DX shareholder moves to oust chair over botched inquiry
A major shareholder in London-listed logistics company DX Group called for its chair to be ousted today as it accused him of having “severely harmed investor perceptions” in the firm.
Gatemore Capital Management, which holds a 20 per cent stake in the company, said it had served notice on DX’s board to convene a meeting of shareholders in a bid to vote down Executive Chairman Ron Series.
In a statement today, Gatemore claimed that Series’s handling of a botched corporate governance inquiry into alleged bribery had “cast a shadow” over the firm.
DX shares plunged beyond 14 per cent last week as the firm resumed trading on the AIM exchange after a long suspension while it conducted an investigation.
Gatemore said it was “deeply disappointed” by Series’s handling of the investigation and was calling for his replacement with industry specialist Mark Hammond.
“The removal of Mr Series and his replacement with Mr Hammond is the final step in closing the book on the corporate governance investigation that has cast a shadow over the tremendous operational and financial performance of DX over the past few years,” said Liad Meidar, Managing Partner at Gatemore.
DX said today the Board is “in the process of considering the Requisition and Gatemore’s announcement, and a further announcement will be made in due course.”