("BigDish" or the "Company")
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce a business update.
On Tuesday 23 June 2020, Prime Minister Boris Johnson announced that the hospitality industry in England can reopen on 4 July 2020. The government has since provided guidelines to enable restaurants to operate safely.
The Manchester team have remained on furlough throughout the past three months whilst the Manila based technology and business support teams have continued working from home. The Company has been making plans with regards to implementing its strategy upon the reopening of restaurants on 4 July 2020 and will provide further updates to the market around 4 July 2020.
The Company has preserved cash as a result of the cost reduction measures that were announced on 26 March 2020. As BigDish reopens for business, the Company will continue with some cost reductions. The Directors remain of the opinion that based on the current information available that the Company has sufficient funding runway until the end of the year. The Company acknowledges that further funding will be required at some point in the future and is optimistic that this can be achieved without the need for an equity placing.
As previously announced on 26 March 2020, the Company had engaged a boutique corporate advisory firm outside the UK with a successful track record in funding early stage consumer restaurant technology businesses. This was done with the intent of funding growth without the need for an equity placing. The Company has continued to pursue this over the past few months but acknowledges that a successful outcome may only be possible at such time when management can travel internationally.
Issue of Equity
The Company announced on 6 September 2019 an issue of equity to certain Pouncer shareholders which represented the Deferred Consideration Shares that was part of the acquisition agreement at the time of the Company's listing to the London Stock Exchange. It was announced that the Admission of the balance of the remaining 3,421,488 ordinary shares would be sought at a later date. The Company has now issued the remaining 3,421,488 shares ("Deferred Consideration Shares Balance") along with a further 8,162,589 shares to Pouncer's former largest shareholder ("Pouncer Shares") who was not part of the previous issuance. A further 3,636,363 shares have also been issued to a service provider in lieu of fees ("Fee Shares").
Application has been made for the Deferred Consideration Shares Balance, the Pouncer Shares and the Fee Shares, representing a total of 15,220,440 ordinary shares of no par value to be admitted to trading which is expected to occur on or around 3 July 2020 ("Admission"). Following the share issuance, the Company has no further obligation to Pouncer shareholders.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital will be 364,170,795. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")