BigDish PLC Business Update (3967F)
November 16 2020 - 2:00AM
UK Regulatory
TIDMDISH
RNS Number : 3967F
BigDish PLC
16 November 2020
BigDish Plc
( " BigDish " or the " Company")
Business Update
BigDish Plc (LON: DISH), a technology development company is
pleased to announce a Business Update.
The Company previously announced on 12 October 2020 that it was
developing a Venture Builder model to diversify into having a
portfolio of technology business assets, which would include the
BigDish platform. This process is well underway. The Company is
restructuring technology development in India due to there being a
larger pool of potential candidates and costs are approximately
half that of the Philippines. This will enable the Company's
funding to stretch further than previously anticipated beyond the
second quarter of 2021.
On 24 September 2020 the Company announced a Funding Update
where it had entered into a Letter of Intent with an investor for a
USD 5 million non-dilutive investment subject to certain technology
conditions precedent. This investment would be made into a private
company, a Special Purpose Vehicle (SPV), that would operate the
BigDish business. The investor would own 20% of the SPV. The SPV
would operate BigDish in various international markets including
the UK.
The Company has been in dialogue with the investor regarding
staffing the BigDish business. As part of this process, Tom Sumner
had stepped down as CEO. A new CEO, experienced in technology-led
sales in international markets will be sought as required. The
Company wishes to thank Tom for his contribution to the
Company.
Given the challenges that every business has experienced in
2020, the Company believes the Venture Builder model is extremely
attractive, developing technology in return for equity stakes in
businesses to create a diversified technology portfolio. There are
several businesses that have been identified that the Venture
Builder will build technology for and the Company will update the
market in due course.
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 +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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