Revolution Beauty defends AGM action as it responds to Boohoo's demand for answers - Indoors Beauty

Revolution Beauty defends AGM action as it responds to Boohoo’s demand for answers

Revolution Beauty defends AGM action as it responds to Boohoo’s demand for answers

Revolution Beauty has defended the actions it took at its AGM earlier this week, while additionally addressing why it granted shares to varied senior executives for free. 

The firm stated its actions on the AGM had been “firmly validated” by the inventory market response.

“The response from the inventory market and the corporate’s wider stakeholders firmly validate the actions taken following the AGM earlier this week, which have been lawful and completely per the administrators’ authorized duties,” Revolution Beauty stated.

In an announcement this morning, the corporate additionally demanded that “Boohoo clarify what its future plans and technique for Revolution Beauty could be if its hostile takeover of the Company’s board have been to succeed”.

The information comes after Boohoo accused Revolution Beauty of behaving inappropriately after it defied a shareholder vote at an eventful annual normal assembly earlier this week.

The group tried to oust Revolution Beauty’s CEO Bob Holt, CFO Elizabeth Lake and Chairman Derek Zissman 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 staff afterwards.

Revolution Beauty stated this was the one approach to restore its shares to the AIM inventory change, which have been suspended from buying and selling since final 12 months following an auditing probe.

“The actions taken by the administrators after the AGM have been the one purpose that the corporate’s shares have been re-admitted to buying and selling earlier this week,” the corporate stated.

“The administrators didn’t and don’t intend to frustrate shareholder democracy however have been put in an especially troublesome place by Boohoo’s actions.”

Yesterday, the group demanded that Revolution Beauty explains why it has granted shares to its CEO and CFO for free, regardless of a majority of individuals voting to take away them from their positions.

“Bob Holt, Elizabeth Lake and different members of the administration staff, these have been awarded when the related standards have been met, particularly these associated to making ready the corporate for relisting of its shares,” the corporate responded.

“The monetary phrases of the awards weren’t amended publish the announcement by Boohoo on 19 June 2023 of its intentions to vote in opposition to the appointments of Bob Holt and Elizabeth Lake, and the awards have been absolutely disclosed to shareholders within the group’s annual report and accounts for the 12 months ended 28 February 2022.”

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