Boohoo takes Revolution Beauty row to stock market regulator - Indoors Beauty

Boohoo takes Revolution Beauty row to stock market regulator

Boohoo takes Revolution Beauty row to stock market regulator

Boohoo Group is drafting a letter to the AIM regulator because it considers plans to requisition a second extraordinary basic assembly (EGM) at Revolution Beauty.

The group is contacting the AIM regulatory authorities demanding that Revolution Beauty clarifies an earlier stock change announcement that Boohoo had obstructed efforts to finalise its accounts, in accordance to Sky News.

It additionally plans to search assurances that voting selections at a forthcoming Revolution Beauty EGM are upheld and never subsequently overturned.

Boohoo is reportedly contemplating requisitioning a second EGM within the coming days to take away further Revolution administrators and appoint extra impartial board members.

Over the previous few weeks, Revolution Beauty and Boohoo have launched a collection of backwards and forwards statements over the management of the troubled cosmetics firm.

It started as Boohoo, which holds a 26.6% stake within the firm, known as for the elimination of Revolution Beauty’s CEO Bob Holt, Chairman Derek Zissman and CFO Elizabeth Lake on the agency’s annual basic assembly on 27 June 2023.

The AGM passed off and noticed votes of over 73% in opposition to the re-elections of Holt, Lake and Zissman. However, remaining impartial director Jeremy Schwartz then opted to defy the vote and reinstall the staff afterwards.

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

Revolution Beauty’s shares resumed buying and selling on 28 June, which noticed its share value rocket and shares price round £2 million awarded to Holt, Lake and different senior executives to “reward them for the exhausting work completed”.

One supply informed Sky News that an try to dealer peace between the 2 corporations was not inconceivable forward of the primary EGM, which is anticipated to happen in round a month’s time.

Read TheBusiness.magnificence’s information to Revolution Beauty and Boohoo Group’s battle for management.

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