DOCSLIB.ORG

Just Group Limited(Acn 096 911 410) Target's Statement

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Just Group Limited(Acn 096 911 410) Target's Statement just.SAY NO JUST GROUP LIMITED (ACN 096 911 410) Target’S Statement THIS TARGET’S StatEMENT Has BEEN IssUED IN RESPonsE to THE taKEOVER OFFER MADE BY PREMIER InVEstMEnts LIMITED FOR all THE ORDInaRY SHARES IN JUst GROUP LIMITED. REJECT THE TAKEOVER OFFER FROM PREMIER This is an important document and requires your immediate attention. If you are in any doubt about how to deal with this document, you should contact your broker, financial adviser or legal adviser immediately. ACN 096 911 410 Financial Adviser Legal Adviser KEY DATES CORPORATE DIRECTORY Date of Premier’s Offer 19 May 2008 ACN 096 911 410 AUDITOR Date of this Target’s Statement 2 June 2008 DIRECTORS Ernst & Young 8 Exhibition Street Close of Premier’s Offer Period (unless extended or withdrawn) 7.00pm (AEST) on 20 June 2008 Ian Pollard (Chairman) Melbourne VIC 3000 Jason Murray (Managing Director) Just Group shareholder information AUSTRALIA Just Group has established a Shareholder Information Line which Just Group shareholders may call if they have any queries in Laura Anderson relation to Premier’s Offer. The telephone number for the Shareholder Information Line is 1300 780 445 (for calls made from within Australia) or +612 8280 7106 (for calls made from outside Australia). Bronwyn Constance LAWYERS Just Group notifies shareholders that calls to the Shareholder Information Line may be tape recorded, indexed and stored. Ian Dahl Freehills Further information relating to Premier’s Offer can be obtained from Just Group’s website at www.justgroup.com.au. Terrence McCartney Important notices Level 42 Michael McLeod Nature of this document 101 Collins Street This document is a Target’s Statement issued by Just Group under Part 6.5 Division 3 of the Corporations Act in response to Susan Oliver Premier’s Bidder’s Statement and Offer. Melbourne VIC 3000 Defined terms AUSTRALIA A number of defined terms are used in this Target’s Statement. These terms are explained in Section 7 of this Target’s Statement. COMPANY SECRETARY No account of personal circumstances Janice Payne This Target’s Statement does not take into account your individual objectives, financial situation or particular needs. It does not InvestIGATing Accountants contain personal advice. You should seek independent financial and taxation advice before making a decision as to whether or not EXECUTIVE MANAGEMENT TEAM to accept the Offer. PricewaterhouseCoopers Securities Limited Disclaimer as to forward looking statements David Bull (Merchandising Director Casualwear) Freshwater Place Further, some of the statements appearing in this Target’s Statement may be in the nature of forward looking statements. Ashley Gardner (Chief Financial Officer) You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and 2 Southbank Blvd uncertainties include factors and risks specific to the industry in which Just Group operates as well as general economic conditions, Rachel Kelly (Retail Director Australia and New Zealand) Southbank VIC 3006 prevailing exchange rates and interest rates and conditions in the financial markets. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. None of Just Group, Just Group’s officers, any Anita Muller (Human Resources Director) AUSTRALIA persons named in this Target’s Statement with their consent or any person involved in the preparation of this Target’s Statement, Janice Payne (Corporate Affairs Director and Company makes any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward looking Financial Advisers statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. Secretary) You are cautioned not to place undue reliance on any forward looking statement. The forwarding looking statements in this Glenys Shearer (Commercial and Merchandising Caliburn Partnership Target’s Statement reflect views held only as at the date of this Target’s Statement. Risks Womenswear Director) Level 34 There are a number of risks which may affect the future performance of Just Group. These are discussed in Section 4. Wai Tang (Director of Operations and Peter Alexander The Chifley Tower ASIC disclaimer Sleepwear) A copy of this Target’s Statement has been lodged with ASIC. Neither ASIC nor any of its officers take any responsibility for the 2 Chifley Square content of this Target’s Statement. REGISTERED OFFICE Sydney NSW 2000 AUSTRALIA CONTENTS 658 Church Street Richmond VIC 3121 SHARE REGISTRY Chairman’s Letter to Shareholders 1 AUSTRALIA Link Market Services Limited How to Reject Premier’s Offer 3 T: 03 9420 0200 Locked Bag A14 Section 1 Why You Should Reject Premier’s Offer 4 F: 03 9426 0200 Sydney South NSW 1235 Section 2 Frequently Asked Questions 30 WEBSITE AUSTRALIA T: 1300 554 474 (within Australia) Section 3 Financial Information and Directors’ Pro-forma Forecast 33 www.justgroup.com.au T: 02 8280 7761 Section 4 Risk Factors 47 EMAIL F: 02 9287 0303 Section 5 Taxation Consequences 51 [email protected] E: [email protected] Section 6 Important Matters for Just Group Shareholders to Consider 54 W: www.linkmarketservices.com.au BANKERS Section 7 Glossary and Interpretation 62 STOCK EXCHANGE Commonwealth Bank of Australia Section 8 Authorisation 64 National Australia Bank Just Group Limited shares are listed on Annexure A Investigating Accountant’s Report 66 Westpac Banking Corporation Australian Stock Exchange. The home branch is Melbourne. Ticker: JST Annexure B Independent Expert’s Report 72 CHAIRMAN’S LETTER TO SHAREHOLDERS 2 June 2008 Dear Just Group Shareholder REJECT PREMIER’S OFFER You should have recently received an offer from Premier to acquire your Just Group Shares for $2.095 cash and 0.25 Premier shares for every Just Group Share you hold (“Premier’s Offer”). This document is our Target’s Statement, which sets out the recommendation of your Special Board Committee and the reasons for that recommendation. As I indicated in my letter to you dated 7 April 2008, Just Group has taken steps to ensure the independence of Just Group’s response and has formed a Special Board Committee to assess and consider Premier’s Offer. The two Directors who recently joined the Just Group Board as nominees of Metrepark Pty Ltd (which may be considered an associate of Premier for the purposes of Premier’s Offer), are not members of the Special Board Committee. Your Special Board Committee unanimously recommends that you REJECT the unsolicited and opportunistic Premier Offer. Your Special Board Committee believes there are a number of key reasons why you should REJECT Premier’s unsolicited Offer: 1. Just Group is a unique Australian retail company; 2. Premier’s Offer is materially inadequate and undervalues your shareholding; 3. Premier’s Offer is highly opportunistic and your outcome is uncertain if you accept the Offer; 4. Premier appears to need Just Group (but Just Group doesn’t need Premier); 5. An investment in Premier represents a fundamental change in your investment profile; and 6. You should consider Premier’s corporate governance framework. Lonergan Edwards, the Independent Expert, has concluded the Premier Offer is neither fair nor reasonable. The Independent Expert has assessed the value of: • your Just Group Shares to be between $4.78 and $5.28 per Share on a 100% controlling interest basis; • Premier’s Offer consideration to be between $3.97 and $4.23 per Share. The Independent Expert’s assessed value of Premier’s Offer consideration is between $0.81 and $1.05 per Share below its assessed value of Just Group’s Shares. Detailed reasons for reaching our conclusion are set out in this document. You should read these reasons carefully. The Independent Expert’s Report is also included. TO REJECT THE PREMIER OFFER, SIMPLY IGNORE ALL DOCUMENTATION SENT TO YOU BY PREMIER. Each member of the Special Board Committee of Just Group who holds Just Group Shares intends to REJECT the Premier Offer in relation to those Shares. Just Group is two years into a four year strategic plan that is designed to generate continued long term, sustainable growth. We have an exceptional management team, with outstanding experience and skills in retailing, that has delivered seven years of continuous sales and profit growth and strong financial returns. Our management team remains focused on delivering returns to all shareholders within the context of a strong board and governance framework. On the basis set out on page 10, your Board has adopted a goal of delivering at least 40 cents earnings per share (“EPS”) in FY2010. If achieved, this will represent double-digit EPS growth on average for the remaining two years of the strategic plan. We are committed to ensuring that shareholders benefit fully from Just Group’s underlying value and growth potential. We also remain dedicated to our objective of being one of the world’s most exciting retailers. Your Special Board Committee will continue to keep you updated on developments as they occur. In the meantime, if you have any questions in relation to this Target’s Statement or your shareholding in Just Group, please call our Shareholder Information Line on 1300 780 445 (within Australia) or +612 8280 7106 (outside Australia) Monday to Friday between 9.00am and 5.00pm (AEST). All company announcements are available on our website, www.justgroup.com.au. Yours sincerely Ian Pollard Chairman Target’s Statement | JUST GROUP | 1 YOUR SPECIAL BOARD CoMMITTEE RECOMMENDS THAT yoU REJECT PREMIER’S OFFER Do NOTHING IGNORE PREMIER’S OFFER WHowHY YotoU REJECT ShoU ldPremier REJECT’S P OFFremierer ’S OFFer 1. To REJECT Premier’s Offer, DO NOTHING. Ignore all documents sent to you by Premier 2. You should read this Target’s Statement, which contains your Special Board Committee’s recommendation to REJECT Premier’s Offer and the reasons for this recommendation 3.
Load more

Recommended publications
  • 1. Gina Rinehart 2. Anthony Pratt & Family • 3. Harry Triguboff
    1. Gina Rinehart $14.02billion from Resources Chairman – Hancock Prospecting Residence: Perth Wealth last year: $20.01b Rank last year: 1 A plunging iron ore price has made a big dent in Gina Rinehart’s wealth. But so vast are her mining assets that Rinehart, chairman of Hancock Prospecting, maintains her position as Australia’s richest person in 2015. Work is continuing on her $10billion Roy Hill project in Western Australia, although it has been hit by doubts over its short-term viability given falling commodity prices and safety issues. Rinehart is pressing ahead and expects the first shipment late in 2015. Most of her wealth comes from huge royalty cheques from Rio Tinto, which mines vast swaths of tenements pegged by Rinehart’s late father, Lang Hancock, in the 1950s and 1960s. Rinehart's wealth has been subject to a long running family dispute with a court ruling in May that eldest daughter Bianca should become head of the $5b family trust. 2. Anthony Pratt & Family $10.76billion from manufacturing and investment Executive Chairman – Visy Residence: Melbourne Wealth last year: $7.6billion Rank last year: 2 Anthony Pratt’s bet on a recovering United States economy is paying off. The value of his US-based Pratt Industries has surged this year thanks to an improving manufacturing sector and a lower Australian dollar. Pratt is also executive chairman of box maker and recycling business Visy, based in Melbourne. Visy is Australia’s largest private company by revenue and the biggest Australian-owned employer in the US. Pratt inherited the Visy leadership from his late father Richard in 2009, though the firm’s ownership is shared with sisters Heloise Waislitz and Fiona Geminder.
    [Show full text]
  • Just Group Sues to Halt CFO Nicole Peck Defection to Cotton on the AUSTRALIAN
    01/10/2018 Just Group sues to halt CFO Nicole Peck defection to Cotton On THE AUSTRALIAN Just Group sues to halt CFO Nicole Peck defection to Cotton On By BEN BUTLER, BUSINESS REPORTER 12:00AM JULY 7, 2016 • H COMMENTS Solomon Lew’s Just Group has launched legal action in a bid to stymie the defection of chief financial officer Nicole Peck to retail rival Cotton On. In a lawsuit filed with the Victorian Supreme Court, Just accuses Ms Peck of breach of contract, including a confidentiality clause, and seeks to prevent her taking up the Cotton On job for two years. Ms Peck lasted less than five months as head of Just, a subsidiary of Mr Lew’s listed Premier Investments that controls retail brands such as womenswear chain Dotti, pyjama group Peter Alexander and stationer Smiggle. She quit in May. Just also sought an order forbidding her being represented by law firm Ashurst, which has in the past acted for Cotton On, because of a “a real and sensible risk of inadvertent disclosure of commercially sensitive and confidential information by Ashurst to Cotton On”. The company also raised the possibility Cotton On might be paying Ms Peck’s legal costs. However, in a judgment on Friday, judge Andrew Keogh found Ashurst does not currently act for Cotton On. In a rebuke to Just, Justice Keogh said a subpoena issued by the company seeking information about the case from Ashurst “clearly represents a fishing expedition, and has no legitimate identifiable forensic purpose”. https://www.theaustralian.com.au/business/just-group-sues-to-halt-cfo-nicole-peck-defection-to-cotton-on/news-story/cd99edf8a38d5e9c774a115950a… 1/2 01/10/2018 Just Group sues to halt CFO Nicole Peck defection to Cotton On “There is no evidence to establish the probability that Ashurst will in future act for Cotton On, or that any confidential information obtained by Ashurst in the conduct of the current proceeding will be directly relevant to a future retainer with Cotton On,” he said.
    [Show full text]
  • Annual Report 2012 Mark Mcinnes Solomon Lew CEO Premier Retail Chairman and Non-Executive Director
    Annual Report 2012 Mark McInnes Solomon Lew CEO Premier Retail Chairman and Non-Executive Director FRONT COVER: Features Abbey Lee Kershaw for Portmans. Abbey is one of the world’s most in demand models. Chairman’s Report The Directors of Premier Investments Limited (‘Premier’) have pleasure in submitting to shareholders the Annual Report for the year ended 28 July, 2012. The retail environment in Australia continues to be The upswing in profit Premier has achieved this challenging and it is likely to remain so in the financial year demonstrates the effectiveness of short term. Macro pressures on retailers, combined these initiatives. Moving forward, management’s with the structural changes taking place in the core focus will be to ensure that the business is industry, will continue to test all participants in the prepared to meet market conditions while retail industry. effectively managing our growth opportunities. The benefits from this approach will be leveraged as In this context, we are particularly pleased to general market conditions normalise and improve. present a strongly improved financial result to our shareholders for the 2012 financial year. Highlights of this year’s result include: While Premier Retail’s sales figures underline the » Successful implementation of strategic review difficult trading environment, Premier’s financial initiatives is delivering strong profit results discipline and operational efficiency has delivered despite tough retail environment shareholders a comparatively strong result in spite » Premier consolidated net profit after tax of the tough conditions. This, in our view, is what (NPAT) of $68.2 million, up 68 per cent on sets Premier Investments apart from our peers.
    [Show full text]
  • PREMIER INVESTMENTS NPAT of $137.8 Million, up 29.0%
    25 September 2020 PREMIER INVESTMENTS NPAT OF $137.8 million, UP 29.0% PREMIER RETAIL UNDERLYING EBIT OF $187.2 MILLION, UP 11.9%1 2 FULL YEAR DIVIDEND OF 70 CPS Highlights for FY20 Premier Investments Group NPAT $137.8 million, up 29.0% on FY19 Premier Retail Underlying EBIT up 11.9% to $187.2 million 1 2 Premier Retail LFL sales up 7.6% (constant currency) with total sales of $1.22 billion down 4.3% on FY19 Record Peter Alexander sales up 16.3% to $288.2 million Record Online sales of $220.4 million, up 48.8% on FY19 (2H20 up 70% on 2H19) and contributed 25.5% of 2H20 total Premier Retail sales Premier’s stake in Breville at a market value of $1.0 billion as at 11 September 2020 (Balance sheet value $257.4 million) COVID-19 is accelerating the retail industry restructure. Premier Retail is best placed to maximise this customer led change through its highly profitable online channel and flexibility within its property portfolio. The acceleration of online has continued into FY21 with Premier Retail online sales up 92% for the first six weeks Commentary Premier Investments Chairman, Mr Solomon Lew, said: “Throughout the devastating COVID-19 global health crisis, our absolute priority has and continues to be the safety and wellbeing of our teams and our customers. The Board and I are extremely proud of the dedication and professionalism displayed by all of our employees during these unprecedented times of hardship and uncertainty.” Premier Investments Limited (“Premier”) today reported net profit after tax (NPAT) of $137.8 million for the 52 weeks ended 25 July 2020 up 29.0% on FY19 (FY19: $106.8 million).
    [Show full text]
  • Tracking 30% Target
    Tracking 30% target Gender diversity progress report April to June 2019 AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS 2 aicd.com.au GENDER DIVERSITY QUARTERLY REPORT – VOLUME 16 The sticking point Our latest results reveal that as at the end To ensure we are working with women of June this year women represented 29.7 across different industries and sectors, per cent of directors on ASX 200 boards. we are partnering with the Federal Government’s Office for Women to offer It is disappointing that this represents the 50 female entrepreneurs with established same result as at the end of December businesses the opportunity to undertake 2018. While we are not sliding backwards, governance training and connect in a it is a concern that progress is stalling. 12-month program. The AICD will continue to advocate Women entrepreneurs are far less likely strongly on gender diversity. Research than their male counterparts to be shows that gender diverse boards deliver successful in accessing capital to grow better outcomes for stakeholders. Boards their businesses. Through this program struggling with gender diversity should we aim to support women scaling up ask if their search process is effective, their businesses, contributing to the and competitive with leading ASX future financial sustainability of their companies, in accessing the large talent businesses. pool of female directors in Australia. Good governance structures are Since 2010, when we launched our first fundamental to all businesses and we are Chair’s Mentoring Program, we have committed to connecting entrepreneurs promoted a pipeline of board ready with the right tools, resources and advice women.
    [Show full text]
  • Annual Report 2014
    Annual Report 2014 A Premier Investments Limited The official opening of the group’s first UK store at Westfield Stratford in February, 2014. John Cheston Solomon Lew Mark McInnes Managing Director, Smiggle Chairman CEO Premier Retail FRONT COVER: Features Jessica Hart, International model and Portmans Brand Ambassador. Chairman’s Report The Directors of Premier Investments Limited (“Premier’) have pleasure in submitting to shareholders the Group’s Annual Report for the financial year ended 26 July 2014 (“FY14”). STRONG FINANCIAL PERFORMANCE DELIVERING ON GROWTH BRANDS Premier reported consolidated underlying net profit During the year, Premier Retail continued to implement before tax (NPBT) of $106.0 million for the year1, up its growth plans with a focus on Smiggle’s entry into the 10.3% on the previous financial year, despite continued large UK market, growing Peter Alexander in Australia international and domestic economic uncertainty and and New Zealand and investing further in the continuing consequent volatility in consumer confidence. Premier’s growth of our online businesses. reported net profit after tax (NPAT) was $73.0 million, Your Directors are pleased to note the following an increase of 5.3% on last year after adjusting for a achievements for the financial year: one-off reclassification gain incurred during the 2013 financial year. » Delivered record sales at Smiggle with sales growth of 17.4% and revenue surpassing $100 million for This result is largely attributable to the continued strong the first time performance of Premier Retail. In an increasingly » Successfully launched Smiggle UK, with eight stores competitive marketplace Premier Retail continues to currently trading and very pleasing consumer outperform its peers.
    [Show full text]
  • 51104 the AUSTRALIAN SHOFAR DECEMBER NL.Indd
    thethe australianaustralian shofarshofar A Quarterly Newsletter from The Friends of Israel Gospel Ministry (Australia) Inc | December 2008 | Volume 2 | Issue 2 A Tribute to Australian Jewry Part two Jewish citizens of Australia have proven all proud – whether we are physical to be key leaders relative to our nation’s descendants of Abraham or not. The economy. Many founded businesses former Governors General, Sir Isaac and fi nancial institutions that paved the Isaacs(5) and his later biographer, Sir way to developing a strong economy.(2) Zelman Cowan(6) shine like beacons That economy remains relatively strong in our political and social history. They despite the fi nancial crisis presently are rightly included in that honourable sweeping the globe. group of citizens who faithfully led and served to “Advance Australia Fair”.(7) It was (and is) not only in the area of fi nance that Australian Jewish citizens have taken such a prominent part. They, As we continue to honour Israel in her like their counterpart forebears had done 60th birthday year, The Friends of Israel in England(3), have greatly impacted join her worldwide throng of supporters the political arena as well. They had a in wishing the Jewish nation and Jewish foundational role in helping to establish friends in Australia and beyond, a Happy and sustain stable Federal and State Hanukkah as well! governments.(4) It is appropriate therefore In this edition, we advance our theme that we give honourable mention to of paying tribute to Australian Jewry. our Australian Jewish friends for their We gladly acknowledge the signifi cant signifi cant contribution in making the gifts and sacrifi cial contributions the diverse peoples of this vast continent Australian Jewish communities have into a strong democracy.
    [Show full text]
  • Overview of Australia and New Zealand Supermarkets
    OVERVIEW OF KEY AUSTRALASIAN SUPERMARKET RETAILERS Briefing Document September 2003 Coriolis Research Ltd. is a strategic market research firm founded in 1997 and based in Auckland, New Zealand. Coriolis primarily works with clients in the food and fast moving consumer goods supply chain, from primary producers to retailers. In addition to working with clients, Coriolis regularly produces reports on current industry topics. Recent reports have included an analysis of Retail Globalization: Who’s Winning” and answering the question: “Will selling groceries over the internet ever work?” The lead researcher on this report was Tim Morris, one of the founding partners of Coriolis Research. Tim graduated from Cornell University in New York with a degree in Agricultural Economics, with a specialisation in Food Industry Management. Tim has worked for a number of international retailers and manufacturers, including Nestlé, Dreyer’s Ice Cream, Kraft/General Foods, Safeway and Woolworths New Zealand. Before helping to found Coriolis Research, Tim was a consultant for Swander Pace and Company in San Francisco, where he worked on management consulting and acquisition projects for clients including Danone, Heinz, Bestfoods and ConAgra. The coriolis force, named for French physicist Gaspard Coriolis (1792-1843), may be seen on a large scale in the movement of winds and ocean currents on the rotating earth. It dominates weather patterns, producing the counterclockwise flow observed around low-pressure zones in the Northern Hemisphere and the clockwise flow around such zones in the Southern Hemisphere. It is the result of a centripetal force on a mass moving with a velocity radially outward in a rotating plane.
    [Show full text]
  • Have Another Drink from the Punchbowl
    Issue 167, 11 March 2013 Have another drink from the punchbowl Is there nothing that can stop the irrepressibility of Wall Street? I really don't think so, at least not for the medium term. The Dow finished up 2.18% last week and since the beginning of the year has almost put on 10%. Read why I think it will continue this way, and what that means for the Oz market, below. I'm excited to welcome veteran superannuation columnist Barrie Dunstan to the Switzer Super Report this week. Barrie has five decades experience writing about business and 25 years at the Australian Financial Review commenting on superannuation and investment management. Also today we have a look at the auction clearance rates for the weekend - the signs are good there - and James Dunn examines internet darlings Wotif.com and Webjet. Margaret Lomas explains why you should never chose a property on price alone and Nufarm, Westpac and Westfield Retail Trust all get upgrades in Rudi Filapek-Vandyck's weekly broker wrap. Sincerely, Peter Switzer Inside this Issue 02 Time to enjoy the party by Peter Switzer 04 How to add China to your SMSF by Barrie Dunstan 06 Wotif and Webjet – clicks don’t come cheap by James Dunn 08 Weekend auction results – market rebound continues by Penny Pryor 09 Property investment – don’t be blinded by price by Margaret Lomas How to add China to your 10 Magellan and Premier to join ASX 200 SMSF by Paul Rickard 12 Weekly broker wrap – Nufarm, WBC and WRT upgraded by Barrie Dunstan by Rudi Filapek-Vandyck 04 Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual.
    [Show full text]
  • To Download the Power Top
    14 OCTOBER 2017 THE POWER 30 WWW.RAGTRADER.COM.AU WWW.RAGTRADER.COM.AU THE POWER 30 OCTOBER 2017 15 PRESENTED BY PRESENTED BY merce vendor Styletread. "The new deal triples our turnover and more than triples CARLY CAZZOLLI our retail footrpint by 195 stores to 290," As the head of Asos Australia and New Munro said of the acquisition. It will also Zealand, Carly Cazzolli holds serious pull- boost annual sales by almost $200 mil- ing power in the eCommerce space. In The Power lion to $300 million, marking a landmark recent times, her team has scored major 30 moment for the footwear family empire. regional wins including free returns and There are rumours an IPO could be next price rationalisation for local customers. PIP EDWARDS on the agenda. “Being part of a global trading team adds a Sass & Bide, Ksubi, General Pants GUY RUSSO richness to the role that I really enjoy,” she Co. Pip Edwards has had creative He was the man who brought Kmart Aus- says. Prior to her role with Asos, Cazzolli input in some of the country’s most tralia back from the brink of bankruptcy, ERIN DEERING was the head of eCommerce for RM Wil- influential fashion brands, culmi- increasing profits by 100% within two In 2012, Erin Deering and Craig Ellis liams and currently sits on the National nating in the launch of her own years of taking the top job. His new man- turned traditional retailing on its head Online Retailers Association board. athleisure venture P.E Nation in date? Work the same magic for ailing sister when they launched swimwear brand Tri- 2016.
    [Show full text]
  • Tracking the 30% Target: Gender Diversity Progress Report 2 GENDER DIVERSITY QUARTERLY REPORT – VOLUME 15 Companydirectors.Com.Au 3
    companydirectors.com.au JANUARY - MARCH 2019 QUARTERLY REPORT | VOLUME 15 Tracking the 30% target: Gender diversity progress report 2 GENDER DIVERSITY QUARTERLY REPORT – VOLUME 15 companydirectors.com.au 3 Where to next? At the beginning of this year, we celebrated that the The AICD strongly believes that 30 per cent represents the ASX 200 had almost achieved the 30 per cent target we floor and not the ceiling for gender diversity on boards. challenged them to achieve in 2015. We expected the 30 We view gender parity through the lens of a per cent target to be achieved imminently. Unfortunately, 40/40/20 model. This translates to 40 per cent female the current percentage of women on ASX 200 boards sits representation, 40 per cent male representation and 20 at 29.5 per cent. In essence the percentage has fallen since per cent either gender. We will be encouraging all boards the start of this year. to meet this goal. The results for the year thus far are The year to date female appointment rate sits at a disappointing. Boards should be looking around their disappointing 23 per cent. So far this year there have been boardroom and asking if there is sufficient diversity of 39 new directors appointed to ASX 200 boards and only 9 skills, experience and gender to effectively meet the of them have been women. demands of a challenging governance landscape. As always you need to look beyond the top line to uncover The AICD will continue to press this issue until gender some of the reasons for the fall in appointment rate.
    [Show full text]
  • 2018 for Personal Use Only Use Personal For
    Annual Report 2018 For personal use only Annual Report 2018 A Solomon Lew Mark McInnes Chairman CEO Premier Retail For personal use only B Premier Investments Limited Chairman’s Report The Directors of Premier Investments Limited (“Premier”) are pleased to submit to shareholders the Annual Report for the 52 weeks ended 28 July 2018 (“2018”) which has been another year of outstanding operational and financial success by your company. ROBUST FINANCIAL PERFORMANCE for major growth beyond through four major channels – online, global concession partnerships, wholesale agreements Consistent with our key objective of delivering sustainable and new store openings. shareholder value, the 2018 financial year has seen another strong financial performance supporting record returns for Peter Alexander also delivered a record year. Sales for 2018 of Premier shareholders. Premier delivered underlying net profit $218.7 million were up 14.5% on 2017 and up 31% over two before tax of $160.3 million, up 9.2% on the prior year. Net years. The brand’s objective of achieving $250 million in cash generated by Premier (including dividends received) annual sales by 2020 is progressing well ahead of increased 36% for the year to $146.9 million. expectations. The pleasing full year financial result was underpinned by the I am particularly pleased to report that our online business performance of our core operating business, Premier Retail, surpassed our original 2020 target of $100 million more than which achieved a record $1.18 billion in sales and a record two years ahead of plan, delivering sales for the year of $112.5 underlying Earnings before Interest and Taxation (EBIT) of million – up 65% on 2017.
    [Show full text]