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Revolution Beauty Group reportedly believes that a compromise with Boohoo could be reached in the coming days.
The news comes after the cosmetics group said it will organise a general meeting on 7 August 2023.
The board of the company has unanimously recommended that shareholders vote against all of Boohoo’s resolutions at the general meeting.
Last month, Boohoo had announced that it has notified the board of Revolution Beauty of its intention to vote against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at the AGM which was convened on 27 June 2023.
At the upcoming general Meeting, Boohoo has proposed to remove the three directors and appoint Alistair McGeorge and Neil Catto as directors, instead.
However, the board believes that a compromise position with boohoo is close and could be reached in the coming days.
It said that if the board were able to reach a compromise, this would “avoid the expense, administrative burden and other detrimental consequences for the company that would result from the general meeting”.
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.
