DX gets go for turnaround plans from City

Specialist last mile delivery firm DX Group has reported that its City investors are backing its proposals to raise more funds for its business and to convert existing loan notes.

DX have released a statement saying that the news demonstrates a ‘huge vote of confidence’ in its turnaround plans, and subject to shareholder approval at the coming General Meeting on the 22nd May, allows the new management team at DX to proceed with their proposed growth initiatives.

CEO Lloyd Dunn commented: “We’re delighted to have received an overwhelmingly positive response from new and existing investors for our plans to raise £4.76m and to strengthen the Group’s balance sheet with the conversion of the Loan Note into equity. Both initiatives, if voted through by shareholders on 22 May, represent positive steps forward as we proceed with our plans to rejuvenate DX.”

Chairman Ron Series added: “The new Board’s objective is to set the business onto a sustainable path for profitable growth, and some six months on since our appointment, we are progressing steadily with our plans. We retain our strong conviction that we can unlock the latent strengths of the business, and set DX on the road to long-term profitable growth.”