BigDish PLC Further re Funding Update (2653A)
September 28 2020 - 2:00AM
UK Regulatory
TIDMDISH
RNS Number : 2653A
BigDish PLC
28 September 2020
BigDish Plc
( " BigDish " or the " Company")
Further re: Funding Update
BigDish Plc (LON: DISH), a food technology company is pleased to
announce further detail with regards to the Funding Update on 24
September 2020.
If successful, the Special Purpose Vehicle (SPV), would be the
recipient of the USD 5 million of funding. The SPV would be a
separately incorporated company that would operate the BigDish
platform in certain international markets. BigDish would own 80% of
the SPV. This provides an exciting opportunity to create
significant value without being dilutive to shareholders.
The Conditions Precedent stated in the previous announcement
included 'Restaurant acceptance of BigDish-to-GO'. Acceptance is
not defined in terms of a specific number but rather generically
broad based acceptance by restaurants. The key Condition Precedent,
is the completion of a technology audit once the SaaS platform is
fully built out. The Company has previously undertaken a technology
audit of its systems architecture and is confident on the outcome
of a further technology audit.
The short term funding that the Company announced last week to
provide sufficient funding runway to the end of the second quarter
of 2021 and to enable the build out of the SaaS platform will be
due for repayment in the second and third quarter of next year. The
Company may also convert this funding to equity at its
election.
The Company will provide a further update this week to the
market with regards to BigDish-to-GO.
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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