Express group DX is set to raise its profile after raising £200.5 million through a placing on the AIM market.
It said it would start liverying its vehicles for the first time. The proceeds of the placing will also be used to repay existing senior debt, shareholder loans and private equity, allowing the company to invest in service development.
Chief executive officer Petar Cvetkovic said: “We are very pleased with the strong level of support from institutional investors which is testament to the strength of our business and the future prospects ahead of us. The placing and subsequent admission to AIM will support our business as we seek to continue to deliver great customer service and grow our brand.
“DX has transformed significantly in recent years, generating an attractive and scalable customer-focused business which is underpinned by the fast growing parcel and freight markets. We are very excited to start this new era in the company’s development and are confident that with the new flexibility achieved from the placing we will enhance shareholder value in the company.”
DX, which is based at Iver in Buckinghamshire, specialises in time sensitive, mission critical, two-man and high value deliveries. It handles goods from many e-tailers, high street retailers, and a wide range of items from many industry sectors. It bought Nightfreight in 2012, rebranding it as DX Freight last year.
The AIM placing has raised some £200.5 million via the placing of 200,525,300 million ordinary shares at a price of 100 pence per share. Dealing in the shares is due to start on 27th February.
Certain members of the DX management, including David Hoare, Petar Cvetkovic and Ian Pain are reinvesting their current equity interests and will own approximately 3.64 per cent of DX after admission.
