No let up in Boohoo attacks on Revolution Beauty board as share options for CEO queried
Boohoo has stepped up its scrutiny of the board of Revolution Beauty Group after the beauty products retailer granted “nil cost share option awards” to the senior management team Boohoo failed to remove at this week’s Annual General Meeting.
As a 26.6% shareholder Boohoo is demanding that the terms of share awards for Bob Holt, Elizabeth Lake and sixteen other members of the Revolution Beauty management team, are published and is seeking confirmation the terms weren’t amended after Boohoo voted to sack them at the annual general meeting.
Boohoo is also furious that the share awards are diluting existing Revolution Beauty shareholders.
“Bob Holt and Elizabeth Lake, have only served very short tenures of 8 and 13 months respectively and, based on the closing price of Revolution Beauty yesterday, received approximately £2.1m of Free Share Awards, notwithstanding shareholders voting to remove them from office by an overwhelming majority,” Boohoo claimed.
“The only disclosure Revolution Beauty has made around the terms of the Free Share Awards prior to today’s announcement is five sentences hidden in its annual report for the period ended 28 February 2022 published on 26 May 2023. They were not referred to in any public announcement prior to yesterday morning. This all demonstrates a lack of transparency and actions which are self-serving and not in the best interests of shareholders.”
Separately, Revolution shares traded up to 24.5p on their readmission to the market.
In a market announcement this morning Revolution declared that chief executive Bob Holt purchased 1 million shares at 26p yesterday.
Boohoo, which owns 26.6% of Revolution Beauty, has repeatedly said it wants a board with direct and relevant experience of dealing with its customers and sees potential to work on selling beauty products to their same young female target market.
