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Myer trading halt called amid potential disclosure breach

AAP  |  16 Nov 2018Text size  Decrease  Increase  |  
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AAP [SYDNEY] - Myer's (ASX: MYR) shares have been placed in a trading halt to give the troubled retailer time to fully respond to allegations it has breached its continuous disclosure obligations.

The department store chain said Friday it was "well aware of its continuous disclosure obligations and confirms it is in compliance with them", but subsequently requested a trading halt until Monday.

The brief statement was in response to an article in Thursday's Australian Financial Review suggesting that a disclosure threshold may have been reached by Myer's decision to stop providing quarterly sales updates.

Retail

A potential disclosure breach means trading of Myer shares is halted until at least Monday

Myer in May announced it would no longer provide quarterly sales updates, a move also taken by Wesfarmers (ASX: WES).

But the lack of data has fuelled speculation over its performance ahead of the company's November 30 annual general meeting.

Myer's sales fell 3.2 per cent in the year to July 28, slashing underlying profit by 52 per cent to $32.5 million before $541.2 million in costs and significant items.

Second-half sales were down 2.4 per cent on a same-store basis, which Myer said showed an improvement in performance.

Last month, billionaire investor Solomon Lew again wrote to Myer shareholders urging them to trigger a spill of the company's board at the November 30 annual general meeting.

The retail veteran has been a constant critic of Myer's board since buying a stake long perceived as a foothold for a takeover.

Myer shares were worth 45 cents at Thursday's close, down from $1.19 the same time last year.

 

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© 2020 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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