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BigDish (DISH) Issue of Equity & Warrants
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, announces an issue of equity and warrants in relation to the acquisition of Pouncer Media Limited (“Pouncer”) as part of the Company’s admission to the Official List and the Standard segment of the Main Market of the London Stock Exchange in August 2018.
Issue of Equity
At admission in August 2018, the Company issued 11,111,111 ordinary shares and a grant of warrants over 11,111,111 shares at a price of 9 pence per ordinary shares to Pouncer which expire on the second anniversary of admission.
The Company has now issued today 13,812,920 ordinary shares to certain Pouncer shareholders as part of the acquisition agreement. Application has been made for 13,812,920 new ordinary shares to be admitted to trading which is expected to occur on or around 27 August 2019 (“Admission”).
This now completes the Company’s obligations to Pouncer.
Grant of Warrants
The Company has also issued a grant of warrants over 6,851,116ordinary shares at a price of 4.156 pence per ordinary share to certain Pouncer shareholders. The warrants expire on 2 February 2021.
Total Voting Rights
Following Admission, the Company’s enlarged issued share capital will be 351,875,208. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
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,
BigDish Plc |
+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.
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.