Myer completes refinancing, AGM looms

Company News

by Anna Napoli

Department store, Myer (ASX:MYR) has announced the successful completion of the refinancing of its bank facility.

The company has extended the maturity until 2021 giving Myer further confidence and ability to deliver its customer first plan.

Myer Chair, Gary Hounsell says it’s a strong vote of confidence in Myer's Board, and its skilled executive team.

It's been an eventful year for the retailer, with the sacking of then CEO Richard Umbers in February, while in March, Myer was dropped from the ASX 200 index due to its plummeting share price.

In September it reported a FY18 loss of $486 million.

All eyes will be on Myer's Annual General Meeting which will take place this Friday, following ongoing hostility between the company's biggest shareholder, Premier Investments and the board.

Premier Investments has long been urging shareholders to vote against the company's remuneration report and for a board spill.

Shares in Myer (ASX:MYR) are down 1.22 per cent to $0.41.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.