Business
Institutional Placing
Institutional Placing.
About this update from Amala Foods Plc
[{"type":"text","content":"\n \nRNS Number : 3047B BigDish PLC 06 June 2019 \n\n6 June 2019\n \nBigDish Plc\n(\"BigDish\" or the \"Company\")\n \nInstitutional Placing\nBigDish Plc (LON:DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce that it has raised, in aggregate, £2.1 million through a placing of, in aggregate, 29,166,667 new common shares (the \"Common Shares) of no par value in the capital of the Company (together, the \"Issue shares) at a price of 7.2 pence per Common Share (the \"Issue Price\") via an institutional placing.\nHighlights:\n· Fully funded until 2021\n· Acceleration of the UK rollout\n· Acceleration of customer acquisition\n· Acceleration of new production development\nFurther to the announcement on 30 May 2019, BigDish was approached by an institution to provide an offer of significant expansion capital. Whilst already being funded to execute its current strategy, the Company felt that this additional capital could further accelerate BigDish's growth beyond this.\nThe additional capital will enable BigDish to accelerate the development of new features and functionality across all the BigDish platforms, as well as enable the development of further revenue streams. It will also accelerate the UK rollout and, through increased marketing spend, help increase the rate of user acquisition. All key metrics within BigDish are growing, such as the number of restaurants, bookings and diners seated. This is now expected to increase at a more rapid pace.\nFollowing the Admission of the new shares, the total issued share capital of the Company will be 315,014,186 Common Shares.\nSanj Naha, CEO, commented:\n\"It is truly an exciting time for BigDish and to have now gained the confidence of an institutional fund is fantastic. BigDish is now entering the hypergrowth phase and the additional capital enables us to achieve our goals for the UK rollout, customer acquisition and positive cashflow.\n\"Over the past few weeks I have travelled to various parts of the UK, laying the foundations for the BigDish national expansion. The BigDish yield management value proposition is being well received by the restaurants and restaurants groups that I am meeting with. F...