By Michael Susin
Revolution Beauty Group announced that it anticipates reaching a compromise with its fellow major shareholder, Boohoo, in the near future. As a result, the company has scheduled a general meeting in response to Boohoo’s requisition.
The London-listed beauty company has set the date of August 7 for the general meeting, during which shareholders will vote on resolutions presented by Boohoo. These resolutions propose the removal of Chief Executive Robert Holt, Chair Derek Zissman, and Chief Financial Officer Elizabeth Lake. Boohoo also aims to appoint its own candidates, Alistair McGeorge and Neil Catto, as directors.
While the board of Revolution Beauty Group is urging shareholders to vote against all proposed resolutions, it remains optimistic about reaching an agreement with Boohoo. In the event that a compromise is not reached in the coming days, the company plans to release an announcement outlining its stance on Boohoo’s proposed resolutions, the general meeting, and the overall situation.
At 16:20 GMT, shares were down 2.65 pence, or 8.1%, at 30.2 pence.