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LONDON - Revolution Beauty Group plc (AIM:REVB) announced Friday that two of its directors have conditionally agreed to subscribe for nearly 2 million new ordinary shares in the company.
According to a regulatory filing, Non-executive Chair Iain McDonald will subscribe for 1,666,666 new ordinary shares, while Chief Financial Officer Neil Catto will subscribe for 333,333 shares. Both subscriptions are priced at 3.00 pence per share.
Prior to this transaction, neither director held any shares in the company. Following the subscription, McDonald will hold approximately 0.20% of the company’s enlarged share capital, while Catto will hold about 0.04%.
The independent directors of Revolution Beauty, including Colin Henry, Chris Fry, and Rachel Horsefield, have determined that the participation of McDonald and Catto in the subscription is "fair and reasonable" for shareholders. This assessment was made after consultation with Panmure Liberum, the company’s nominated adviser.
The transaction is classified as a "related party transaction" under Rule 13 of the AIM Rules due to the directors’ positions within the company.
Revolution Beauty, which describes itself as a multi-channel mass beauty brand, trades on London’s AIM market. The company made the announcement through a regulatory news service filing.
The information in this article is based on a company press release statement.
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