Revolution Beauty says 'compromise' near with Boohoo as it sets out requisition meeting date

The beauty retailer will be holding its next general meeting on August 7, where it will put the matter of the re-election of senior management to a vote.

The beauty brand will vote on the changes proposed by its largest shareholder, including appointing former Boohoo executives Alistair McGeorge and Neil Catto as directors of the company and the removal of Robert Holt, Derek Zissman and Elizabeth Lake from its board. 

In a note to the City overnight, Revolution Beauty said it was close to reaching “a compromise position” with Boohoo over the coming days, but in the meantime it reiterated its advice to shareholders to vote against all the resolutions proposed by the fashion brand. 

The beauty retailer added that a compromise “would avoid the expense, administrative burden and other detrimental consequences for the company that would result from the general meeting” and that a further announcement is likely if a middle ground can’t be reached over the coming days. 

However, it added: “If this compromise position is not reached in the coming days, the board will publish an announcement setting out its views on Boohoo’s proposed resolutions, the general meeting and the situation in which the company has been placed.”

Revolution Beauty also advised shareholders to beware of incorrect voting recommendations being published on some online stockbroking platforms which stated “incorrectly a) the general meeting had already been convened (which, at the time, it had not) and b) the board were advising shareholders to vote for the resolutions”.

It continued: “Any shareholders who have accidentally already voted in favour of Boohoo’s proposed resolutions via their online stockbroking platforms on the basis of the incorrectly presented board recommendation referred to above should contact those platforms as soon as possible to change their votes from votes in favour to votes against all of Boohoo’s proposed resolutions.”