Boohoo weighs in on Revolution Beauty’s share options for leadership team

Boohoo Group’s displeasure with events at this week’s Revolution Beauty AGM continues to bubble under.

The 26.6% majority shareholder in the troubled beauty retailer has issued another announcement to the London Stock Exchange with a demand for answers to questions surrounding nil-cost share options awarded to reinstated CEO Bob Holt, finance director Elizabeth Lake and 16 other members of its management team.

Boohoo wants Revolution Beauty to publish the terms of the grant of the free share awards “without delay”.

It also wants public confirmation that the proposed terms of the grant weren’t amended following the announcement by Boohoo on 19 June of its intention to vote against the appointments of Holt and Lake at Revolution Beauty’s annual general meeting.

The share awards to the execs have a dilutive impact of 3.4% on existing Revolution Beauty shareholders, and Boohoo complained “it was not consulted on the [awards], did not approve its terms, nor approve the appointment of its two main beneficiaries as directors”. 

It also said Holt and Lake have only served very short tenures of eight and 13 months, respectively, and “based on the closing price of Revolution Beauty [shares] yesterday, received approximately £2.1m of free share awards, notwithstanding shareholders voting to remove them from office by an overwhelming majority”.

And it complained about a lack of transparency around the share awards.

Revolution Beauty has yet to reply