Angered Boohoo accuses Revolution Beauty of hiding free share award terms
Boohoo has accused Revolution Beauty of a “lack of transparency” for hiding the terms of its free share awards in its annual report and has set out a list of demands for the beauty brand’s management team.
Majority shareholder Boohoo alleged that a free share awards announcement made yesterday, which allowed directors Bob Holt and Elizabeth Lake and 16 other members of the Revolution Beauty management team nil-cost share option awards, was not made clear or approved.
The retailer said that, despite diluting Revolution’s existing shareholders by 3.4%, the move was “five sentences hidden in its annual report” and had not been referred to prior to the announcement yesterday morning.
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