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(Alliance News) - Revolution Beauty Group PLC on Wednesday said it expects to complete its annual financial accounts audit by the end of August, after settling its dispute with shareholder and fast fashion firm boohoo Group PLC.
AIM-listed beauty products retailer Revolution Beauty also said it expects to hold an annual general meeting in late September or early October, after its AGM was adjourned in June at the height of its spat with boohoo, when three Revolution Beauty directors were ousted from its board.
On Tuesday, Revolution Beauty said Bob Holt and Derek Zissman, its chair Bob and chief executive respectively, will step down from the company as part of a "settlement agreement" with 27% minority shareholder boohoo, with which it has traded barbs in recent weeks. Revolution Beauty on Wednesday confirmed this has now taken place.
Holt will remain as interim CEO until the end of August.
Revolution Beauty also confirmed Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett have joined its board. boohoo had previously attempted to jettison McGeorge, Catto and Horsefield to the Revolution Beauty board.
Following their additions, Revolution Beauty's board will consist of McGeorge as executive chair, Catto as a non-independent non-executive director, and Hallett and Horsefield alongside Jeremy Schwartz, Matthew Eatough and Rachel Maguire as independent non-executive directors. In addition, Revolution Beauty's current Chief Financial Officer Elizabeth Lake will remain in that board position.
In June, three Revolution Beauty directors were ousted from its board at its annual general meeting, as boohoo voted against their re-election, though a remaining director had offered the trio a reprieve.
The dramatic events followed a failed attempt by Revolution Beauty to adjourn the AGM, with 74% of votes cast against the move.
Measures including the re-election of Holt, Lake and Zissman were put to shareholders. It was a poll the trio lost, with around two-thirds voting against their re-elections.
It meant Non-Executive Director Jeremy Schwartz, who won his re-election bid with flying colours, was briefly the beauty products seller's sole board member. He then proceeded to appoint Rachel Maguire and Matthew Eatough as non-executives. The three then re-appointed Holt, Lake and Zissman to the Revolution Beauty board and their previous posts.
boohoo called the Revolution board "self-serving" and said it was not acting in the best interest of shareholders.
Tuesday's settlement likely draws a line under the back and forth, however.
Revolution Beauty noted boohoo has withdrawn a general meeting requisition.
Revolution Beauty shares were down 1.9% to 31.20 pence each in London on Wednesday morning, while boohoo was up 4.4% to 36.54p each.
By Greg Rosenvinge, Alliance News reporter
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