Potential legal proceedings

Revolution Beauty Group PLC

20 June 2023

 

REVOLUTION BEAUTY GROUP PLC

("Revolution Beauty", the "Group" or the "Company")

Potential legal proceedings against the Company's founder and former CEO

20 June 2023

The Company announces the following information regarding prospective legal proceedings against the Company's founder and former CEO, Mr Adam Minto, in order to provide our shareholders with relevant information in advance of the Company's upcoming annual general meeting ("AGM").

On 19 May 2023, the Company sent a letter of claim to Mr Minto.  The claim alleges that Mr Minto breached his fiduciary, statutory, contractual and/or tortious duties to the Company.  Certain of the matters alleged contributed to the delay in the audit of the Group's FY22 results, and to the suspension of the Company's shares from trading on AIM.  The Company is looking to recover material sums relating to the exceptional costs the Company incurred as a result of the matters alleged.

As at the date of this announcement, no substantive response had been received from Mr Minto or his representatives. The Company has set Mr Minto a deadline of 7 July 2023 to respond to the letter of claim.

The Company takes these matters extremely seriously.  It is important for shareholders to note that there can be no certainty on the outcome of these legal proceedings, and the Company will make further updates to shareholders as appropriate in due course.

The Company also expects to publish a further announcement in the coming days in light of the announcement made by boohoo Group plc on 19 June 2023, including regarding the Company's upcoming AGM (which is currently scheduled for 27 June 2023) and the requisition of a general meeting of the Company under section 303 of the Companies Act 2006.

For further information please contact:

Revolution Beauty Investor Relations Bob Holt / Elizabeth Lake	[e-mail]
Joint Corporate Brokers Zeus (NOMAD): Nick Cowles /Jamie Peel /Jordan Warburton Liberum: Clayton Bush / Edward Thomas / Miquela Bezuidenhoudt	Tel: [phone] Tel: [phone]
Media enquiries: Headland Consultancy Matt Denham / Will Smith / Antonia Pollock	Tel: [phone] [e-mail]

 

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