Boohoo which holds 26.47 per cent of the stock in Revolution Beauty (RB) has advised the board of RB that it intends to vote against the reappointments of Bob Holt, Derek Zissman and Elizabeth Lake at RB’s AGM which takes place on June 27th. Boohoo has also requisitioned a general meeting at which it proposes to remove the trio as directors and to appoint its own non-executive directors – Alistair McGeorge and Neil Catto – as directors of RBG. Boohoo has also requested that the current board of RB does not appoint Rachel Maguire and Matthew Eatough as directors.
Its statement to the stock exchange explained: “As Revolution Beauty’s biggest shareholder, boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business.
“However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, boohoo believes a senior leadership team with the right retail, eCommerce and consumer brands experience is required to deliver shareholder value.”
Meanwhile, Revolution Beauty has advised of potential legal action against Adam Minto who founded RB and was its former CEO. RB asserts that Minto breached his fiduciary, statutory, contractural and/or tortious duties to the company which had in turn contributed to the delay in the audit of the group’s FY22 results and to the suspension of the company’s shares from trading on AIM.
It is understood that RB is looking to recover the exceptional costs it incurred as a result of the alleged issues and has set a deadline of July 7th 2023 for Minto or his representatives to respond to the claim.
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