Dx (group) Share Discussion Threads

[qs99] 11/10/2017 12:58

well it does IMO look a very interesting recovery play with new management team and working capital issues now it would appear / DYOR / resolved. Sometimes those provide good material upside for the brave! GLA

[mister md] 11/10/2017 12:13

interesting price action here - shorts closing or stake building ?

[stemis] 11/10/2017 11:32

DX. never claimed they had the contract for all IKEA stores. What they said was

"DX already provides IKEA with a flexible, bespoke logistics solution to support IKEA's online sales in two regions and its store business in Reading. The Company will now support IKEA's sales across seven additional stores."

Wincanton's contract covers 3 stores in the SE...

[effortless cool] 11/10/2017 11:30

Or more accurately, looks like ALBANYVILLAS is economical with intelligence.

[albanyvillas] 11/10/2017 10:30

wincanton also has ikea deal


looks like DX were economical with troofh

[tuftymatt] 11/10/2017 10:15

Wow this has seen a much needed boost because of the recent debt restructure news.

I guess a company that can afford to be open for business has to be viewed in a better light than one that had to sell off the family silver to survive.

I really hope they now focus for the long term and look to make a few quid rather than waste money as has been the case in recent years.

[depester] 10/10/2017 09:26

Private equity seems to be getting involved which is probably a good sign. I think these guys are specialising to turn around struggling businesses:

[freddie ferret] 09/10/2017 17:15

Chart still looks a bit manic depressive however overall it seems to have been going up. We are now within a sliver of the suspension price.
The shorters must be burning.

[stemis] 09/10/2017 15:30

Surely the objective of Gatemore is to tart this up for a sale?

[tenniselbow] 09/10/2017 11:20

Positive if you want out while the shares are up

[tuftymatt] 09/10/2017 11:13

It kind of reminds of a pay day loan.

One day you are struggling to pay the gas bill then you sort it out at a high rate of interest so think everything is ok again.

The only trouble is your stuck in a downward spiral but it just doesn't feel that much of a decline right now.

Does that that makes sense?

[fenners66] 09/10/2017 09:17

So shareholders have a free vote do they?

Are they saying this is happening with or without approval - but if shareholders do not approve we will hit them in the wallet hard !

Such a nice set of directors....

[speedsgh] 09/10/2017 08:44

I think this is what is commonly referred to as being held over a barrel...

If shareholder approval is not obtained by 31/12/2017 (see 7. Shareholder Approvals):

"from and including 1 January 2018, the annual interest on the Tranche 1 Loan Notes will increase by an additional 8 per cent. accruing quarterly in arrears, all of which increased interest will be rolled into the principal as PIK"

"For the avoidance of doubt, if shareholder approval is not obtained as set out in paragraph 7 above, and the security is not put in place as set out above, the interest on the Tranche 1 Loan Notes will increase in each case by 8 per cent. to a total of 24 per cent."

10. Additional Risk Fee
The Tranche 1 Lenders (which are Gatemore and the proposed directors) shall be entitled to a fee in the amount of 5 per cent. on their subscribed Tranche 1 amounts, which shall be added as PIK to the principal amount owed under the Tranche 1 Loan Notes in full as at the subscription date.

[typo56] 09/10/2017 08:42

Plus an additional 8% if fixed charge on properties not in place by end of year plus 8% if shareholder approval not obtained by end of year. i.e a possible total of 24%.

At least, that how I read it. Could be wrong.

[fenners66] 09/10/2017 08:23

You have to go a long way down that RNS before you get to the interest rate - 8% + a 5% charge for the Tranche 1

[someuwin] 09/10/2017 07:38

looks very positive.

[skinny] 09/10/2017 07:12

Fundraising

· DX is pleased to announce that it has reached agreement on legally binding heads of terms for a £24.0m fundraising (the "Fundraising"), following the announcement regarding its funding requirements on 22 September 2017

· The Fundraising is time critical to address the short term cash position of the Company which has become weak reflecting the previously announced challenges in the business that have impacted profitability and cash generation

· The Fundraising is to be in the form of secured loan notes with conditional conversion rights (the "Loan Notes"):
− Tranche 1 of £16.3m - to be issued principally to GCM Partners II LP ("Gatemore") and the Proposed Directors
− Tranche 2 of £7.7m - to be issued principally to Hargreave Hale Limited acting as investment manager for Marlborough Special Situations Fund ("Hargreave Hale"), conditional on shareholder approval of conversion rights

· Subject to receiving the requisite shareholder approvals, these convertible Loan Notes will be capable of conversion at 10 pence per new DX share, which represents a premium of c.28 per cent. to the average closing price of DX ordinary shares over the 20 trading days immediately prior to the date of this announcement

· The Board considers that a fundraising by way of Loan Notes with conditional conversion rights is the most appropriate route for the Company to raise the capital it needs in the timescale available

· Refinancing of £2.0m unsecured term loan from Gatemore is included in the aggregate issue

· The principal amount of Tranche 2 may be extended by up to £2.0m, following the completion of the £7.7m subscription but before 30 June 2018, and only on application of the Company and the agreement of a 75 per cent. majority, in value, of the Lenders. Such additional Tranche 2 Loan Notes would be offered pro-rata to all Tranche 1 and Tranche 2 Lenders

· The net proceeds of the Fundraising will be used to address the working capital shortfall, and capital expenditure and restructuring costs

Board Changes

· Lloyd Dunn is appointed as CEO with immediate effect, initially a non-Board position

· Ron Series, Lloyd Dunn, Russell Black and Paul Goodson (the "Proposed Directors") are to be appointed to the Board as Chairman, CEO and Non-executive Directors, respectively, on completion of Tranche 1, with the announcement of final results for the year to 30 June 2017

· The Proposed Directors are subscribing for £5.25m of Tranche 1 Loan Notes

· The Proposed Directors bring significant collective experience in managing and improving the performance of freight operations, which is central to the proposed turnaround of DX's performance

more.....

[freddie ferret] 05/10/2017 17:40

Or prospective share purchasers or shorters?

[typo56] 04/10/2017 14:01

Isn't the share price representative of the mood of the remaining share holders?

[freddie ferret] 03/10/2017 16:13

I'm quite optimistic, once we have got over this manic depressive phase.

[joe say] 03/10/2017 15:38

But surely IKEA deliveries are meant to arrive in bits?

[tuftymatt] 03/10/2017 15:02

Dom Jolly isn't pleased about DX doing Ikea deliveries and has given his video to the Daily Mail!!

[freddie ferret] 02/10/2017 15:55

14 day chart on a one minute basis suggests the share price is manic depressive.

[tuftymatt] 30/9/2017 19:24

I see they have just signed a 10 year lease for a brand new location being built in Southampton.