DX shareholders approve turnaround plans

Troubled logistics company DX Group’s shareholders have voted overwhelmingly to support the proposals to raise £4.76 million in new funding and to convert the company’s existing loan notes into equity.

The new DX management team (with Chairman Ron Series and CEO Lloyd Dunn) outlined their plans at the end of March. The idea of the turnaround plans is to improve DX Group’s performance in the next three years and head once again towards profitable and sustainable growth.

According to a statement from the company, the new funds raised will be channelled into adding new depots, expanding sales teams, developing its networks and enhancing its IT capabilities.

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.”