Revolution Beauty Says Close to Striking Deal With Boohoo After Setting General Meeting

By Michael Susin

Revolution Beauty Group said late Monday that a compromise with its peer and major shareholder Boohoo should be reached in the coming days as the group scheduled a general meeting following the requisition of Boohoo.

The London-listed beauty company said that the general meeting will be held on Aug. 7 to vote on the resolutions proposed by Boohoo, which has a 26.6% stake in the beauty company, to remove Chief Executive Robert Holt, Chair Derek Zissman and Chief Financial Officer Elizabeth Lake. It also proposed to appoint its own candidates Alistair McGeorge and Neil Catto as directors.
The board has urged shareholders to vote against all proposed resolutions.
The company added that it is getting closer to an agreement with Boohoo. However, if no compromise position is reached in the coming days, the company “will publish an announcement setting out its views on Boohoo’s proposed resolutions, the general meeting, and the situation in which the company has been placed.”
Shares at 1620 GMT were down 2.65 pence, or 8.1%, at 30.2 pence.
Write to Michael Susin at [email protected]