Banking Facility Update

RNS Number : 6593S

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, notes that on Friday, 10 March 2023, the Federal Deposit Insurance Corporation announced that it had been appointed receiver to SVB Financial Group ("SVB") and the Bank of England announced that it intends to apply to the Court to place Silicon Valley Bank UK Limited ('SVBUK') into a Bank Insolvency Procedure.

As at the close of business on 9 March 2023, Dianomi had total cash balances of circa £9.6 million of which the majority is held in accounts with J.P. Morgan Chase and Westpac Banking Corporation (USD 6.1 million and AUD 1.2 million respectively) which ensures a very comfortable working capital position. Furthermore, Dianomi has no debt.

Circa £3.8 million was held across a variety of different currency accounts with SVB (£0.9 million) and SVBUK (£2.9 million). Dianomi has been actively working to recover these deposits.  

The Company is awaiting an update on the UK Government's position on supporting businesses affected by the issue and a further update will be made once more clarity is received as to the status of Dianomi's funds held by SVB and SVBUK.

Given the level of the Company's cash balances held outside of SVB and SVBUK,  the Company does not anticipate a material impact on its operations as a consequence of the issues noted above and does not require further funding.

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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