BOO.GB Boohoo Group Plc

TIDMBOO

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 GBP2.1m 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     Tel: +44 (0)20 7466 
  Parker                                      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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END

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(END) Dow Jones Newswires

June 29, 2023 02:00 ET (06:00 GMT)

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