Australia's Myer says tough conditions to continue

© Reuters.  Australia's Myer says tough conditions to continue© Reuters. Australia’s Myer says tough conditions to continue

(Reuters) – Australia’s biggest department store chain, Myer Holdings Ltd (AX:), said on Friday challenging conditions would continue into the second quarter, as it prepared for a crucial vote on the shape of its new board at its annual general meeting.

Billionaire investor Solomon Lew has demanded a greater say on the board of the 117-year-old retailer since it posted its worst profit as a listed company in September.

Lew has vowed to oppose the appointment of Garry Hounsell as Myer chairman at the shareholder meeting.

Chairman Paul McClintock asked shareholders to respect the outcome of the vote.

“When the votes are counted, as in any election, there will be a winner, and we will heed that result. Mr Lew needs to do the same,” McClintock said.

Lew is the chairman of Premier Investments Ltd (AX:) which controls a stake in the department store operator.

Myer’s shares have fallen about 40 percent since Premier Investments announced the purchase of a 10.8 percent stake in the company in late-March.

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