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Another Great RNS this morning. Previously we were excited by the odd chain joining the platform, we now have more restaurants including chains than we ever had previously, and these have been achieved because of the new innovative direction this company has taken and the great team we have which only had a few months at the beginning of the year to demonstrate their skill set ........ well, there is no doubting their abilities and clearly the fantastic decision Dish has made to adapt and increase its offer. The amount of sign ups we have has far exceeded the amount I personally expected this year, and this has been achieved within the first month of the restaurants re-opening ! As of today the location count has substantial increased to 73. I strongly believe this time the companies strategy is perfect. The SP may be lagging presently but it will catch up, great things are happening here. Dish will soon be noticed by the Big Boys imo.
Just to be clear I have no doubt we will be successful in getting the funding needed to progress. However we don’t know what terms this will be on. Long term I am not too concerned. With the funding issue put to bed we can continue to add restaurant sign ups and steadily grow the business. Short term we may still experience a rollercoaster ride as new investors who will fund Dish owe us pi’s no favours. The lnvestment companies currently have the upper hand with the world currently in the mess it’s in, and about to get worse financially. I am very confident this will come good but I’m expecting a few more ups and downs before we can take that sigh of relief with the knowledge the Company is safely heading in the right direction. I am not as confident as some that funding will be agreed on terms higher than the current SP at the time. I know of finance packages that have taken the average MCap / Sp since the beginning of the year and worked a package on the average SP over this period of time ........ this imo is grossly unfair as the world stopped for 3 months and companies MCaps / SP dropped unjustly due to the panic. However terms were agreed on this basis. I am not for one moment saying this scenario will play out here but as a private investor you have to think about all possible scenarios and investment companies are all about making money ....... for themselves !
I do agree Spero. However my post was more aimed at investors appetite to risk. Without secured funding this is currently a gamble. Pre Covid, before any of us had heard of such a virus, investors would have had a higher appetite to risk and imo on the back of today’s RNS we would have seen the £20k / £30k / £40k buys for example which would have seen the SP respond positively. The world has changed, for now. Appetite for risk has greatly been reduced, hence we didn’t see what many of us believe was a good enough reason for our SP to climb nicely today. I believe many investors are currently protecting capital. It will be a much safer option to invest in Dish for example once funding has been secured, and there will still be good gains to be had because imo we are so undervalued. I believe we will be firmly on our journey once funding has been secured and we know the terms. This is a share with huge potential imo, but sadly in the current climate that is simply not enough.
Unfortunately market conditions, threat of 2nd spike, and funding are continuing to hold this back. Today’s update was fantastic, far exceeded any expectation I had in regards to the number of sign ups we will imminently have on the new app, due to launch in beta mode next week. My personal opinion may see local lockdowns but nothing on the scale we have just lived through the past few months. Unfortunately though this is causing the markets to be a bit ‘jittery’. I have also been of the opinion funding will not be problem, even more so now. Again, unfortunately investors are wary, and I am of the opinion until funding is announced, and the details known, the SP will not be at a level I think we deserve to be. Because funding will be needed this is being viewed as a gamble, and I don’t think there is the appetite for ‘gambling’ with the current market conditions. Things will change once we are fully funded and become a ‘safer bet’ imo.
Those who do not research clearly showing all who they are by grasping what they see as an opportunity to post negative comments about Dish as Jonathan Morley-Kirk, Non-Executive Chairman, sells £8k worth of his shares. For starters he holds approx 38million shares, an intelligent investor would realise selling 349’000 does not equate to Jonathan losing faith in the company and having ‘inside information’ that their plans are about to fail ........ how ridiculous to even suggest such a thing.. Also by spending just a small amount of time said posters could do some research and realise Jonathan is also Non-Executive Chairman of another company which is floated called Bluebird Merchant Ventures Ltd (BMV), which incidentally Aidan is also involved in. Jonathan has also been selling small amounts of his holding there and cited the reason for the share sale being due to personal circumstances related to the Covid-19 pandemic. .......... Therefore, in a nut shell, nothing to worry about ! ;-)
I think Tom & Co have done a marvellous job for their first month back having been furloughed. They certainly haven’t dragged their heels, they have got stuck right in again. They are demonstrating how truly capable they are in their roles, it is very evident. 200+ restaurants on the app (191 as of today) within the first month back, and we know many others lined up which aren’t yet included. This is a good achievement in a sector where many of the restaurants haven’t yet reopened. I am confident more establishments will reopen next month and Dish will exceed the number of sign ups month on month. The team mustn’t take their foot off the gas, and I don’t think for one minute they will. Now let’s imagine the following scenario ......... . we end the year fully funded, a brand new app / website offering dine in, collection, takeaway , over 1000 restaurants signed up, numerous chains on board. Sounds a dream, fully achievable and most likely to happen imo. Pre Covid we had 630 sign ups and the SP was gaining traction reaching 4.5p as restaurants were continuously being added. Now imagine where the SP could be once the above scenario is achieved by the end of the year. We mustn’t forget the food industry and tech are hot sectors to be in. Plenty of money being invested in both sectors. I note one of the big food delivery boys may soon have a take out offer land on their desk. Clearly a lot of money to be made in the sector and importantly huge amounts of money still being invested.
Restaurant numbers are being added at a faster pace than they were pre covid. The last three trading days Dish have added 15 / 18 / 17 outlets. Current total 158. I must say I am pleasantly surprised to make this next statement ....... I believe we will have above 650 restaurants on the app by the end of August, 650 being the number we had reached pre covid as we were gaining momentum. This is quite remarkable as the U.K. is literally just starting to pick itself up off its knees. I would expect sign up numbers in August to far exceed those in July (even without the potential of 260 Pizza Hut outlets) as more restaurant businesses start to open their doors. I like the new innovative business proposition. If Dish get this right, and timing may play a massive part in Dish’s fortunes here with restaurants wanting to grab as much business as they can, I believe with the addition of takeaway and more importantly last mile delivery, we will soon be on the radar of Just Eat / Deliveroo / Uber Eats. My thoughts mustn’t be mistaken, those companies are huge, much bigger than Dish, and I am not expecting Dish to grow their business to the scale of those other companies. What I do visual though if Dish continue to execute the new strategy well then we will become on those bigger companies radars. This is when things could become really interesting once we are becoming noticed as a market disrupter. This won’t happen over night but at the current rate of sign ups, and with new chains being added, it will happen sooner than many think !
I am confident funding will not be a problem for Dish. Aidan has spoken about non dilutive funding and it has been stated in more than one recent RNS. Aidan also purchased shares at 3.6p just before lockdown, whiles’t in the process of engaging with a tech fund in regards to future funding for the business. If he was in any doubt I am sure he wouldn’t have made that recent share purchase, along with another director of the company. Good things to come imo.
Rajeev Misra, the chief executive of the colossal SoftBank Vision Fund, has revealed the three main areas he’s looking to make investments during the coronavirus pandemic.
Armed with billions of dollars, Misra told the virtual Founders Forum tech conference on Thursday that the Vision Fund is on the hunt for start-ups focusing on food delivery, digital healthcare, and virtual learning.
The former Deutsche Bank executive said these fast-changing segments are where the Vision Fund has been “putting dollars to work” during the last few months.
“The rate of technological change that was already there has just gone more rapid,” said Misra. “We’re trying to assess new changes in human behavior.”
Food delivery
On food delivery, Misra said he’s not just interested in backing start-ups that deliver takeaways from restaurants to people’s homes. He believes that “the way we eat” is fundamentally changing and he said the Vision Fund is interested in the “whole stack” when it comes to food delivery.
“The whole food ecosystem, not just delivering food but, delivering groceries, cooking the food in (dark) kitchens, is going to change,” he said.
Dark kitchens: Where does your food delivery really come from?
Dark kitchens prepare food away from restaurant premises specifically for takeaways. “It’s about converting parking lots into kitchens,” Misra said.
The Vision Fund is the largest shareholder in food delivery firms DoorDash and UberEats. It’s also “heavily invested” in a Chinese food delivery company called Ele.me, which is owned by Alibaba
Nice to read a sensible and logical post.
I agree wholeheartedly. The governments scheme during the month of August is not only a good initiative to help kick start the sector again, it also indicates to me the government is expecting more restaurants to be open for business come August
The announcement today is the governments way of trying to help the restaurant industry. The government is promoting the sector, for obvious reasons, this can not be deemed as bad news. It is positive news and will not effect BigDish in a negative way. Anyone that considers 13 days of available discount for diners who choose to dine in at ‘ selective’ restaurants during August as negative news really needs to look further than the end of their nose. Investors in Dish need the industry to get back on its feet as quickly as possible. Peoples mindsets need to be changed having spent 3 months on lockdown. The human race are ‘creatures of habit’ and now need to snap out of the ‘staying at home’ mindset.
That is a possibility Tanya, you may well be correct in your assumption. One thing for sure, too early to judge the amount of restaurants we have retained. Giving some thought to the coming newsflow I wouldn’t be surprised if we learn that Dish offer their services free of charge for a period of time before changing one of their revenue streams from a booking fee to a subscription base. This is a way of softening the transition for existing restaurant partners. The likes of Greenspan will love this idea, more short sighted ammo to deramp and spout nonsense as this would mean Dish having no revenue for a period of time, say 3 months. Some just don’t understand the business model and huge potential here. Tech & Food are hot sectors and you don’t have to be the biggest players to be lifted if the sectors perform well. Main revenue stream will come from paid marketing & advertising given time imo.
Today is not the day for us to see how many restaurants we have retained on the app since lockdown. Far too early for us to be discussing with accuracy with today being the first day some restaurants are able to re-open. We also know the company is working on the website / app. This will temporarily skew the data. I am also not convinced we will see an RNS on Monday. The team will need several days, starting today, to try make contact with the restaurants we had pre covid to establish if they are re-opening and what deals they wish to offer. With 630 restaurants listed before shut down this will take some time. I do not expect an RNS until this has been completed, and I would be surprised if that is not until later in the week, hence in the previous RNS stating next news ‘around’ 4th July ....... it will be dependant upon how quickly they can make contact with the existing restaurants imo.
Wildwood appear to be temporarily offering just a takeaway service, currently no casual dine ins unless you book the entire venue. This suggests a few things to me. Without currently offering the dine in option they don’t need to be on the Dish app, ‘as was’. However, we may see them reappear once they start to offer the dine in experience again, and we may also see Wildwood appear on our Delivery / Takeaway section when this is up and running. Wildwood currently working with Deliveroo, I’m not sure if they were previously, but that doesn’t mean they cannot be present on our app too.
Morning Spero, the likes of Wildwood may only be temporarily not showing on the app, and there could be a number of reasons. We have seen this before where restaurants have disappeared from the app only to reappear days / weeks later. It is wise to keep track on the number of restaurants and locations but I wouldn’t take too much notice / concern until we are fully operational again. I will start to judge the numbers game more seriously at the end of July / beginning of August once the team have had a month to settle back in.
jSmith, you may think in the modern world we live in surrounded by Tech it would be a sure thing to be able to sign a financial contract remotely. Not always the case. I would suggest the documents would need to physically be in front of all parties who are present and signatures may need to be witnessed by legal entities. Why else would you suppose Dish made the statement they acknowledge that a successful outcome to the funding talks may only be possible at such time when management can travel internationally ?