Shareholders of delivery solutions provider DX Group have voted overwhelmingly in favour of the company’s proposals to raise £4.76m of new funding and to convert existing loan notes into equity.
The company says it’s now in a significantly stronger financial position as its new management team, headed by Ron Series, chairman, and Lloyd Dunn, CEO, implement turnaround plans first outlined in March.
Dunn has publicly stated that the group’s depots and service centres are key to plans to improve sales, customer service processes and operations.
The new funds raised will be channelled towards expanding DX’s sales teams, adding new depots, enhancing the Group’s IT capabilities and developing its networks. The conversion of the loan notes into new shares provides a strong capital structure for the Company and saves future interest payments.
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 on 23 May.
Image credit: DX Group