Business
Settlement Agreement with boohoo
Settlement Agreement with boohoo.
About this update from Revolution Beauty Group Plc
[{"type":"text","content":"\n\n\n\n\n\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n\n\n\n\nFor immediate release\n\n\n18 July 2023\n\n\n\n\n \n \nREVOLUTION BEAUTY GROUP PLC\n(\"Revolution Beauty\", the \"Group\" or the \"Company\")\n \nSettlement Agreement with boohoo\n\nRevolution Beauty Group plc (AIM: REVB), the multi-channel mass beauty innovator, and boohoo Group plc (\"boohoo\", AIM: BOO), a leading online fashion group, announce that they have entered into a settlement agreement (the \"Settlement Agreement\") under which:\n· boohoo has agreed to withdraw its requisition of a general meeting of the Company under section 303 of the Companies Act 2006 (the \"Requisition\");\n· 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;\n· 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\n· 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\").\nThe 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.\nFurther announcements will be made in due course, as required.\nWithdrawal of Requisition and proposed indefinite adjournment of General Meeting\nThe Settlement Agreement be...