Not quite the latest but this from the AFRLew bleak on poll...

Not quite the latest but this from the AFR

Lew bleak on poll prospects
Nov 20 14:09
Adam Shand and Giles Parkinson

Solomon Lew said on Wednesday he did not expect to get re-elected to the board of Coles Myer, despite receiving the support of nearly a third of the retail giant's shareholders.

Mr Lew told the annual general meeting in Melbourne that he had received proxy votes in his favour from 170,000 of the company's 560,000 retail investors, but did not expect to be voted back in.

His comments were made as each of 11 candidates for the Coles Myer board made speeches to around 3,000 shareholders gathered at the Vodafone Arena.

Voting is expected to commence shortly.

Earlier, the company reassured investors that its earnings were on track, although it conceded the turnaround of the troubled Myer Grace stores was taking longer than planned.

Chief executive John Fletcher told the meeting that the company's full-year earnings should be in line with market forecasts of $425 million to $435 million."

"On outlook, we would expect that subject to a satisfactory Christmas trading period, full year earnings will be in line with current market expectations," he told the meeting.

"This excludes any potential one-off non-cash charge this year from an anticipated change in United States accounting standards which may affect inventory valuations."

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Chairman Rick Allert said that the company is maintaining its forecast total savings in business costs of $300 million by the end of fiscal 2004.

However, the meeting has been dominated by aggressive questioning and complaints from a variety of shareholders, including one woman who said the entire board should stand up, turn around and have "their butts kicked."

Mr Lew has opposed the company's proposal to study a break-up of the group and has also promised to reverse the decision to cancel the shareholder discount card. He has flagged legal and other measures if he is not re-elected.

Mr Allert said he wanted to create a board culture where directors engage in vigorous and healthy debate, but he wanted to limit the debate to the boardroom.

The meeting, with Mr Lew and his ally Mark Leibler seeking re-election and nine other directors seeking election, promises to be a lengthy one, despite Mr Allert's warning that tea and biscuits may not be served if it did not finish within a reasonable hour.