Gatemore Capital Management has upped its stake in DX Group to 21%.

Gatemore was already DX Group’s largest shareholder with an 11% stake. Apex Insight has reported recently on Gatemore’s difficulties with the management at DX Group, and had called for an EGM to instigate a management restructure when DX made moves to be acquired by John Menzies Distribution.

Gatemore has shown its opposition to this move by the DX board, and this move by Gatemore suggests that it is not going to let the issue lie. According to Gatemore, the proposed deal with John Menzies would “dramatically undervalue DX Group shares and would see DX shareholders’ stakes diluted”.

It is clear that Gatemore have a strategy in mind, so watch this space for news on developments as they take place.  
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