PMV +9.91% /MYR -1.55%: The duo announced that Myer will merge with the Apparel Brands division of Premier Investments which includes Just Jeans, Jay Jays and Dotti, leaving PMV with Peter Alexander and Smiggle, along with their investment in Breville (BRG). The deal sees the issuance of 890.5m MYR shares and with PMV already holding MYR this sees PMV being issued a further 51.5% of MYR, alongside receiving a 2.5cps FF dividend. Post completion, PMV shareholders will own ~66.7% of MYR with Soloman Lew at ~26.8%.
- PMV intends to distribute the shares to shareholders, which obviously includes Lew, and the size of the stake held across both will no doubt afford him a lot of control.
MM is neutral PMV & MYR
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