Former CEO to pay £2.9m over six years, no admission of liability
- Revolution Beauty reaches settlement agreement with co-founder Adam Minto
- Settlement sum of £2.9m to be paid in six annual instalments
- First payment due on 28 March, subsequent payments until 2029
- No admission or acceptance of liability by either party
Revolution Beauty has reached a settlement agreement with its former CEO and co-founder Adam Minto following an announcement on December 13th. The ex-CEO will pay the company £2.9 million in six annual instalments, with the first payment of £483,333.35 due on March 28th. This agreement comes after Revolution Beauty and Minto entered a settlement last Friday (February 2nd) due to events that led to the delay of the group’s FY22 results audit and suspension of trading on AIM during Minto’s tenure as CEO. There was no admission or acceptance of liability by either party. Alistair McGeorge, Revolution Beauty’s non-executive chairman, said: ‘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 February 8th.’
Factuality Level: 7
Factuality Justification: The article provides accurate and relevant information about the settlement agreement between Revolution Beauty and its former CEO Adam Minto. It includes details of the payment schedule and statements from a non-executive chairman of the company. However, it lacks some context on the events that led to the delay of FY22 results audit and suspension of trading shares.
Noise Level: 5
Noise Justification: The article provides information about a settlement agreement between Revolution Beauty and its former CEO Adam Minto, but it lacks in-depth analysis or exploration of the underlying issues that led to the delay of the group’s FY22 results audit and suspension of trading. It also does not offer any actionable insights or new knowledge for readers.
Financial Relevance: Yes
Financial Markets Impacted: Revolution Beauty’s shares on AIM and the acquisition of Medichem
Financial Rating Justification: The article discusses a settlement agreement between Revolution Beauty and its former CEO, which impacts the company’s financial situation and trading on AIM. Additionally, it mentions an upcoming Capital Markets Event and the acquisition of Medichem, both of which are related to financial matters.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
www.retailsector.co.uk