Member Info for Okehurst1

PP did advise to buy more RevB though :-)

So we now own 27% of RevB slightly up from our position last November

Bob played a cute game

In addition, Bob Holt and Elizabeth Lake have, respectively, sold 2,557,895 and 1,335,789 Ordinary Shares to boohoo at a price of 32.625 pence per Ordinary Share (being the closing middle market quotation of a Revolution Beauty share derived from the AIM Appendix to the London Stock Exchange Daily Official List on 18 July 2023, as quoted by Bloomberg), in order to cover the tax payable by them on the exercise of their options.

Bit of advice PP

Never say never…. golden rule number 1

Fair comments PP

I am working on 6% EBITDA to indicate FCF after maintenance capital

Then hoping Boo start share buy backs

Happy to wait

I like RevB and Boo owning 25% for just £15M is a good way to arbitrage both

Nb genuine question

Is that net profit margin or EBITDA ?

Hi PP

What do you think RevB can get it’s revenue to say in 3 years time ?

What’s not in dispute is the fact Boo got their 4 nominated directors appointed and Bob is stepping down

Looks like they are happy with Liz

Other than Bob getting his bonus - which I think is fair

Boo got what they wanted ?

Fair comment ? It’s fact .

Am sure all 4 directors will honour their fiduciary duties as will the other 5

Is it 5:4 ?

Taking the view Boo got their nominated choice on 4 of the directors ?

Fair comment T4G

Hi T4 g

They quoted 13% on the Conf call but as you say it could include stuff as you list

2020 was 10.2%

2022. 8.6%

Even 10%/ £170M is a big relative number

Guess we will see a ramp up of Rev B products being marketed to the 18M Boo app users

Ditto Boo can now roll out their own beauty products with the help / knowledge/ expertise of Revb

Worth noting Boo’s annual marketing budget is 13% of sales and they advise this won’t change ? - not got the full detail to hand but this was the figure they said at last conf call

So on £1.7B Boo will spend a whopping £200M on marketing, put this into context Rev B m/cap is £100M, works for everyone to start shifting more RevB product via Boo for online sales

RevB then provide expertise selling to Walmart / DM etc

Boo can work those contacts and get to tweak their overall Omichannel model

Such a smart deal nicking RevB stake for £15M

Boo completed their equity purchase back in Nov2022, we can assume they have a game plan ?

With RevB Bod now settled we just need a decent update to confirm their guidance and back in profit and we should get a nice jump from here

Going to get interesting how the shorts play it from that point but you could see Boo doing a share buyback IF they have got a grip of COGS/ Distribution and FCF is healthy, they have enough in the tank to fund say £50M, from a shareholder point of view it’s a no brainer / good use of funds

Boo have took advantage of the share price for the staff incentive scheme, do the buyback IF you think Boo has turned the corner

Agree Wolf, all about the $$$ for Bob himself but Tbf he delivered

Top deal for Boo ad they now build knowledge on fast beauty

When you sit back and look at Mike Ashley’s trade in Boo that was smart for £22M/ 5%

Good to see this settled

So no need for Boo to splash out / tender for the balance of RevB, which is good news, work with RevB to help it grow and access the 18M Boo customers on their App, Boo now have an Omichannel model

Was messy but for £15M it was a class bit of business

Boo basically control the BoD of RevB, Bob got what he wanted - his £settlement package and he can tuck the shares away, nice bit of business

‘Bob Holt OBE and Derek Zissman have agreed to resign from the board of Revolution Beauty (the "Board"), although Bob will remain with the business as interim CEO until 31 August 2023;

· Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the Board, with Alistair being appointed as executive chairman of the Company, Neil becoming a non-independent non-executive director, and Rachel and Peter becoming independent non-executive directors; and

· Elizabeth Lake will remain as CFO. The new directors appointed at boohoo's request are looking forward to supporting Elizabeth with her ongoing hard work on restoring the Company to sound financial health, including with respect to ensuring the timely publication of the Company's accounts for the financial year ended 28 February 2023 (the "FY23 Accounts").

The terms agreed between Revolution Beauty and boohoo in the Settlement Agreement are conditional upon, among other things, the settlement agreement entered into between Bob Holt and the Company (the "BH Agreement") coming into effect, as summarised below. This is expected to occur in the coming days’

Hex, agree

Boo deliver on their promised return to profitably the

shorts will be under pressure - near 14% adds weight to risk / reward for us Bottom fishing longs

Ovs not without risk mind

Thanks Debacle - interesting

Suggest we have to consider the debt of the 2 examples below - I use EV metric for all my investments ditto EBITDA cash as I can measure is capex invested wisely to provide a relatively decent ROI

Take Marstons, they have Net debt, excluding IFRS 16 lease liabilities an eye popping £1.2B

ASOS net debt is an eye watering £470M ish

Could be argued Marstons & ASOS have got serious debt finance and as such the market discounts the equity as it falls below debt of course

Boo Tbf have played their growth quite smart and as mentioned yesterday their new CFO managed cash very well last year as such Boo have no net debt - ok they have £300M plus RCF that is drawn but not fully / marginally utilised