Boohoo is set to make a complaint to AIM regulators as the battle between the Manchester fast fashion giant and make up retailer Revolution Beauty, in which Boohoo owns a 26.6 per cent share, continues.
Sky News reports that Boohoo is drafting a letter to the regulator demanding that Revolution clarifies an earlier stock exchange announcement that the online clothing retailer had obstructed efforts to finalise its accounts.
Boohoo also plans to seek assurances that voting decisions at a forthcoming Revolution Beauty EGM are upheld and not subsequently overturned, Sky’s sources claim.
Boohoo is also reportedly considering requisitioning a second extraordinary general meeting to remove additional Revolution directors and appoint new board members.
The battle between the two companies has been raging for weeks as biggest shareholder Boohoo seeks to reshape Revolution’s board. Key members were voted off the board at June’s AGM, only for them to be immediately reappointed.
Revolution’s stock was previously suspended for more than six months after the disclosure of serious accounting concerns, although the shares jumped in value by over 50 per cent on reinstatement last month.
