DX shareholders vote for fundraising proposal
DX shareholders have voted overwhelmingly in favour of the group’s proposals to raise £4.76m of new funding and to convert existing loan notes into equity.
The new management team at DX – headed by Ron Series, Chairman, and Lloyd Dunn, CEO – first outlined their turnaround plans at the end of March. The objective is to deliver a significant turnaround in the Group’s performance over the next three years and set the Group back on a path of profitable and sustainable growth.
In a statement sent to Post&Parcel today (22 May), DX said that the new funds raised will be channelled towards expanding sales teams, adding new depots, enhancing the Group’s IT capabilities and developing its networks.
DX expects that the new shares to be issued as a result of the fundraising and loan note conversion will commence trading on the London Stock Exchange’s AIM tomorrow.
“We are delighted in this vote of confidence from shareholders at today’s general meeting,” said Dunn.
“The new funds and the conversion of existing loan notes place the business in a significantly stronger financial position.
“We remain focused on delivering our objective to set DX on the path to profitable and sustainable growth.”