City investors’ support for DX

UK logistics firm DX has reported that City investors have backed its proposals to raise additional funds for the business and to convert existing loan notes.

In a statement sent to Post&Parcel today (4 May), DX said that this demonstrates a “huge vote of confidence” in the company’s turnaround plans and – subject to shareholder approval at a forthcoming General Meeting on 22 May –  clears the path for the new management team at DX, headed by Ron Series, Chairman and Lloyd Dunn, CEO, to proceed with their growth initiatives.

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.”

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.”