Gatemore increases stake in DX

Gatemore Capital Management has increased its holding in the DX Group to 21%. As previously reported, Gatemore has issued a series of public letters addressed to DX Group’s board demanding immediate changes to the management of the company – and it has voiced its strong objections to the board’s proposed plan for a merger with the distribution business of John Menzies Plc.

Gatemore has claimed that the proposed deal “would dramatically undervalue DX Group shares and would see DX shareholders’ stakes diluted”.