Revolution Beauty says it could settle with shareholder Boohoo in coming days
12:56 pm Monday, July 10th, 2023
(Reuters) – UK-based Revolution Beauty said on Monday it could reach a settlement with top shareholder Boohoo over board changes in the coming days, after the beauty products retailer said it will hold a general meeting on Aug. 7.
British online fashion retailer Boohoo had in late June urged the company to call for a general meeting to remove executives including CEO Bob Holt from the board, a day after he was reappointed.
Boohoo, which holds a near 26.6% stake in Revolution, had earlier last month also sought to propose the appointment of Alistair McGeorge and Neil Catto as new directors, along with the removal of some of its executive directors.
Revolution on Monday also urged shareholders to follow its voting recommendation to vote against all of Boohoo’s proposed resolutions.
The company said some of its shareholders had received communications from several online stockbroking platforms advising them to vote for the resolutions to remove the current directors and to appoint Boohoo’s nominees.
Suspension on the shares of the company were lifted last month after the re-appointment of Holt, Chief Financial Officer Elizabeth Lake and Chairman Derek Zissman to the board.
(Reporting by Sinchita Mitra in Bengaluru; Editing by Shailesh Kuber)
