Shares in Revolution Beauty Group PLC (AIM:REVB) surged 53% to 29.2p as it share suspension was removed following a dramatic shareholder meeting which saw three senior board members removed before subsequently being reappointed.
Boohoo had been vocal about Revolution Beauty, in which it holds a 26.6% stake, and its board, which the online retailer believed needed a shake-up.
Chief executive Bob Holt, chief financial officer Elizabeth Lake, and chair Derek Zissman were all ousted after the vote. But not for long.
Non-executive Director Jeremy Schwartz briefly became the sole board member, although he was required by the company’s articles of association to hire three more members.
As the remaining board member he then re-appointed the ousted executives.
Boohoo said in a statement it "wishes to record the serious concerns it has regarding the conduct of the board of Revolution Beauty [...] which it regards as self-serving and not in the best interests of shareholders" and "remains committed to wholesale board changes at Revolution Beauty and the appointment of a new, majority-independent board".