Last checked at 16 Nov 2020 07:00
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 Chairman | jmk@bigdish.com |