Boohoo blasts Revolution Beauty after it defies shareholder vote - Indoors Beauty

Boohoo blasts Revolution Beauty after it defies shareholder vote

Boohoo blasts Revolution Beauty after it defies shareholder vote

Boohoo Group has accused Revolution Beauty of behaving inappropriately after it defied a shareholder vote at an eventful annual normal assembly yesterday, resulting in the firing and re-hiring of CEO Bob Holt, CFO Elizabeth Lake and Chairman Derek Zissman.

The group tried to oust Revolution Beauty’s bosses on the AGM by voting in opposition to the re-appointment of three senior administrators to the board.

Votes in opposition to the re-elections secured over 73%, however remaining impartial director Jeremy Schwartz opted to defy the vote and reinstall the workforce afterwards.

Schwartz mentioned his selections have been “not taken flippantly” however that he acted to revive Revolution Beauty’s shares to the AIM inventory change, which have been suspended from buying and selling since final 12 months following an auditing probe.

However, Boohoo blasted the transfer as “self-serving”, voicing “critical issues” over the group’s conduct following the AGM.

“Boohoo fails to see how such a board can declare to be appearing in the most effective pursuits of shareholders, and is as a substitute self-serving, as demonstrated by its actions over the past 24 hours.

“This will doubtless end in vital remuneration and share awards for members of a self-elected board on the lifting of the suspension of buying and selling in its shares, which Boohoo was happy to listen to is imminent.”

After Revolution Beauty’s shares resumed buying and selling this morning (28 June), its share value rocketed by greater than 50%.

Its senior administration workforce have been subsequently granted share choices to “reward them for the onerous work performed” and for bettering the group’s gross sales, it mentioned.

Boohoo mentioned it needs the corporate to reconvene to honour the shareholder vote and appoint its personal administrators to the board, and “to not resort to additional makes an attempt to impede shareholders”.

It is known the retailer can also be interesting to the AIM inventory market and the monetary regulator following the AGM occasions.

Another shareholder assembly is because of be held later in the summertime.

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