Revolution Beauty has made headlines with the announcement of a settlement reached with its former CEO and Co-founder, Adam Minto, concerning the events surrounding the delay in auditing the group’s FY22 results and the subsequent suspension of trading of its shares on AIM.
The terms of the agreement stipulate that Minto will pay the company approximately $3,7 million, disbursed over six annual installments. Additionally, both parties have agreed not to admit or accept liability.
Alistair McGeorge, the Non-Executive Chairman, expressed satisfaction with the resolution, stating that the company is delighted to have come to terms with Adam. This, coupled with the adjusted payment timetable finalized in December 2023 for the Medichem acquisition, enables the company to shift its attention to the future. He also shared his anticipation for an overview of the company’s strategy at the forthcoming Capital Markets Event scheduled for February 8, 2024.
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