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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.

The Tray Now Standing on Platform BigDish #DISH could Head for Brighter Prospects – ShareProphets

by Malcolm Stacey

Hello Share Munchers. Now here’s a novel idea for the technological age. You’ve heard of Late Rooms which began as a way of filling empty hotels at the last minute. Well, BigDish (DISH) aims to perform similarly for restaurants. The company helps to fill tables at quiet times by offering quickly applied discounts.

Folks can get these bargain meals through the BigDish app or its website platforms. In return, the restaurants pay a fee for every customer. The share rose by 17% this week. This was on the news that a new BigDish platform has gone live in Swindon. Reading has also been added as a new location. Then BigDish comes to Taunton in a few days time. Winchester is also on the list. You may have noticed that most of these towns are within commuter distance of London. Earlier this month, it launched in Basingstoke and Exeter. Brighton will come soon. In fact, the company plans to expand throughout the UK.

So we could be looking at an early opportunity to take part is something which becomes really tasty. Though we shouldn’t perhaps get too carried away as all good ideas attract competition. And it could be from a firm with more expansion money.

Nevertheless, BigDish has a good idea here. And it should help overcome the trials that mid-range restaurants are said to be going through at the moment (like Jamie Oliver’s). In fact, the more restaurants struggle to put bums on seats, the more BigDish could flourish.

The share price has shot up since mid-April, but as expansion continues in what seem to me like wealthier southern areas, it’s possible that the share price will climb on each new location. After all, it doesn’t require too much dosh to keep adding locations. It’s not like buying a new lorry every week.

And now let’s rejoin the Punter’s Return.

Link to the full ShareProphets article here

 

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