This announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For
immediate release
5 February 2024
Revolution Beauty Group
plc
("Revolution Beauty", the
"Group", or the "Company")
Adam Minto Settlement
Agreement
Further to the announcement of 13
December 2023, Revolution Beauty (AIM: REVB), the multi-channel
mass beauty innovator, is pleased to announce that it has reached a
settlement agreement with Adam Minto, the Group's co-founder and
former Chief Executive Officer ("CEO").
On 2 February 2024, Revolution
Beauty and Adam Minto entered into a settlement agreement (the
"Settlement Agreement")
relating to the previously announced events that led to the delay
of the audit of Revolution Beauty's FY22 results and the suspension
of trading of the Group's shares on AIM during Adam Minto's time as
CEO, with no admission or acceptance of liability by either
party.
Pursuant to the Settlement
Agreement, Revolution Beauty and Adam Minto have agreed to the full
and final settlement of certain claims between them. In
connection with this settlement, Adam Minto will pay Revolution
Beauty a settlement sum of £2.9 million (the "Settlement Sum"). The Settlement Sum
will be paid in six annual instalments, with the first payment of
£483,333.35 due on 28 March 2024 and subsequent equal instalments
of £483,333.33 due on 28 March of each calendar year (with the
final instalment payable on 28 March 2029). If a Settlement Sum instalment is not paid on time, then
interest will be charged at 8% per annum.
Having considered its options and
legal advice received, the Board of Directors believe this is a
fair settlement for the Company.
Alistair McGeorge, Non-Executive Chairman,
commented: "We are very pleased to
have reached an agreement with Adam. This, together with the
revised payment schedule agreed in December 2023 for the
acquisition of Medichem, means we can now focus on the future. We
look forward to providing an update on our strategy at our upcoming
Capital Markets Event on 8 February 2024".
The signing of the Settlement
Agreement constitutes a related party transaction under Rule 13 of
the AIM Rules for Companies (the "AIM Rules"), by virtue of Adam Minto
being a substantial shareholder, as defined in the AIM Rules, of
Revolution Beauty, holding approximately 15.34% of the ordinary
shares in Revolution Beauty. The directors of Revolution Beauty
consider, having consulted with Revolution Beauty's nominated
adviser, Liberum Capital Limited, that the terms of this related
party transaction are fair and reasonable insofar as shareholders
of Revolution Beauty are concerned.
For further information, please
contact:
Investor Relations
Lauren Brindley, CEO
Neil Catto, CFO
Investor.Relations@revolutionbeautyplc.com
Joint Corporate Brokers
Liberum (NOMAD): Edward Thomas / Dru Danford / John
More
Tel: +44 (0) 203 100 2222
Zeus: Nick Cowles / Jamie Peel / Jordan Warburton
Tel: +44 (0) 161 831 1512
Media enquiries
Headland Consultancy: Matt Denham / Will Smith / Antonia
Pollock
Tel: +44 (0)20 3805 4822
Revolutionbeauty@headlandconsultancy.com
The person responsible for arranging
the release of this announcement on behalf of the Company is Lauren
Brindley, the Chief Executive Officer of the Company.