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(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.
The London-based cosmetics retailer said the settlement related to events that led to the delay of the audit of the financial year 2022 results and the suspension of trading of the group's shares on AIM during Adam Minto's time as CEO.
It had announced in late June 2023, that it intended to commence legal proceedings against Minto regarding his alleged breaches of fiduciary responsibilities.
Minto, who is also the co-founder of Revolution Beauty, will pay the GBP2.9 million sum in six equal instalments of GBP483,333.35 between March 2024 and March 2029.
If an instalment is not paid on time, then interest will be charged at 8% per annum.
Revolution Beauty said it believed this was a fair settlement, while neither party admitted or accepted liability.
Alistair McGeorge, non-executive chair, commented: "We are very pleased to have reached an agreement with Adam. This, together with the revised payment schedule agreed in December 2023 for the acquisition of Medichem, means we can now focus on the future. We look forward to providing an update on our strategy at our upcoming capital markets event on February 8".
In December, the company announced a settlement with former Chair Tom Allsworth.
It agreed to pay GBP270,000 to Allsworth regarding historical legal fees, and both parties agreed a revised payment schedule for outstanding consideration due to Allsworth in exchange for Medichem Manufacturing Ltd.
Revolution acquired the hair and skincare company from Allsworth in October 2021 for total consideration of up to GBP27.5 million.
Shares in Revolution Beauty rose 2.8% to 30.31 pence in London on Monday.
By Jeremy Cutler, Alliance News reporter
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