The retailers have been in fierce dispute for weeks, with Boohoo claiming Revolution’s board is not fit for purpose.
Today Boohoo, which owns a near 27% stake, said it has “serious concerns” about the board’s conduct at an AGM yesterday.
Nearly three quarters of investors including Boohoo voted to oust the cosmetic firm’s three most senior directors. They were immediately reinstalled by the remaining director Jeremy Schwartz, in a move that seemed designed to antagonise Boohoo.
As of today, the CEO remains Bob Holt, the chairman is Derek Zissman and the finance chief is Elizabeth Lake.
Earlier Revolution had to delay its full-year results. When they finally emerged, they detailed the award of share options to the directors.
The shares jumped 34% to 27p today. Which leaves Boohoo’s stake worth about £25 million, nicely up on the £15 million they first cost.
The shares were suspended in September in the midst of an accounting probe.
Revolution Beauty said Boohoo’s stance is “nothing short of value-destructive, opportunistic and self-serving”.
One City observer said: “If this was happening at a large company rather than an AIM-listed minnow it would be front page news.”
Boohoo said it can’t see “how such a board can claim to be acting in the best interests of shareholders, and is instead self-serving”.
Boohoo wants Alistair McGeorge and Neil Catto to be appointed as new directors.
Another shareholder meeting will be held later in the summer.