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Pin to quick picksRevolution Beauty Share News (REVB)

Share Price Information for Revolution Beauty (REVB)

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Share Price: 25.50
Bid: 25.00
Ask: 25.45
Change: 0.30 (1.19%)
Spread: 0.45 (1.80%)
Open: 25.10
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Prev. Close: 25.20
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Disgruntled Chrysalis Investments files claim versus Revolution Beauty

Mon, 22nd Apr 2024 10:10

(Alliance News) - The dispute between Revolution Beauty Group PLC and former shareholder Chrysalis Investments Ltd ratcheted up on Monday, as Chrysalis said it has issued legal claims for a total of GBP45.2 million against Revolution Beauty, while Revolution rejected the allegations.

Chrysalis invests in public and private companies, taking a "high-conviction" approach. Its current investments include money-transfer firm Wise PLC and lender Starling Bank. Revolution Beauty is a London-based cosmetics retailer.

Chrysalis said it issued the legal claims to Revolution Beauty on Friday, saying it "has not been satisfied with the limited responses received from Revolution Beauty and its legal advisers to date". It added it "considers that it has a strong case and is willing to pursue it".

Back in February, with its annual results, Chrysalis said it has "potential claims" under the UK financial services & markets act against Revolution Beauty.

Chrysalis bought into the AIM listing in July 2021, purchasing around GBP45 million worth of shares, and sold its holding in "late 2022" for roughly GBP5.7 million, so about GBP40 million off what it initially paid.

"The original share purchase was made on the basis that information provided to the company by Revolution prior to the company's purchase of the shares in Revolution, and during the period in which the shares were held prior to their sale, contained misstatements and material omissions," Chrysalis claimed at the time.

On Monday, Revolution said it "strongly contests the allegations" and is considering its response to the latest development. However, it also said it "will continue to engage with Chrysalis and its advisers".

Revolution Beauty shares were down 8.7% to 28.22 pence early Monday in London. Chrysalis shares were up 0.1% at 79.15p.

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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9 Apr 2024 10:56

IN BRIEF: Synectics shares rise as appoints Bob Holt as chair

Synectics PLC - Sheffield, England-based security and surveillance systems company - Appoints Bob Holt as chair, effective after annual general meeting on April 24. He will replace outgoing Chair Steve Coggins, who has been interim chair since October. Holt has experience as a director at several companies, including Revolution Beauty Group PLC and Mears Group PLC, the latter of which he guided through its initial public offering on London's AIM market in 1996, back then as chair of Mears.

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27 Mar 2024 17:03

CORRECT: Revolution Beauty set to meet annual earnings guidance

(Correcting that Revolution Beauty previously predicted low-single digit growth and that financial 2023 revenue was GBP187.8 million)

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27 Mar 2024 11:58

Revolution Beauty set to meet annual earnings guidance

(Alliance News) - Revolution Beauty Group PLC on Wednesday said it expects to meet earnings consensus for its financial year, despite forecasting low-single digit revenue growth.

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27 Mar 2024 09:04

Revolution Beauty lifts FY outlook

(Sharecast News) - Revolution Beauty lifted its full-year outlook on Wednesday after continued strong trading.

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8 Feb 2024 12:02

IN BRIEF: Revolution Beauty aims for GBP1 billion in annual sales

Revolution Beauty Group PLC - London-based cosmetics retailer - Expects adjusted earning before interest, tax, depreciation and amortisation of GBP11 million to GBP12 million in the financial year that finishes at the end of this month. This would be dramatically improved from an adjusted Ebitda loss of GBP7.5 million in financial 2023 and is in line with guidance provided in November. However, Revolution Beauty says revenue growth will be a low single-digit percentage, compared to the high single-digit growth previously guided.

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8 Feb 2024 07:16

Revolution Beauty shares slide on FY revenue warning

(Sharecast News) - Mass beauty business Revolution Beauty Group shares headed south early on Thursday after the group warned investors that full-year revenues would now be lower than previously forecast.

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5 Feb 2024 09:13

Revolution Beauty's former CEO pays GBP2.9 million to close dispute

(Alliance News) - Revolution Beauty Group PLC on Monday said former Chief Executive Adam Minto had agreed to pay the company GBP2.9 million to settle a dispute.

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5 Feb 2024 08:11

Revolution Beauty reaches settlement with former CEO

(Sharecast News) - Make-up company Revolution Beauty has reached a settlement with co-founder and former chief executive Adam Minto following the delayed publication of its FY22 results and its suspension from trading during his time in the top job.

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2 Feb 2024 10:22

Revolution Beauty "strongly contests" possible claim from Chrysalis

(Alliance News) - Revolution Beauty Group PLC on Friday confirmed it has received a pre-action claim from one-time shareholder Chrysalis Investments Ltd, which accused the cosmetics retailer of "negligent misstatement and/or misrepresentation".

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13 Dec 2023 12:01

Revolution Beauty reaches settlement with ex-chair as CFO stands down

(Alliance News) - Revolution Beauty Group PLC on Wednesday announced the resignation of Chief Financial Officer Elizabeth Lake and the resolution of its legal dispute with Tom Allsworth.

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Revolution Beauty CFO departs as Boohoo saga takes new twist

(Sharecast News) - The long-running saga at cosmetics company Revolution Beauty Group took a new turn on Wednesday when major shareholder Boohoo got its wish with the departure of finance boss Elizabeth Lake.

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27 Nov 2023 10:38

Revolution Beauty says discussions ongoing in disputes with co-founders

(Alliance News) - Revolution Beauty Group PLC on Monday responded to "press speculation" regarding potential agreements with its former executive chair and chief executive officer.

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27 Nov 2023 07:20

Revolution Beauty in negotiations with ex CEO, chairman

(Sharecast News) - Revolution Beauty Group responded to fresh press speculation surrounding potential agreements with its former chief executive officer, Adam Minto, and former executive chairman, Tom Allsworth, on Monday.

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