Solomon Lew raises Myer (MYR) stake to 22.9%

Solomon Lu’s Premier Investments has increased its stake in Meyer, the retailer he’s pursued since 2017, just weeks after he warned he expected the best possible profits even before the pandemic.

A notice filed with the ASX on Monday night by Premier, which operates retailers including Peter Alexander and Smiggle, shows that 24.5 million shares of Myer stock valued at $12.3 million were purchased last week. Premier’s stake he rises from 19.88% to 22.87%.

Shareholders generally cannot acquire more than 20% of a company without making a formal takeover offer, but under the so-called “creep” clause, shareholders can acquire more than 20% by purchasing up to 3% of the company. Stocks can be procured. every 6 months.

Lew has been tracking Myer for the past five years. Premier has increased its stake in the company during this time.

He has been an agitator for change at the retailer for the past five years, and has repeatedly tried to roll the company’s board of directors, citing his disappointment with the company’s sales and stock performance during this period.

The new increase in stakes means the prospect that he, who has criticized the troubled retailer for years for lack of innovation and poor management, can finally take more control. is raised again.

Premier last increased its stake in the business in February, from 15.77% to 19.88%.

Lew now owns nearly a quarter of the company and, as its largest shareholder, could use Lew’s stake to persuade other shareholders to vote in favor of reviewing Myer’s board. increase.