DELIVEROO ANNOUNCES COMMUNITY OFFER AND RIDER ‘THANK YOU’ FUND

DELIVEROO REVEALS PLANS TO LAUNCH £50 MILLION COMMUNITY OFFER AND £16 MILLION ‘THANK YOU FUND’ FOR RIDERS

HEADER: The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Canada, Japan or the United States. This announcement is not a prospectus and not an offer of shares for sale in any jurisdiction, including in or into Australia, Canada, Japan or the United States.

  • Deliveroo expected to make £50m of shares available to its customers in a future IPO as part of a Community Offer
  • The company is aiming to give £16m of payments to riders in all markets who have delivered the most orders
  • Over one quarter of Deliveroo's global rider fleet are expected to benefit from the new Thank You Fund
  • In May 2018 Deliveroo made every full time employee an option-holder in the company, so employees will also benefit from any future flotation  

Deliveroo today announces that, in a potential forthcoming IPO, it will make £50 million of shares available to its customers in a "Community Offer". Riders and restaurant partners are able to participate if they have Deliveroo customer accounts.

The company is also planning to create a new £16 million 'Thank You Fund' for riders who have done the most deliveries. The move reflects Deliveroo's desire to give back to those that have supported the company.

Customer shares

Deliveroo is set to announce a new Community Offer in which the company has put aside up to £50m of shares which will be allocated to customers. Deliveroo has dubbed the offer, 'Great food with a side of shares'.

From tomorrow, any Deliveroo customer who has placed an order will be able to register their interest in applying for shares in any future floatation via their Deliveroo app. All they will need to do from Monday is visit the app, or download it, and follow the instructions.

Deliveroo has partnered with PrimaryBid, a platform that connects companies to their community on public offerings. To take part, Deliveroo customers can on Monday register their interest in having access to Deliveroo shares in future via the PrimaryBid website. If a float is confirmed in the future, customers will later be able to apply for shares via the PrimaryBid website. Each customer will be able to apply for up to £1,000 of shares.

Deliveroo is allocating a total of £50m of shares to customers. By having a maximum value of shares available for consumers, the company aims to ensure that a significant number of customers can participate, but the company cannot guarantee that everyone who applies for shares in future will be allocated shares, as demand is unknown. If there is extremely high demand for shares and the company is oversubscribed, Deliveroo will prioritise existing loyal customers, but will make sure a mixture of new and existing customers benefit.

Rider reward

Deliveroo intends to recognise the central role that riders have played in the company's success. The company has established a £16 million cash reward programme for riders, the 'Thank You Fund', which will be given to over one quarter of Deliveroo's global rider fleet.

The Thank You Fund, which would launch on the day of a listing, will be available to riders in all 12 markets in which Deliveroo operates, with riders eligible based on the number of orders they have delivered.

There will be payments of £10,000, £1,000, £500 and £200, or local currency equivalents, with all riders who have worked with Deliveroo for at least one year and completed 2,000 orders receiving £200. The average payment per eligible rider will be £440.

The cash payment will be calculated by reference to the number of orders completed by each eligible

rider, with the largest payments being made to those riders who have completed the highest number of orders in each market. Hundreds of active riders are set to receive the largest payment of £10,000. Over half of those receiving this sum are in the UK, some of whom began riding with Deliveroo alongside CEO Will Shu soon after the company launched.

This comes after Deliveroo announced a new £50m Communities Fund to support local communities in which the company operates, restaurant partners and Deliveroo riders. The Fund will be put in place after any potential future IPO. The investment is pledged over five years and Deliveroo will consult on specific initiatives to invest in.

Will Shu Founder and CEO Deliveroo said:

"Our customers have played a central role in supporting our growth and we wanted to give them the chance to share in the next stage of our journey. Far too often normal people are locked out of IPOs, and the only participants are the institutional investors. I wanted to give as many customers as possible the chance to become shareholders, which is why we're making available £50m of shares available to them, alongside our restaurant partners and riders.

"I want to thank our riders who have been working with us for years, delivering great food and such a fantastic experience for our customers. They have been central to our growth and will continue to be. Some of these riders have been with us since the start and I'm delighted that they can share in the excitement of the company's next chapter."

Ends

FOOTER: This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America.  This announcement is not an offer of securities for sale into the United States.   This announcement and the information contained herein is for information purposes only and does not contain or constitute or form part of, and should not be construed as, an offer or invitation to sell, or the solicitation of an offer to buy or subscribe for, securities.

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. 

This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can have", "likely", "should", "would", "could" and any other words and terms of similar meaning or the negative thereof. These forward-looking statements are subject to risks, uncertainties and assumptions about Dalton Ltd (the "Company") and its subsidiaries and its investments (together, the "Group"), including, among other things, the development of its business, trends in its operating environment, and future capital expenditures and acquisitions. The forward-looking statements in this announcement speak only as at the date of this announcement. These statements reflect the beliefs of the Directors, (including based on their expectations arising from pursuit of the Group's strategy) as well as assumptions made by the Directors and information currently available to the Company.

Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company nor any member of the Group, nor any of such person's affiliates or their respective directors, officers, employees, agents and/or advisors, nor any other person(s) accepts any responsibility for the accuracy or fairness of the opinions expressed in this announcement or the underlying assumptions. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No representation or warranty is made that any forward-looking statement will come to pass. No one undertakes to update, supplement, amend or revise any forward-looking statements. You are therefore cautioned not to place any undue reliance on forward-looking statements.

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Nothing in this announcement shall constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to acquire, whether by subscription or purchase, any shares or any other securities in the Company or a member of its Group, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.

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