Revolution Beauty postponed its annual general meeting (AGM), the UK-based beauty products retailer said on Wednesday, two days after its largest shareholder Boohoo said it would vote against the reappointment of the company’s CEO.
The AGM will now be held in late July or early August, instead of on June 27, Revolution Beauty said.
On Monday, Boohoo, a British online fashion retailer that has a roughly 26.6 percent stake in Revolution Beauty, called for a general meeting, saying it would veto the reappointment of CEO Bob Holt and propose appointing Alistair McGeorge as a director and interim CEO.
Revolution Beauty said its board “believes that Boohoo’s hostile requisition is value-destructive, opportunistic and self-serving, as well as not being in the interests of the company’s shareholders as a whole.”
Still, shareholders must be given enough time to consider if Boohoo’s proposal was a viable strategy, Revolution Beauty said.
Boohoo did not immediately respond to a Reuters request for comment.
Boohoo’s proposed resolutions will also be put to shareholders at a separate general meeting on the same date as the adjourned AGM, Revolution Beauty said.
Revolution Beauty is working to restore trading in its shares. They have been halted since Sept. 1 after its auditors raised concerns about its financial accounts. That had also led to an overhaul in the company’s top leadership team.
By Chandini Monnappa; Editor: Savio D’Souza
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