Chrysalis, Revolution settle dispute over investment loss
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Chrysalis Investments on Thursday said it had reached a settlement with Revolution Beauty over its claim against the troubled AIM-listed cosmetics retailer.
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Under the terms of the settlement, Revolution Beauty has agreed to pay the former investor “a non-material sum, being less than 1% of the company's market capitalisation” on Jan 2. All other details of the settlement remain confidential
Chrysalis took a £45m stake in Revolution, but offloaded it in 2022 for just £5.7m. It then made several allegations against Revolution, accusing it of “'deceit, negligent misstatement and/or misrepresentation' misstatements and material omissions” at the time of the purchase. Revolution disputed the accusations.
It then stepped up its case, threatening a legal claim to recover £45.2m.
Revolution in a separate statement said no case had ever been filed and that Chrysalis would not proceed with any claims after the settlement.
Reporting by Frank Prenesti for Sharecast.com