Revolution Beauty Group PLC (AIM:REVB) and Boohoo Group PLC (AIM:BOO) have agreed to bring an end to their dispute after entering into a settlement agreement.
A statement from the beauty firm said that under the agreement, Boohoo has agreed to withdraw its requisition of a general meeting.
Although the requisition has been withdrawn, the notice of the meeting was sent, meaning the board is obliged to hold the meeting on 7 August, although it hopes to adjourn.
Chairman Derek Zissman and CEO Bob Holt will also resign from the Revolution board, although Holt will remain in interim charge until the end of August.
Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the Revolution board, with McGeorge appointed as executive chairman, Catto a non-independent non-executive director and Horsefield and Hallett as independent executive directors.
Elizabeth Lake will stay on as director and CFO, which could help with the on-time publication of the group’s 2023 accounts and avoid its shares becoming suspended from trading on AIM, it said.
Holt and Lake have indicated they plan to exercise their nominal cost options, which were awarded upon the lifting of the suspension of the group’s shares on AIM last month.
The two companies had been in battle with each over for over a month when Boohoo, which owns a near 26% stake in Revolution, first demanded a shake-up of the board.