Majority shareholder Boohoo alleged that a free share awards announcement made yesterday, which allowed directors Bob Holt and Elizabeth Lake and 16 other members of the Revolution Beauty management team nil-cost share option awards, was not made clear or approved. 

The retailer said that, despite diluting Revolution’s existing shareholders by 3.4%, the move was “five sentences hidden in its annual report” and had not been referred to prior to the announcement yesterday morning.