Gatemore Capital Management is requisitioning a general meeting at parcel and freight delivery company DX (LON: DX.). Gatemore founder and managing partner Liad Meidar stepped down from the board earlier this month.
Gatemore is still the largest shareholder even though it has reduced its stake to 24.3%, having been 35.6% at one point. It was behind the appointment of former chief executive Lloyd Dunn and executive chairman Ron Series, who it wants to remove from the board.
This all relates to the corporate governance problems that beset DX over the past couple of years. Gatemore believes that Ron Series should take responsibility for the failings. Gatemore believes that the underlying trading of DX is overshadowed by his continued presence.
Mark Hammond is proposed as a replacement for Ron Series as executive chairman. He is a past chairman of Tuffnells Parcels Express, which was previously run by Lloyd Dunn.
The DX board is considering the requisition. DX continues to trade strongly, although the share price has fallen since trading resumed more than nine months after it was suspended. The share price recovered 14.1% to 24.25p after the requisition announcement.
