Revolution Beauty believes a compromise with major shareholder Boohoo is close and could be reached in the coming days, after the online cosmetics retailer said it will hold a general meeting on August 7.
In the past few weeks the firm has been at war with the online fast fashion retailer, which holds just under a 27% stake in Revolution, attempting to replace the company’s board.
Boohoo Group voted against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at Revolution’s AGM last month, only for them to be reinstated to meet governance requirements.
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Boohoo has called for a general meeting of Revolution shareholders where it proposes to remove the three directors and install its own candidates of Alistair McGeorge and Neil Catto as directors instead.
The current Revolution board has unanimously urged all shareholders to vote against all of Boohoo’s resolutions to be proposed at the meeting.
However, the board believes that a compromise position with Boohoo is close and could be reached in the coming days.
It said reaching a deal would avoid the expense, administrative burden and other detrimental consequences for the company that would result from the general meeting.
On the other hand, 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.
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