BigDish PLC Strategy and Operational Update (7557B)
October 12 2020 - 2:00AM
UK Regulatory
TIDMDISH
RNS Number : 7557B
BigDish PLC
12 October 2020
BigDish Plc
( " BigDish " or the " Company")
Strategy and Operational Update
BigDish Plc (LON: DISH), a technology and software solutions
company currently specialising in the food technology space, is
pleased to announce a Strategy and Operational Update.
Highlights:
-- Developing a Venture Builder model to gain sweat equity
stakes in a portfolio of assets with no cash outlay
-- Funding runway potentially further extended beyond Q2
2021
-- Upcoming enhancements to the management team
-- BigDish business to be funded privately and in a non-dilutive
manner
The Company has been approached on various occasions with
regards to utilising the BigDish technology platform for use in
other sectors. The current BigDish technology platform enables
bookings, dynamic pricing, search and discovery, payments, delivery
and pick up as well as analytics. The technology team is able to
modify the code to make the technology applicable to other sectors.
Therefore, the Company has decided to commercialise the
opportunity, especially given that opportunities have multiplied in
technology and online applications, due to the pandemic.
Over the next few weeks the Company will sign agreements with
several significant startup and early stage technology companies
whereby BigDish will provide the technology in return for equity
stakes. There will be no cash contribution required from BigDish to
support these businesses. This presents an exciting opportunity for
BigDish to both diversify and own meaningful equity stakes in
exciting ventures with no capital outlay. The company believes that
this approach, where it will effectively be paid to develop tech
businesses and then own equity at a ground floor valuation, could
very well set the Company on a path to sustainability. The strategy
is that once BigDish has gained its respective equity stake that it
would also be paid to maintain and develop further technology
updates for the various businesses. This presents an opportunity
for the Company to grow a portfolio of assets at the cutting edge
of the tech sector with minimal long term cash burn.
As part of this strategy the Company is making plans to bring in
new experienced technology focused management to lead this
initiative. The Company is also having talks with several potential
Non-Executive Directors to add further substance to the Board.
Aidan Bishop will step down from the Board when a replacement
has been identified. With his time freed up off the board, and as
the largest shareholder, he will continue to work with the Company
to progress the various opportunities that are being presented. In
addition, he will originate new technology opportunities to create
value for shareholders from the new technology development
platform, a concept which has only been accelerated in terms of
merit since the arrival of COVID-19, and the need for technology to
address the fresh issues which it has delivered.
Looking ahead, BigDish is expected to grow into what is termed a
Venture Builder and through this diversification, own stakes in
companies across the technology spectrum. It is envisioned that the
new, larger company, having fully developed will be able to
increase the value of the assets at a significant premium to the
present market implied valuation.
A Venture Builder model benefits from a leaner management team
and has a low cost base with its core focus on technology
development where the various businesses are privately funded. The
Company recently announced having secured short term funding to
provide sufficient runway to the end of the second quarter of 2021.
A leaner model may, in all likelihood, extend that runway
substantially beyond the second quarter of 2021, especially as by
this time it is anticipated that Venture Builder will be
contributing to the bottom line. The recent conditional funding of
USD 5 million that was previously announced will be for the
progression of the BigDish platform once conditions precedent are
met. This will ensure that the ongoing development of the BigDish
business will effectively be privately funded. The Company will
also consider a change of name as the Venture Builder model
progresses.
Enquiries:
Zak Mir, Digital Communications Officer, BigDish +44 (0) 7867 527659 zak@bigdish.com
Jonathan Morley-Kirk, Non-Executive Chairman jmk@bigdish.com
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