Banking Facilities Update

RNS Number : 7326S

Dianomi PLC

13 March 2023

 

13 March 2023

Dianomi plc

("Dianomi", the "Company" or the "Group")

Banking Facilities Update

Dianomi, a leading provider of native digital advertising services to premium clients in the Business, Finance and Lifestyle sectors, provides a further update with respect to its banking facilities with SVB Financial Group ("SVB") and Silicon Valley Bank UK Limited ('SVBUK').

After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation ("FDIC") and the Federal Reserve, Secretary of Treasury of the U.S. Government Janet Yellen approved actions enabling the FDIC to complete its resolution of SVB, in a manner that fully protects all depositors. Dianomi will therefore have access to all its funds in SVB, amounting to £0.9 million, as from today.

Furthermore, the The Bank of England ("Bank"), in consultation with the Prudential Regulation Authority ("PRA"), HM Treasury ("HMT") and the Financial Conduct Authority ("FCA"), has taken the decision to sell SVBUK to HSBC UK Bank Plc ("HSBC"). HSBC is authorised and supervised by the PRA and the FCA. The Bank and HMT have confirmed that all depositors' money with SVBUK is safe and secure as a result of this transaction. SVBUK's business will continue to be operated normally by SVBUK. Dianomi holds funds totalling £2.9 million with SVBUK.

As a result, Dianomi's financial position has not been affected by the collapse of SVB or SVBUK and its total cash balances are unchanged at circa £9.6 million, with no debt.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information contact:

Dianomi Rupert Hodson (Chief Executive Officer) Charlotte Stranner (Chief Financial Officer)	Tel: [phone]
Panmure Gordon (NOMAD and Broker) Emma Earl/ Freddy Crossley, Corporate Finance Rupert Dearden, Corporate Broking	Tel: [phone]
Novella Communications Tim Robertson / Safia Colebrook	Tel: [phone]

About Dianomi

Dianomi, established in 2003, is a leading provider of native digital advertising services to premium clients in the Business, Finance and Lifestyle sectors. The Group operates from its offices in London, New York and Sydney. The Group enables premium brands to deliver native advertisements to a targeted audience on the desktop and mobile websites, mobile and tablet applications of premium publishers. It provides over 400 advertisers, including blue chip names such as abrdn, Invesco and Charles Schwab, with access to an international audience of over 500 million devices per month through its partnerships with over 300 premium publishers, including blue chip names such as Reuters, CNN Business and WSJ. Adverts served are contextually relevant to the content of the webpages on which they appear and mirror the style of the page, which enhances reader engagement. http://www.dianom i.com .

 

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