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(Sharecast News) - Revolution Beauty boss Bob Holt would could be removed from his post as part of a compromise deal to resolve a long-running fight with online fashion retailer Boohoo, according to a stock exchange filing on Tuesday.
Holt was ousted by Revolution shareholders at its recent annual meeting, before being reappointed just hours later. His exit would be one of the key elements of a peace agreement being hammered out between the beauty products retailer and Boohoo, which owns 26.6% of Revolution.
Chief executive of Revolution for just eight months, Holt was appointed amid an accounting scandal which saw the company's shares suspended.
In a stock exchange announcement on Monday, Revolution published notice of an extraordinary general meeting (EGM) requisitioned by Boohoo, with resolutions including Holt's removal as a director.
"The board believes that a compromise position with Boohoo is close and could be reached in the coming days. If the board were able to reach a compromise, this would avoid the expense, administrative burden and other detrimental consequences for the company that would result from the general meeting."
Revolution added that it became aware on July 8 that some certain shareholders - including some board members - had received communications from several online stockbroking platforms, stating "incorrectly that the general meeting had already been convened, which, at that time, it had not" and the board was advising shareholders to vote for the resolutions to remove current directors and appoint Boohoo's nominees.
"The company has contacted the relevant online stockbroking platforms, as well as the appropriate regulatory authorities," Revolution said in the filing and urged shareholders to follow its voting recommendation.
"Any shareholders who have accidentally already voted in favour of boohoo's proposed resolutions via their online stockbroking platforms on the basis of the incorrectly presented Board recommendation referred to above should contact those platforms as soon as possible to change their votes from votes in favour to votes against all of boohoo's proposed resolutions."
Reporting by Frank Prenesti for Sharecast.com
