THE WHAT? Revolution Beauty has announced that it has reached a settlement with former CEO and Co-founder, Adam Minto relating to the events that led to the delay of the audit of the group’s FY22 results and the suspension of trading of its shares on AIM.
THE DETAILS Under the terms of the agreement, Minto has agreed to pay the company £2.9 million, in six annual instalments and neither party will admit or accept liability.
THE WHY? 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.”