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DX announces fundraising and new board

DX has announced a £24 million fundraising and the appointment of a new board. The company has reached agreement on legally binding heads of terms of a £24 million fundraising.

DX also appointed a new CEO, Lloyd Dunn with immediate effect. Although initially a non-board position he will be appointed to the board on completion of Tranche 1 of the loan. At the same time Ron Series will be appointed to the board as chairman and Russell Black and Paul Goodson as non-executive directors.

Bob Holt, chairman of DX, said: “I am delighted to announce details of DX’s refinancing and new leadership team. These changes together mark a new chapter for DX and provide firm foundations for the turnaround of the Group.  I would like to thank our shareholders, bankers, staff and customers, for their ongoing support during a difficult time for the Group, and I view the future for DX with renewed confidence.”

Lloyd Dunn, newly appointed chief executive officer and Ron Series, proposed chairman of DX, said: “We believe that this refinancing is a critical step in the exciting opportunity to turn DX around.  Together with Russell Black and Paul Goodson, and alongside DX’s major institutional shareholders, Gatemore and Hargreave Hale, we are pleased to be directly participating in this fundraising, and we look forward to leading the wider DX team as we translate the opportunity that we see into sustainable revenue and profit growth for all stakeholders.”

Image credit: DX