Billionaire business tycoon Solomon Lew has publicly said that he will call on Myer’s shareholders in an extraordinary general meeting in an effort to force the remaining three non-executive directors out of the company.
The investment company of Mr Lew, Premier Investments is fully prepared. They announced on Friday that the company has already asked its attorney Mr. Arnold Bloch Leibler to solicit the register of shareholders and investors of Myer.
What Is Solomon Lew Up To?
The business tycoon seeks to gather support of shareholders prior to arranging the extra-ordinary shareholders meeting.
The tycoon’s company owns 15.8% of Myer’s shares, as per the latest holding position. They added to their stake earlier this week.
Solomon has also begun consulting with other Myer shareholders about restructuring the board of directors, strongly indicating that Mr Lew believes he has the necessary support which can remove the remaining company directors.
Premier Issues Official Statement
“Premier has commenced consultation with fellow Myer shareholders regarding the quick reconstitution of a majority independent Myer board with the necessary skills and experience,” Premier said in a statement.
Investment company Premier Investments will also take help of the proxy company Morrow Sodali to collect proxy votes from investors before the EGM.
Once Myer has been submitted with an official notice of intention to call EGM, the company has 21 days to act upon it. Else, legal complexities would brew.
‘Immediately Resign’
However, Mr Lew and the Premier Investments company appeared to be hoping to oust Myer directors without having to go to the polls. Premier Investments once again had called on the board to “immediately resign”.
Myyer’s spokesman said the company would furnish the billionaire business man’s firm with the official copy of the shareholders’ register now that he had received a formal request.
The spokesperson if Myer also added that they would consult with the shareholders on the best route possible to solve the developments.
However, the company appeared to be proposing that it believed Mr Lew wished to control the seller, he could submit a buy-out or a complete takeover offer. Looks like Mr Solomon is not in a mood to spill out that extra cash for acquiring Myer.
