EV / Sales 2022 0,08x
EV / Sales 2023 0,07x
Nbr of Employees 12 500
Free-Float 78,3%
Chart MYER HOLDINGS LIMITED
Duration : Period :
Myer Holdings Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MYER HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Last Close Price 0,55 AUD
Average target price 0,57 AUD
Spread / Average Target 4,59%
EPS Revisions
Managers and Directors
John King Chief Executive Officer, MD & Director
Nigel Chadwick Chief Financial Officer & Secretary
JoAnne M. Stephenson Chairman
Tony Sutton Executive GM-Stores & Retail Operation
David Whittle Independent Non-Executive Director
Sector and Competitors