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BigDish #DISH Signs Exclusive Partnership With Oceanic Media
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce today it has signed an exclusive partnership with Oceanic Media Ltd.
Oceanic Media has hosted Restaurant Awards across the United Kingdom since 2007 and will host sixteen national and regional awards from September 2019 to August 2020. Oceanic will promote BigDish via various marketing channels to over 3,500 restaurants across the United Kingdom that receive nominations and to the thousands of people that nominate restaurants for awards. BigDish will also receive introductions to finalists during the period leading up to each event which is expected to increase restaurant acquisition. BigDish will also be the exclusive restaurant booking platform sponsor at each event. The sixteen events are outlined below:
The Restaurant Awards England – September 2019 (Midlands)
Pub Awards Scotland – September 2019 (Glasgow)
London Asian Food Awards – October 2019 (London)
Food Awards England – October 2019 (Manchester)
Welsh Asian Food Awards – November 2019 (Cardiff)
Scottish Asian Food Awards – November 2019 (Glasgow)
Restaurant Awards Wales – November 2019 (Cardiff)
English Asian Food Awards – February 2020 (Manchester)
Food Awards Northern Irelands – March 2020 (Belfast)
Welsh Pub Awards – March 2020 (Cardiff)
Scottish Curry Awards – April 2020 (Glasgow)
Restaurant Awards Scotland – April 2020 (Glasgow)
Food Awards Wales – May 2020 (Cardiff)
London Curry Awards – May 2020 (London)
English Curry Awards – August 2020 (Birmingham)
Food Awards Scotland – August 2020 (Glasgow)
The majority of restaurants that receive nominations are independent restaurants. This further supports BigDish’s current strategy of initially targeting independent restaurants before targeting chain restaurants.
Sanj Naha, CEO commented: “The partnership with Oceanic Media will support our national rollout with the introduction of thousands of great restaurants across the country to BigDish. This will raise the profile of BigDish across the restaurant industry throughout the United Kingdom, which will in turn assist new incoming Territory Managers. I fully expect that this partnership will significantly increase the pace of restaurant adoption from September onwards across the United Kingdom.
“The summer is a busy period for BigDish with the focus on recruitment both in the United Kingdom and in Manila. I will be travelling to Asia next month to strategize with the team on key functions such as product development and customer support.
“After having been an integral part of building two restaurant booking platforms in my previous roles, it is important that shareholders gain a sense of the bigger picture of the journey that we are on. I would like to repeat what I previously stated, that ‘the platform, as it stands today, will be unrecognisable by 2021’.
“The other piece of exciting news is that we will shortly see our first restaurant group trial BigDish. Group restaurants typically start with a single location trial with a view to progressing to the pilot project phase followed by a full rollout should the pilot phase be successful. I have extensive experience with group restaurants and expect to see significant numbers join our platform in due course. This rollout will also in turn be accelerated by the Territory Managers. It is by design that we have started with independent restaurants in order to have a variety of cuisines and restaurants.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
Enquiries:
|
Zak Mir, Digital Communications Officer
|
+44 (0) 7867 527659 |
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.
The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.
BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.
BigDish Plc (DISH) – Brighton Goes Live on BigDish Platform
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce today that Brighton has gone live on the BigDish platform.
Further to the announcement on 2 July 2019, the Company believes that Brighton will be a significant location for BigDish. Initially, a select number of restaurants will be available on the platform, and it is expected that the number of restaurants will increase quickly.
The Company is also pleased to announce that a new Territory Manager covering the South East of the United Kingdom (Territory 3) will start on 5 August 2019. This is part of the Company’s recruitment drive for Territory Managers to cover the entire United Kingdom.
Sanj Naha, CEO commented:
“The addition of Brighton to the BigDish platform is incredibly exciting. We expect the location to be a major hub of BigDish activity and are looking forward to seeing more and more restaurants added.
“It is also promising that our recruitment drive is progressing well. We look forward to updating the market on further recruitment and operational developments.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
Enquiries:
|
Zak Mir, Digital Communications Officer |
+44 (0) 7867 527658 |
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.
The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.
BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.
END
BigDish PLC (LON:DISH) CEO Sanj Naha caught up with Proactive London’s Andrew Scott ahead of the launch next week in Brighton.
BigDish PLC (LON:DISH) CEO Sanj Naha caught up with Proactive London’s Andrew Scott ahead of the launch next week in Brighton.
Naha describes Brighton as a significant location and that they expect restaurants to sign up to the service quickly.
BigDish is currently recruiting territory managers, who it aims to have in place by early September.
BigDish #DISH Business and Operational Update
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce a business and operational update.
Highlights:
· Brighton to launch next week
· Launch of Brand Ambassador Program
· Issuance of salary sacrifice and debt conversion shares
· Board composition changes
Operational Update
Further to the announcement on 21 June, BigDish is pleased to announce that Brighton will be launched on its platform next week. The Company believes that Brighton is a significant location for BigDish and upon launch expects to increase the restaurant numbers quickly. The Company aims to have all Territory Managers in place across the United Kingdom, subject to finding suitable candidates, by early September. This is currently the key focus.
As announced on 21 June, BigDish expects to enter into a partnership with a UK technology platform after Brighton goes live and expects to provide further detail in due course.
Over the past month, the Territory Managers in Territory 1 and 2 have been meeting with existing restaurant partners with a view to ensuring that operations are running smoothly and determining where improvements can be made. The Company believes it is important that all systems and processes are running smoothly and that these are scalable as the national rollout progresses. This focus on account management rather than new restaurant acquisition will balance out in due course. As such, Reading will now be launched at a later date.
There are three core components to the BigDish strategy:
1. Restaurant Partner Acquisition;
2. Technology Development;
3. User Acquisition.
The recruitment process that is taking place, both in the United Kingdom and in Manila, ensures that the first two components can be delivered. The Company believes that once a national footprint is achieved, alongside new functionality and features in the App, the pace of user acquisition will increase significantly across the country.
A separate restaurant partner website is being developed that will enable restaurants to on-board themselves to the BigDish platform. In addition, a blog will be launched which will have engaging content with a view to create a vibrant community of food lovers across the United Kingdom. This will also increase the visibility of BigDish across various online search engines. Further detail will be provided as the development of these new platforms progresses.
Brand Ambassador Program
To further support User Acquisition, BigDish is pleased to announce the launch of its Brand Ambassador Program. Following discussions with celebrities and well-known personalities over recent months, the Company expects to announce the first Brand Ambassador in due course. The role of Brand Ambassadors will be to act as Influencers in order to increase user acquisition and customer engagement. This is expected to be achieved through social media, video advertisements and attending key events.
Brand Ambassadors will be remunerated in shares rather than cash and any shares will have a restricted period from being able to sell. As such, the Company has issued 12,000,000 shares that are ring fenced for the Brand Ambassador Program. The Company expects to sign up several Brand Ambassadors and to launch various media initiatives from the fourth quarter of this year onwards as BigDish increases its national footprint.
Board Shuffle
Jonathan Morley-Kirk will move from Non-Executive Director to Non-Executive Chairman and Aidan Bishop, BigDish Founder, will move from Executive Chairman to Executive Director. This will enable Jonathan Morley-Kirk to have greater oversight of various regulatory and compliance work and enable the Company to make improvements in this important part of the business.
In the announcement of 21 June 2019, Sanj Naha commented regarding a “media initiative”. The Company expects to update the market several times during the month of July including further detail regarding the “media initiative”.
The Company also has issued 11,044,697 shares as part of its Salary Sacrifice Scheme and the conversion of debt into shares. All members of the Board of Directors and some management have opted to receive no remuneration in cash since the IPO in August 2018. This is due to having confidence in the future of the Company and to ensure the interests of the Board and management are completely aligned with shareholders.
It is expected that the new shares will be admitted to trading around 4 July 2019 (“Admission”). Following Admission, the Company’s enlarged issued share capital will be 338,558,883.
Sanj Naha, CEO commented:
“It has been a very busy period for BigDish with the recruitment strategy. Having all Territory Managers in place across the United Kingdom by September would drive our growth, as well as having additional developers and restaurant and customer support personnel in Manila.
“Having worked previously at booking platforms such as TripAdvisor and Bookatable, I am aware of the importance of ensuring that every part of the business is built for scale. The recent focus on account management in our first two territories is very healthy for us at this stage. The summer period enables us to put our heads down and work hard on the ‘non visible’ aspects of the business. From September onwards, I expect BigDish to be firing on all cylinders across the whole country.
“I have also been particularly pleased with ongoing interest in BigDish from restaurant groups. I am confident that we will see restaurant groups on the BigDish platform in due course. It has been a deliberate strategy to date to only approach independent restaurants and small groups. This has been done to ensure that the platform has a good selection of cuisines and restaurants and is not dominated by one particular brand.
“The launch of our Brand Ambassador Program is a fantastic milestone for the Company. I believe that this will significantly boost our User Acquisition strategy as well as bringing national awareness of BigDish both to the general public and to the restaurant sector. It is also great to see Brand Ambassadors becoming aligned with the vision of the Company by becoming long term shareholders.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
Enquiries:
|
Zak Mir, Digital Communications Officer |
+44 (0) 7867 527658 |
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.
The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.
BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.
END
Doc Holiday and TMS talk to chairman and founder of BigDish #DISH Aiden Bishop
After a whole bunch of speculation, in addition to spurious reports and opinion TMS reached out and caught up with Chairman and founder of Big Dish Aiden Bishop, the company has seen an exponential transition in both it’s business and share price.
We decided to learn more about the day to day business but more so the aggressive expansion of the company after it appointed Sanj Naha formerly of trip advisor as it’s chief executive officer, you can hear more by tuning in below!
Listen to the interview below:
https://total-market-solutions.com/2019/06/24/big-dish-serves-up-more-business/
Andrew Hore Quoted Micro 24 June 2019
NEX EXCHANGE
Proton Partners International (PPI) has set up a partnership with Northumbria Healthcare NHS Foundation Trust, which means that the company’s Rutherford Cancer Centre North East will treat 120-150 patients a year. Woodford Investment Management has a 46.15% stake in Proton.
AfriAg Global (AFRI) intends to increase its stake in medicinal cannabis company Apollon Formularies to 2.34%. The long-term plan is to make an all share offer for Apollon. The Jamaican operation of Apollon has completed its third cannabis harvest. AfriAg has raised a further £250,000 at 0.1p a share. Sativa Group (SATI) has appointed Cenkos as its corporate adviser and broker, replacing Peterhouse. Stanford Capital has been appointed as joint broker of medicinal cannabis products developer Ananda Developments (ANA) and Peterhouse is staying on as corporate adviser and joint broker. Stanford has been issued with 3.33 million warrants exercisable at 0.45p each.
First Sentinel (FSBN) has published its 2018 figures, which were hit by a loss on its investment in Curzon Energy (CZN) and this led to a halving of NAV to £671,000. There are plans for a £7m bond listing on Euronext. Trading in First Sentinel shares has recommenced.
Since the year end, rail safety products developer Wheelsure (WHLP) has received further orders from London Underground, DLR and Siemens in Germany. Wheelsure may need additional working capital.
Gunsynd (GUN) will receive 225 shares (22.5%) in Oyster Oil and Gas Ltd as part of a settlement with creditors. Oyster requires additional cash in order to finance work on exploration assets.
Skills verification platform Indorse, where Coinsilium Ltd (COIN) has a 10% stake, will receive an investment of up to $6.5m from Brand Capital, the investment arm of India media company Times Group. Indorse has been valued at $15m for this investment, which means that Coinsilium’s stake has increased in value by 350% to $1.5m.
AIM
ULS Technology (ULS) has maintained its share of conveyancing transactions and reported flat pre-tax profit of £5.4m in the year to March 2019. This year will also be one of consolidation. Investment is being put into launching DigitalMove, which is an online platform that will make the business more efficient and provide access to additional customers. It can also be used to add new products and services.
Castleton Technology (CTP) is paying a maiden dividend of 1p a share. The provider of software and managed services to the social housing sector is expected to grow revenues by 7% this year and this could be supplemented by acquisitions. Strong cash generation means that there are spare debt facilities that can be used for acquisitions. This year pre-tax profit is forecast to improve from £5.6m to £6.4m.
Malvern International (MLVN) says that an unsettled claim means that there will be a profit shortfall in 2018. Originally a profit of £400,000 was expected but it will end up being just above breakeven. Trading in the first four months of 2019 is ahead of budget but the second half is the most important.
ClearStar Inc (CLSU) is on track this year even though the US market has softened. US unemployment has edged up, but the US remains the key market for the background checking services provider.
Telecoms marketing services provider Pelatro (PTRO) has won a contract with a large telecoms company in Asia. The contract is for the mViVa contextual marketing platform on a licence fee model. This contract and other recent work will add $1.5m to revenues. This provides an underpinning for the full year revenues forecast of $10.5m.
Diaceutics (DXRX) has acquired 16 million patient records a year to add to its patient data. Diaceutics has invested £1m to expand this global data.
Totally (TLY) has completed the acquisition of Greenbrook, which means that 90% of revenues will be generated by urgent care services. This deal should make Totally significantly profitable and enable it to start generating cash.
Some good news for Quartix (QTX) as subscriptions and new installations are increasing. This has led to a 5% upgrade in forecast 2019 revenues for the telematics business to £25.3m, although the profit forecast is unchanged at £6.5m.
Paragon Entertainment (PEL) intends to appoint an administrator following discussions with its bank, HSBC. There is not enough cash to pay all creditors.
MAIN MARKET
Sports Direct International (SPD) is making a mandatory offer for GAME Digital (GAME) at 30p a share. The offer is open until 11 July. Sports Direct already has a 38.5% stake and it does not believe GAME can prosper on its own.
A major US customer is not going ahead with a contract with Nanoco (NANO) lasting until the end of 2019. The ending of the deal has nothing to do with the performance of the nanomaterial technology. Nanoco should have £6m in cash at the end of 2019.
BigDish (DISH) says its food booking platform is going live in Reading and Brighton, which is a particular region where expansion is targeted. BigDish says that it is fully funded to 2021.
Andrew Hore
BigDish #DISH – Exercise of Warrants
BigDish Plc (LON:DISH), a food technology company that operates a yield management platform for restaurants, announces that it has received a Notice of Exercise from a warrant holder in relation to an exercise of warrants over 500,000 common shares (“Common Shares”) of no par value in the capital of the Company at an exercise price of 4.5p. The proceeds for the Company in relation to the warrant exercise is £22,500.
Following the Admission of the Common Shares, the total issued share capital of the Company will be 315,514,186 Common Shares.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
Enquiries:
|
Blytheweigh |
+44 (0) 20 7138 3204 |
|
Tim Blythe Julia Tilley |
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.
The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.
BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.
Andrew Hore – Quoted Micro 10 June 2019
NEX EXCHANGE
Proton Partners International Ltd (PPI) has asked Woodford Investment Management to subscribe for £25m worth of shares at 176p a share. This is part of an agreement with Woodford that was outlined in the prospectus and it comes at a time when the fund manager is coming under pressure for poor performance and it has closed redemptions from one of its funds. The cash will pay off a loan and provide working capital.
NQ Minerals (NQMI) is making a £155,000 investment in Tasmania Energy Metals and the two companies will evaluate whether they should develop an integrated facility for the treatment of metal concentrate. NQ also has an exclusivity period until the end of July during which to decide whether to acquire Tasmania’s assets.
Sativa Investments (SATI) has signed an offtake agreement with a Swiss supplier of cannabis oil. This will be used to manufacture cannabidiol products.
AfriAg Global (AFRI) has invested £300,000 in Apollon Formularies for a 0.71% stake. Apollon plans to open a licenced retail medicinal cannabis dispensary and processing facility in Jamaica by the end of the month.
Newbury Racecourse (NYR) says that it is unlikely to return to paying dividends or return capital to shareholders before 2022 at the earliest. There is uncertainty about future revenue streams from fixed-odds betting terminals and how this could impact UK betting. It could reduce prize money levels. The onsite hotel has increased revenues by 15% so far this year.
Trading in shares of Equatorial Mining (EM.P) has been suspended ahead of publishing accounts. They should be published at the time of the general meeting to gain approval of the acquisition of Rwanda-based miner and explorer Eastinco. A £1.2m fundraising is also planned.
Altona Energy (ANR) has signed a memorandum of understanding with Shaanxi Qianyan Vanadium and Magnesium Mining, which owns a vanadium mine in China. The plan is to forma joint venture where Altona will be the controlling shareholder. Due diligence will take up to six months and there will be a JORC-compliant mineral resource classification report. The estimated reserve is 190,000 tonnes of vanadium.
Formation Group (FRM) has secured a £10m subscription at 7.71p a share through the acquisition of Zandra Holdings, whose asset is £10m in cash. This takes the Kennedy Private Trust stake in Formation to 89.99%. A £10m loan facility ahs also been secured.
The Little Bear mine area has been transferred to Panther Metals (PALM) and the Little Bear vein is a high priority drill target in order to see if the bonanza grade gold mineralisation still exists at depth. Panther has also applied for a licence over the Annaburroo gold project in Northern Territory, Australia.
Walls and Futures REIT (WAFR) has secured a £600,000 secured revolving credit facility and spent £465,000 on a bungalow in Didcot to be redeveloped into a home providing specialist support for four adults.
Valiant Investments (VALP) is raising £263,000 at 1.5p a share and it is changing its name to Eurocann International as an indication of the change in strategy to investment in the medicinal cannabis sector. Jeremy Rose will become chief executive and he has a number of directorships including of Speakeasy Cannabis. Burns Singh Tennent-Bhohi will become a non-executive.
EcoVista (EVTP) had £419,000 in cash at the end of February 2019 and it is seeking further investment. The interim loss declined from £238,000 to £202,000. Net assets were £1.19m at the end of February 2019.
Share trading in Wishbone Gold (WSBN) has been suspended because it has not published its 2018 accounts.
AIM
The smart machines division of Vianet (VNET) is going to be the source of profit growth for the coming years. Profit can be improved by converting the vending machines that came with the Vendman acquisition to Vianet’s contactless technology, as well as winning new business. The smart zones pub dispensing technology division should be able to maintain its contribution with lower UK profit due to pub closures being offset by an improved performance in the US. Pre-tax profit is expected to improve from £2.7m to £2.9m, although earnings per share will be hit by a higher tax charge.
Interim revenues at smart home devices supplier LightwaveRF (LWRF) increased 120% to £2.5m, although there was still a pre-tax loss of £1.35m. New distribution channels are helping to accelerate growth in revenues. The company could move into profit next year
Bad weather in the US has hampered the progress of Somero Enterprises (SOM) and led to forecast downgrades. Demand for concrete levelling equipment is normally stronger in the spring. This year’s earnings have been cut by 12% and next year by 11%. This will also reduce the potential dividend. The forecast 2019 normal dividend plus payout of surplus cash has been cut from 27.8 cents a share to 19.8 cents a share.
Waste-to-energy technology developer EQTEC (EQT) is acquiring a 19.99% stake in North Fork Community Power, a biomass gasification power project in California. EQTEC will supply $2.5m worth of equipment from its Newry site in return for the stake. It also expects to generate €2.2m from selling additional equipment.
Microsaic Systems (MSYS) has signed a distribution agreement for the Microsaic 4500 MID MS detector with CM Corporation for the South Korean market.
A shareholder owning a 17.2% stake in Rurelec (RUR) intends to propose an AGM resolution for the appointment of Gordon Fisher as a director. He is a former boss of a freight forwarding and customs brokerage. The electricity generator reduced its pre-tax loss from £5.8m to £600,000 in 2018, mainly due to lower overheads, exchange gains and a disposal gain. NAV is 4.4p a share, which is more than four times the share price.
Driver (DRV) had already said that its interims would be disappointing and pre-tax profit slumped from £2.11m to £762,000. The Middle East and Asia Pacific were tough markets with lower contributions. The expert witness operations made a reduced contribution. A 0.5p a share interim dividend was announced, and the ex-dividend date is 19 September. The company is also buying back shares in order to put a floor under the share price.
Chemicals-focused shell Wilmcote Holdings (WCH) is in exclusive discussions with Arclin Inc for a potential acquisition. Trading in the shares has been suspended.
Acquisitions consultancy K3 Capital (K3C) has confirmed that trading is in line with previous guidance and EBITDA is at the upper end of the range of £4.5m to £5m. An 80% payout would mean a reduction in dividend from 11.2p a share to 7.2p a share.
Osirium Technologies (OSI) has won a contract with a European telecoms services provider. The three year contract covers cyber security software and services.
MAIN MARKET
A strong first half has continued into the second half trading for automotive information publisher Haynes Publishing (HYNS) and pre-tax profit for the year to May 2019 is expected to exceed expectations by 10%. This suggests pre-tax profit of around £2m. The results will be announced on 12 September.
Caffyns (CFYN) reported a small improvement in underlying pre-tax profit to £1.45m in the year to March 2019. New car sales were 10% lower, which is more than three times the market decline. However, there was growth in used car sales and aftersales revenues.
Positive news from Argo Blockchain (ARB) where results for May were well ahead of the company’s budgets. New cryptomining hardware has started contributing faster than expected and rising cryptocurrency prices have improved mining yields. A further £2.85m is being invested in equipment. There was £685,000 generated in May, based on a bitcoin price of $8,575, while cash operating costs were £280,000. Second quarter figures will be better than expected. If the bitcoin price is maintained, then there will be £2.85m of crypto assets at the end of the second quarter.
BigDish (DISH) has raised £2.1m at 7.2p a share and this should be enough cash for the restaurant platform until 2021. The UK rollout will be accelerated.
Pembridge Resources (PERE) is acquiring the Minto mine from Capstone Mining. Pembridge will pay up to $20m out of future cash flows. Commercial production could recommence before the end of the year. A $10m loan has been secured.
Symphony International Holdings (SIHL) has made an investment in Soothe Healthcare, which manufactures feminine hygiene products under the Paree and Pariz brands.
Andrew Hore
BigDish (DISH) Raise £2.1 Million Through Institutional Placing
BigDish Plc (LON:DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce that it has raised, in aggregate, £2.1 million through a placing of, in aggregate, 29,166,667 new common shares (the “Common Shares) of no par value in the capital of the Company (together, the “Issue shares) at a price of 7.2 pence per Common Share (the “Issue Price”) via an institutional placing.
Highlights:
· Fully funded until 2021
· Acceleration of the UK rollout
· Acceleration of customer acquisition
· Acceleration of new production development
Further to the announcement on 30 May 2019, BigDish was approached by an institution to provide an offer of significant expansion capital. Whilst already being funded to execute its current strategy, the Company felt that this additional capital could further accelerate BigDish’s growth beyond this.
The additional capital will enable BigDish to accelerate the development of new features and functionality across all the BigDish platforms, as well as enable the development of further revenue streams. It will also accelerate the UK rollout and, through increased marketing spend, help increase the rate of user acquisition. All key metrics within BigDish are growing, such as the number of restaurants, bookings and diners seated. This is now expected to increase at a more rapid pace.
Following the Admission of the new shares, the total issued share capital of the Company will be 315,014,186 Common Shares.
Sanj Naha, CEO, commented:
“It is truly an exciting time for BigDish and to have now gained the confidence of an institutional fund is fantastic. BigDish is now entering the hypergrowth phase and the additional capital enables us to achieve our goals for the UK rollout, customer acquisition and positive cashflow.
“Over the past few weeks I have travelled to various parts of the UK, laying the foundations for the BigDish national expansion. The BigDish yield management value proposition is being well received by the restaurants and restaurants groups that I am meeting with. Furthermore, I am having positive discussions with various media groups and other potential partners.
“I have also spent time visiting some of our existing restaurant partners and it has been great to meet restaurant owners who are now regularly seeing diners seated at their restaurant via BigDish. One particular restaurant recorded over 600 diners in April, which was a BigDish record.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
Enquiries:
|
Blytheweigh |
+44 (0) 20 7138 3204 |
|
Tim Blythe Julia Tilley
|
|
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.
The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.
BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.