Lew's Slow Campaign to Regain Myer Control Advances With Potential Deal
Lew's Slow Campaign to Regain Myer Control Advances With Potential Deal
The final step in Solomon Lew's slow campaign to regain control of Myer (ASX:MYR) - 35 years after his first attempt failed- has been set in motion with Myer issuing an offer to Lew's Premier Investments to buy some of his retail chains.
薩洛蒙·盧(Solomon Lew)慢慢重掌梅耶百貨(ASX:MYR)的最後一步——自他的第一次嘗試失敗35年後——已經啓動,此前梅耶向Lew旗下的Premier Investments發出了要求購買其中一些零售連鎖店的要約。
News of the possible deal saw Myer shares leap 18% at the opening on Monday morning on the ASX, reaching an early high of 76 cents. They were trading around 74 cents—up more than 15% after the first half hour of dealings. Premier shares were up a more sedate 4.1% at the same time.
週一早盤,有可能達成交易的消息令梅耶股價在ASX開盤時暴漲18%,早間最高觸及76分。開盤後的交易首個半小時內,股價漲幅超過15%,當時的Premier股價則以比較冷靜的4.1%上漲。
Lew has a near 29% stake in Myer, built up steadily over the past seven years. For many investors, a closer arrangement between the department store chain—which has fought its way back from near collapse—and Lew's high-performing chains was always on the cards.
Lew在過去的七年中穩步建立起了將近29%的Myer股份。對於許多投資者來說,以百貨店連鎖店和Lew的高績效連鎖店之間的更密切的關係總是可以預見的。而百貨店連鎖店在經歷了接近崩潰的時期後已經重新站穩了腳跟。
On Monday, Premier revealed that it had been approached by Myer to explore a potential combination with Premier's Apparel Brands business via an all-scrip merger. This would see Myer acquire Premier's Apparel Brands business—which includes Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E—in exchange for the issuance of new shares in Myer to Premier. Premier added that "sufficient" cash will also be contributed alongside Apparel Brands.
Premier披露,Myer已經聯繫它,探討通過全股票合併與Premier的服裝品牌業務進行潛在的組合。這將使梅耶收購Premier的服裝品牌業務,其中包括Just Jeans,Jay Jays,Portmans,Dotti和Jacqui E,以換取向Premier發行新股份。Premier補充說,除服裝品牌外,“足夠的”現金也將一起貢獻。
Apparel Brands has a retail network of 717 stores across Australia and New Zealand, generating revenues of $845 million in FY23. However, revenue dipped 8.1% to $416 million in the first half of Premier's 2023-24 financial year (which ends on July 31).
服裝品牌業務在澳大利亞和新西蘭擁有717家門店,營業收入在FY23年達到8,4500萬澳元。 然而,該業務在Premier的2023-24財年上半年(截至7月31日)收入下降了8.1%,降至4,1600萬澳元。
The Apparel Brands chains are the worst-performing parts of Premier compared to the likes of Smiggle and Peter Alexander, which Premier is looking at selling or spinning off into listed companies after a recent strategic review.
與Smiggle和Peter Alexander相比,服裝品牌業務是Premier表現最差的部分,Premier正在考慮將後者出售或分拆爲上市公司。
Myer has indicated that it expects Century Plaza Investments Pty Ltd, the major investor in Premier and its Associates (Solomon Lew mainly), would be represented on the board of Myer if the proposal proceeds. Century Plaza has advised Premier that it will propose Chairman Solomon Lew join the board of Myer as a non-executive director in that case.
如果該提案獲批,梅耶表示期望Premier及其聯營公司的主要投資者Century Plaza Investments Pty Ltd(主要爲Solomon Lew)將被代表在梅耶董事會中。Century Plaza已向Premier建議,如果該提案獲批,將提名主席Solomon Lew加入梅耶董事會,擔任非執行董事。
Lew has indicated that he would also be prepared to take an active role as a non-executive director of Myer if the transaction proceeds, given his extensive retail experience, that Century Plaza would become Myer's largest shareholder, and that Century Plaza's interests would be aligned with those of other Myer shareholders.
Lew表示,如果交易成功,鑑於他豐富的零售經驗,Century Plaza將成爲Myer最大的股東,Century Plaza的利益將與其他Myer股東的利益相一致,他也願意擔任Myer的非執行董事,起到積極的作用。
This would occur after the separation of Myer from Premier. Premier would distribute all its shares in Myer to Premier shareholders, resulting in Premier ceasing to own shares in Myer. After the proposed deal, Premier shareholders would become Myer shareholders directly, while also retaining their existing Premier shareholding.
這將發生在梅耶與Premier分離之後。 Premier將向其股東分配梅耶的所有股份,導致Premier停止擁有梅耶的股份。 在擬議的交易之後,Premier股東將直接成爲梅耶股東,同時保留其現有的Premier持股。
Myer claims to have identified opportunities from a combination of the businesses to deliver a step-change in Myer's market position and generate substantial strategic and financial benefits. These include scale, revenue and growth opportunities, cost and revenue synergies across supply chain, sourcing, property and brand management, and the leveraging of Myer's loyalty program and e-commerce platform across an enlarged customer base.
Myer聲稱已經確定了通過業務組合提供市場地位的飛躍和產生實質性的戰略和財務利益的機會。這些包括規模、收入和增長機會,在供應鏈、採購、物業和品牌管理方面的成本和收入協同效應,並在擴大的客戶群中利用Myer的忠誠計劃和電子商務平台。
In line with this approach, Myer has decided to retain ownership of its current brand portfolio, which includes iconic brands Sass & Bide, Marcs, and David Lawrence. These brands had been up for sale, according to industry and media reports, but with no takers.
根據行業和媒體報道,Myer決定保留其當前的品牌組合,其中包括標誌性品牌Sass & Bide、Marcs和David Lawrence,而這些品牌曾經被出售,但沒有買家。
Myer said it has formed an Independent Board Committee to consider the proposal. It will be led by recently named Executive Chair Olivia Wirth, as well as all of Myer's independent non-executive directors except Premier's nominee.
Myer表示,已成立獨立董事會委員會審查該提案。該委員會將由最近任命的執行主席Olivia Wirth以及所有梅耶獨立非執行董事(除Premier的提名人員外)領導。