9News: Fireworks at Myer AGM

Fireworks at Myer AGM

Ross Greenwood: People lined up to see the Myer (ASX:MYR) Annual Christmas Windows today

And they also lined up to see if the board would survive.

Shareholder: Well, I’ve lost a lot of money on it so far

Shareholder: Give them one last chance I reckon

Ross: The board did survive, just. But more than 25 per cent of shareholders voted against its executive pay deal.

Its First Strike. A second strike next year and the board will spill.

Garry Hounsell: I got to make sure that doesn’t happen again, over the next 12 months so there will be lots of work.

Ross: Overarching this meeting – Myer’s largest shareholder – Solomon Lew who has stated a vocal campaign for Myer to change.

Solomon Lew: The Business is in disarray, and the management have no leadership from the board.

Ross: But why Lew is keen to talk about Myer, Myer’s new chairman was less forthcoming.

Gary Hounsell: I don’t want to talk about Solomon Lew, I don’t want to talk about pressure. There’s been too much in the papers about this, it’s been destroying the value of our company.

Solomon Lew: I think that you’ll see change there within six months. We will lead the charge.

Ross: While Myer’s bored and management might’ve survived today, they will be hoping it will be a very Merry Christmas and shoppers pack the stores.

Because right now, not only is Solomon Lew there and not going away anytime soon, but with other shareholders Myer’s board is on a very short leash.

But experienced shareholders who have seen Myer’s share price fall from $4 to 70 cents.

Question – who would run the strategy better?

John Dahlsen: I think they could accelerate the program they’ve got and I think if it was in the hands of someone like Solomon Lew, he could do something like that faster.

Solomon Lew: Unless they have a reasonable Christmas, who knows where the share price will end.

Ross: And that’s why you should keep watching the Myer Christmas windows and the crowds.

Ross Greenwood, Nine News.

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