Myer's second largest shareholder has reiterated its support for the retailer's chairman and strategy, raising doubts about Solomon Lew's ability to rally sufficient shareholder support for another attempt to overthrow the board.

Investors Mutual founder Anton Tagliaferro, a Maltese businessman who was instrumental in thwarting Mr Lew's first attempt to block the appointment of new chairman Garry Hounsell and two other directors, has again voiced concern about conflicts of interest from allowing Myer's major competitor to gain three seats on the board, The Australia Financial Review reported.

Mr Tagliaferro also raised doubts about Mr Lew's ability to restore Myer's fortunes, saying there was no "magic wand".

"It [Myer] is a long-term turnaround story and I don't think there is a magic wand, I don't think two or three new directors would change it that quickly," Mr Tagliaferro told Sky Business on Thursday.

Mr Tagliaferro's comments came one day after Mr Lew's listed investment company, Premier Investments, renewed its campaign, asking for a current copy of Myer's shareholder register so it can lobby investors before calling an extraordinary general meeting to spill the board.

Mr Tagliaferro continues to back the board and management's strategy despite further deterioration in Myer's sales and earnings over the crucial Christmas and New Year trading period.

See full report here