Boohoo slams Revolution Beauty as it hands out £3m in shares

Revolution Beauty has handed its directors, including CEO Bob Holt and finance boss Elizabeth Lake, over 11 million shares valued at £3m.

This move comes despite the fact that Holt, Lake and chairman Derek Zissman were fired and rehired yesterday after not being reelected at the company’s AGM.

This has not gone down well with Boohoo, the largest shareholder at the company who owns just under 27% of shares, which has accused Revolution of a “lack of transparency”.

Boohoo has called for public confirmation that the free share awards were not altered after the company stated it would vote against Holt and Lake on 19 June.

The company has made it clear that shareholders were not consulted on the free share awards.

Boohoo said in a statement: “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.”

Alongside the free shares Holt also purchased one million shares of £0.01 for 26p per share on 28 June, giving him a 0.3% stake in the company.

On the same day Zissman purchased 100,000 shares of £0.01 for 30.5p per share giving him 130,000 shares and 0.04% of the company.

This is the latest chapter in the dispute between Boohoo and Revolution Beauty as Boohoo attempts to replace the existing board with its own choices.