Shareholder anger over sacked and rehired Revolution Beauty bosses share windfall with £2.5m options
An ugly row between cosmetics company Revolution Beauty and its largest shareholder Boohoo has deepened after stock options worth around £2.5 million were awarded to bosses.
The options were confirmed when Revolution shares returned to London’s junior Aim market after being suspended following an accounting scandal.
Shares rose 28.9 percent, rounding out a dramatic 48 hours for the company.
Payouts: Stock options worth approximately £2.5 million have been awarded to bosses at Revolution Beauty
On Tuesday, a bitter AGM had seen Revolution’s chairman, chief executive and finance director ousted after a revolt by Boohoo – only to end the day back at their posts after a complicated series of maneuvers.
The return to the market led to stock options for CEO Bob Holt and CFO Elizabeth Lake and others.
Boohoo said the awards “contradicted corporate governance best practices.”
Holt was awarded 5.6 million stock options worth approximately £1.4 million, based on the closing price of 24.5 pence.
Lake was given options on 2.8 million shares, worth approximately £710,000. A further 16 people were also given options worth just under £470,000.
An emergency meeting proposed by Boohoo will be held later this summer to take control of the board.