The Revolution Beauty Group PLC (LON: REVB) share price rallied 12.8% after signing a settlement agreement with Boohoo Group plc. The settlement with Boohoo allows for appointing four new directors to the company’s board and the resignation of current directors.
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The two companies have agreed to appoint Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett to Revolution Beauty’s board, with Alastair McGeorge being the company’s executive chairman. Given their previous directorships with Boohoo, Neil Catto and Alastair McGeorge will be non-independent directors of the company.
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The settlement allows Elizabeth Lake to remain as REvolution Beauty’s Chief Financial Officer (CFO), ensuring that the company’s annual results will be published on time without experiencing any delays.
Bob Holt OBE and Derek Zissman have agreed to resign from the board of Revolution Beauty, although Bob will remain with the business as interim CEO until 31 August 2023. The company will also embark on a mission to choose a new CEO once the new board is in place.
Boohoo also agreed to withdraw its requisition for the general meeting scheduled for 11:00 a.m. on 7 August 2023 at the offices of Macfarlanes LLP. The meeting will still be held as a technicality, but Boohoo has agreed to vote for its indefinite adjournment.
The companies had also agreed to allow Bob Holt and Elizabeth Lake to exercise the share options they were awarded when Revolution Beauty shares were readmitted to trading on the London Stock Exchange. The two executives have been allowed to exercise their share options.
Bob Holt’s exit arrangements under the BH Agreement have been expressed as conditional upon the acquisition by Boohoo, following the issue of the underlying option shares, of several shares sufficient to cover the tax payable by Bob Holt and Elizabeth Lake on the exercise of these options.
Besides Bob Holt’s and Derek Zissman’s proposed resignations, all of the Company’s current directors will remain in post. Therefore, the company’s board shall comprise Alistair McGeorge, Elizabeth Lake, Neil Catto, Jeremy Schwartz, Matthew Eatough, Rachel Maguire, Rachel Horsefield and Peter Hallett (independent non-executive directors).
*This is not investment advice.
Revolution Beauty (REVB) share price.
Revolution Beauty (REVB) share price rallied 12.78% to trade at 35.3p, from Monday’s closing price of 31.3p.
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