Adore Beauty Rejects THG Acquisition Proposal; Healius Undergoes Leadership Transition

Highlights:

• Adore Beauty Group Limited has issued a response to the Australian Financial Review's article on November 26, 2023.
• Adore Beauty's Board emphasizes its commitment to maximizing shareholder value.
• In response to Macdonald's departure, Healius appoints non-executive director Kate McKenzie as Interim Chair, effective post-AGM.

Adore Beauty Rejects THG's Acquisition Proposal as Undervalued

Adore Beauty Group Limited (ASX: ABY) has issued a response to the Australian Financial Review's article on November 26, 2023. The beauty and skincare company confirms receiving a non-binding proposal from THG plc (ASX: THG) to acquire 100% of its shares for AU$1.25-1.30 cash per share. Adore Beauty's Board, after careful consideration with financial and legal advisors, deemed the proposal undervalued, unimplementable, and against shareholder interests, leading to its rejection.

Board's Focus on Shareholder Value

Adore Beauty's Board emphasizes its commitment to maximizing shareholder value. Despite the proposal's rejection, the company assures shareholders that it will keep them informed in accordance with continuous disclosure obligations, maintaining transparency about any future developments.

Healius Board Update: Leadership Transition Ahead of AGM

Healius Limited (ASX:HLS) announces that its Chair, Jenny Macdonald, will not seek re-election at the company's 2023 Annual General Meeting. Ms. Macdonald's retirement is effective at the end of the AGM on November 28, 2023. Her decision aligns with ensuring leadership stability and the best interests of the company and its shareholders.

Interim Chair Appointment and Leadership Search

In response to Macdonald's departure, Healius appoints non-executive director Kate McKenzie as Interim Chair, effective post-AGM. The Board, assisted by an executive search firm, will initiate a process to identify and appoint a new Chair. Macdonald emphasizes the importance of a supportive Chair for shareholder confidence in the company's progression in the dynamic Australian healthcare sector.

Withdrawal of Resolution 3

In connection with Macdonald's decision, Healius withdraws Resolution 3 (To re-elect Jenny Macdonald as a Director) from the AGM agenda. The withdrawal does not impact the validity of previously submitted proxy votes for remaining resolutions. Kate McKenzie expresses gratitude to Macdonald for her dedication and commitment to driving positive change across Healius during her tenure. The Board looks forward to a robust search process for a new Chair, aiming to secure stable leadership for the company's transformative journey.