DX shareholders back £4.76m funding plan

DX shareholders have backed proposals to raise £4.76 million of new funding as well as converting existing loan noted into equity.

The new funds raised will be used to expand DX’s sales teams, add new depots, enhance the group’s IT capabilities and develop its networks.

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.

Chief executive Lloyd Dunn said: “We are delighted in this vote of confidence from shareholders at today’s general meeting. The new funds and the conversion of existing loan notes place the business in a significantly stronger financial position.”