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‘Myer has got a major cancer’ as board hands the company to the banks

Myer’s largest shareholder says the business “has got a major cancer”, ahead of a likely explosive annual general meeting on Friday,

Solomon Lew’s Premier Investments, Myer’s biggest investor and the perhaps the board’s loudest critic, has lashed out, accusing the board of handing the company to the banks.

Mr Lew tells Ross Greenwood the downfall of the embattled board is “unfortunate” for the business.

“Myer, at this point in time, hasn’t got the offering that the customers require.

“They don’t have the staffing levels that the customers require and customers are just shopping in the speciality stores.

“As far as we’re concerned, they mislead all shareholders.”

While there were reports Mr Lew was attempting to set Myer up to by the business cheaply, he says that’s not the case.

“At this point in time, we have no intention of taking over Myer.

“Myer has got a major cancer that needs to be attended to and that is that the board must go, and they must go quickly.”

Ahead of Friday’s meeting which could see another strike against the board, leading to a spill, Mr Lew says he’s “certainly optimistic”.

But tells Ross it’s ultimately up to the shareholders.

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