Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
If anybody is with AJ Bell like myself, it's worth noting they do not send a secure message with the AGM details, it is down to yourself to message them with your intentions on how you wish them to vote on your behalf to each resolution, I have voted in favour of the current BOD's.
Going off todays RNS we will se another RNS in the coming days so should see something before the week is out, I'm assuming it will be to delay the upcoming AGM in light of further developments regarding Boohoo, note the word "currently" scheduled, so assuming it will change as it would just have been scheduled for.
"The Company also expects to publish a further announcement in the coming days in light of the announcement made by boohoo Group plc on 19 June 2023, including regarding the Company's upcoming AGM (which is currently scheduled for 27 June 2023) and the requisition of a general meeting of the Company under section 303 of the Companies Act 2006."
Agree Silver, The AIM regulators cannot keep a share suspended due to a internal conflict of interests that will be settled during an AGM vote, we need some clarity as why we are still suspended and what is being done to rectify any issues.
We could also do with some clarity from Boohoo as to there intensions if they are wanting the backing form share holders at the AGM, but that also works for both sides of the vote.
Personally I was expecting suspension to be lifted prior to the AGM so any time within the next 7 days, now I believe the AGM will be delayed due to the recent grenade from Boohoo, as stated in todays RNS the company will make an announcement " regarding the Company's upcoming AGM (which is currently scheduled for 27 June 2023)" which I'm assuming will be rescheduled the AGM but as we are held on the AIM team to lift suspension this should not affect it being lifted unless REVB specifically request it.
Boohoo must be expecting shares to be submitted to trading soon and possibly prior to the AGM as the below statement, the two new NED's are due to join the board at the point the shares start trading again.
"In addition, boohoo has requested that Rachel Maquire and Matthew Eatough should not be appointed as additional directors of the Company before the AGM and that, if they were appointed after the AGM, boohoo would consider requisitioning a further general meeting to remove them."
Boohoo launches boardroom coup in bid to take control of Revolution Beauty.
ashion giant Boohoo has launched a boardroom coup in an attempt to take control of Revolution Beauty.
The Manchester-headquartered owner of PrettyLittleThing and Debenhams is attempting to force the company's chairman, chief executive and chief financial officer from their positions. If successful, Boohoo wants to replace them with two of its own directors.
Boohoo first invested in Essex-based Revolution Beauty in August 2022 and further upped its stake in November last year. It now holds a stake of around 26.6% and is its largest single shareholder.
https://www.msn.com/en-gb/news/newsmanchester/boohoo-launches-boardroom-coup-in-bid-to-take-control-of-revolution-beauty/ar-AA1cKxlG
Top- At minimum any offer would have to be their highest paid within the last 12 months, we can only guess what that is but I'm assuming it is below the 30p mark so yes that could be considered a low ball offer compared to what revb have to offer.
"Should a bidder breach the 30% threshold, it will generally be required to make a mandatory takeover offer for all the shares it does not own. Such offers must be for all cash or have an all cash alternative at a price at least equal to the highest price paid for shares in the previous 12 months."
https://www.addleshawgoddard.com/globalassets/international/asia/guide-to-acquiring-a-uk-public-company.pdf#:~:text=Should%20a%20bidder%20breach%20the%2030%25%20threshold%2C%20it
Silver, I don't think REVB would have had time to release the RNS just yet, they may have been slightly blindsided by this, it does say ion the BooHoo RNS that REVB's BOD were informed today, I'm assuming they will be weighing up their options and preparing a statement as we speak.
It is definitely a very bold move from the BooHoo BOD, both candidates have close links with BooHoo so one can only assume that 1. BooHoo BOD know these guys have the expertise to lead REVB to growth and want the company to be in good hands for all share holders to prosper, or 2. They are moving to put their trusted men on the inside for a tactical manoeuvre/take over further down the line. I'm thinking the latter?
Alistair McGeorge- non-executive director of boohoo
Neil Catto- having been CFO of boohoo from 2011 to 2022
"In that scenario, is there a minimum price they would pay for our shares?"
No, we get nothing for our shares, we go private with them but I don't see that happening myself, all comms from the point point to the fact we are now awaiting for suspension to be lifted so as far as I'm concerned that's is exactly where we are.