BigDish PLC Funding Update (9865Z)
September 24 2020 - 2:00AM
UK Regulatory
TIDMDISH
RNS Number : 9865Z
BigDish PLC
24 September 2020
BigDish Plc
( " BigDish " or the " Company")
Funding Update
BigDish Plc (LON: DISH), a food technology company is very
pleased to announce a Funding Update.
The Company has signed a Letter of Intent (LOI) with a Central
European investment group ("the New Investor") that has diverse
multinational investment holdings, that is owned by an Ultra High
Net Worth Individual (UHNWI). The LOI provides for a USD 5 million
investment subject to key Conditions Precedent ("CPs") which are
outlined below:
-- Completion of a technology audit once the SaaS platform has
been fully built (target date end of Q1 2021);
-- Restaurant acceptance of BigDish-to-GO; and
-- Completion and acceptance of an international market
expansion plan that supports a USD 5 million investment over an 18
month period.
Upon completion of the CPs, the Company and the New Investor
will seek to upgrade the LOI to a Definitive Agreement by the end
of the second quarter of 2021. If successful, the investment would
be made into a Special Purpose Vehicle (SPV) to support
international expansion and would not be dilutive to the
Company.
The Company has been managing its cash position and in order to
ensure the successful build out of the SaaS platform has secured a
short term loan from an investment company of GBP540,000. These
funds would be used to include increasing the size of the
technology team in order to facilitate the build out of the SaaS
platform. This short term funding will ensure that the Company has
sufficient runway until the end of the second quarter of 2021 and
to ensure the CPs are completed. Loan repayments will be due in the
second and third quarters of 2021.
Whilst the Company is optimistic of a successful outcome with
the New Investor, there can be no guarantee of such.
Board Change
Simon Perrée has stepped down as Non-Executive Director in order
to launch a new business venture. The Board would like to thank
Simon for his contribution over the past two years. The Company
will now look for a replacement and will collaborate with the New
Investor on any new appointment.
Aidan Bishop, Executive Director, commented:
"It is great news that we have extended our funding runway to
the end of Q2 2021, and that we also have the prospect of
substantial funding which if successful will ensure the longer term
future of BigDish. It is encouraging that various forms of finance
are available that do not dilute shareholders and this will always
be our preferred funding path."
Enquiries:
Zak Mir, Digital Communications
Officer, BigDish +44 (0) 7867 527659
zak@bigdish.com
Jonathan Morley-Kirk, Non-Executive jmk@bigdish.com
Chairman
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END
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