REG - boohoo group plc - Statement on REVB’s grant of share options

BoohooAnnouncement

29/06/2023 07:00

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RNS Number : 3622E  boohoo group plc  29 June 2023

 FOR IMMEDIATE RELEASE  29 June 2023

 
 

boohoo group plc

("boohoo")

Statement on Revolution Beauty Group plc's grant of share options

 

Further to yesterday morning's announcement by Revolution Beauty Group plc
("Revolution Beauty") confirming the grant of nil cost share option awards to
Bob Holt, Elizabeth Lake and sixteen other members of the Revolution Beauty
management team (the "Free Share Awards"), boohoo demands that Revolution
Beauty:

 

·    publishes the terms of the grant of the Free Share Awards granted to
Bob Holt and Elizabeth Lake together with any award letters issued to the
relevant individuals on its website without delay; and

 

·    confirms publicly that the proposed terms of grant of the Free Share
Awards were not amended following the announcement by boohoo on 19 June 2023
of its intention to vote against the appointments of Bob Holt and Elizabeth
Lake at yesterday's Revolution Beauty annual general meeting.

 

Despite the Free Share Awards having a dilutive impact of 3.4% on existing
Revolution Beauty shareholders, they were not consulted on the Free Share
Awards, did not approve its terms, nor approve the appointment of its two main
beneficiaries as directors. Those main beneficiaries, Bob Holt and Elizabeth
Lake, have only served very short tenures of 8 and 13 months respectively and,
based on the closing price of Revolution Beauty yesterday, received
approximately £2.1m of Free Share Awards, notwithstanding shareholders voting
to remove them from office by an overwhelming majority.

 

The only disclosure Revolution Beauty has made around the terms of the Free
Share Awards prior to today's announcement is five sentences hidden in its
annual report for the period ended 28 February 2022 published on 26 May 2023.
They were not referred to in any public announcement prior to yesterday
morning. This all demonstrates a lack of transparency and actions which are
self-serving and not in the best interests of shareholders.

 

-ends-

 Enquiries
 boohoo group plc
 Shaun McCabe, Chief Financial Officer                 Tel: +44 (0)161 233 2050
 Alistair Davies, Investor Relations                   Tel: +44 (0)161 233 2050
 Mark Mochalski, Investor Relations                    Tel: +44 (0)20 3239 6289
 Clara Melia, Investor Relations                       Tel: +44 (0)20 3289 5520

 Zeus Capital - Nominated adviser and joint broker
 Dan Bate / James Edis                                 Tel: +44 (0)161 831 1512
 Benjamin Robertson                                    Tel: +44 (0)20 3829 5000
 Jefferies - Joint broker
 Ed Matthews / Harry Le May                            Tel: +44 (0)20 7029 8000
 Buchanan - Financial PR adviser                       boohoo@buchanan.uk.com
 Richard Oldworth / Toto Berger / Verity Parker        Tel: +44 (0)20 7466 5000

 

 

About boohoo group plc

"Leading the fashion eCommerce market"

Founded in Manchester in 2006, boohoo is an inclusive and innovative global
brand targeting young, value-orientated customers, pushing boundaries to bring
its customers up-to-date and inspirational fashion, 24/7.

In 2017, the group extended its customer offering through the acquisitions of
the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal.
In March 2019, the group acquired the MissPap brand, in August 2019 the Karen
Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all
complementary to the group's scalable, multi-brand platform. In January 2021,
the group acquired the intellectual property assets of Debenhams, with the
goal of transforming a leading UK fashion and beauty retailer into a digital
department store and marketplace through a new capital-light and low-risk
operating model. In February 2021, the group acquired the intellectual
property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 28
February 2023, the boohoo group had 18 million active customers across all its
brands around the world.

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