Solomon Lew shops for more Myer shares News06 Jul 2021

Solomon Lew’s back in the market for Myer.

 

As first reported by Street Talk, the rag trader’s Premier Investments was hoovering up Myer stock on Monday, on a day when more than 40 million shares changed hands or about 10-times the four-week average.

 

Stockbroker Shaw and Partners did the bulk of the trade, offloading stock mostly for institutional investors.

 

However, it was the buyer that grabbed all the attention.

 

Fingers quickly pointed to Myer antagonist Solomon Lew, who is already the company’s biggest investor with a 10 per cent stake via his ASX-listed Premier Investments.

 

Premier Investments is understood to be keen to increase its stake, to once again seek to bring about change at the struggling retailer. It’s expected to be back in the market for more stock on Tuesday.

 

Myer shares closed down 1¢ to 37¢ on Monday, despite Premier Investments’ buying.

 

It’s the first time we’ve seen Premier Investments buying Myer shares since 2017, when it nabbed a 10.8 per cent stake in the company via Brent Potts’ Blue Ocean Equities.

 

Lew, who is Premier Investments’ chairman and major shareholder, has since gone a few rounds with Myer and its board. He failed to take control of Myer’s board in 2017 and 2018, but got revenge when chairman Garry Hounsell resigned hours before the group’s annual meeting last year.

 

If nothing else, Myer has been a shocking investment for Premier Investments. The group outlaid more than $100 million for its initial 10 per cent stake, while it was worth about $31 million as of Monday’s close.

 

It’s an interesting time for Premier Investments to resume buying, with the group still three months away from welcoming JB Hi-Fi’s Richard Murray as its new CEO. You would have to think a bid for Myer isn’t top of Murray’s wishlist.

 

Article source: AFR, 5 July 2021

Related Articles
News14 Oct 2021 Shaw and Partners appoints LAB Group to automate digital onboarding for its clients and financial planners
Shaw and Partners has successfully implemented LAB Group’s white labelled client onboarding solution, LABform, empowering financial advisers and desk assistants to seamlessly origi... Read More
News11 Oct 2021 Packform valued at $150m in pre-IPO round handled by Shaw and Partners
It’s full steam ahead for online packaging marketplace Packform, which has secured its $25 million pre-IPO raising at a $150 million valuation.   Founded by serial entrepreneur P... Read More
News08 Oct 2021 Former GE team raises funds for fintech MitchCap
A bunch of former GE Capital executives is poised to complete a $7.5 million pre-IPO funding round for their specialist distribution financier, MitchCap.   Having left GE when it... Read More
News06 Oct 2021 Shaw and Partners appointed as Joint-Lead Manager to the Regal Investment Fund capital raising
Shaw and Partners is delighted to be appointed as Joint-Lead Manager to the capital raising announced by Regal Investment Fund (ASX.RF1).   The equity raising comprises a Placeme... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%