Boohoo is making a complaint to the junior stock market regulator as a war of words with Revolution Beauty continues.
The fashion retailer is drafting a letter to the AIM regulatory authorities insisting that Revolution clarifies a previous stock exchange announcement that Boohoo had obstructed efforts to finalise its accounts, according to Sky News.
Insiders said Boohoo also wants assurance that voting decisions at an upcoming Revolution Beauty extraordinary general meeting (EGM) are granted and not then overturned.
Sources close to the situation also said Boohoo was considering ordering another EGM in the next few days to remove additional Revolution directors and appoint more independent board members.
This follows the outcome of an AGM last month where Revolution board members Bob Holt, Elizabeth Lake and Derek Zissman were fired and then subsequently rehired.
Boohoo said the board was “self-serving” and motivated by greed. It added that it “remains committed to wholesale board changes at Revolution Beauty and the appointment of a new, majority-independent board with the right balance of skills and experience”.
A person close to the situation said it has not been possible to bring peace between Boohoo and Revolution ahead of the first EGM, expected to occur in about a month’s time.
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