Update regarding Silicon Valley Bank

RNS Number : 7206S

Eagle Eye Solutions Group PLC

13 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC.

13 March 2023

Eagle Eye Solutions Group plc

("Eagle Eye", the "Group", or the "Company")

Update regarding Silicon Valley Bank

Eagle Eye (LSE: "EYE"), a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing, today provides an update in relation to Silicon Valley Bank UK ("SVBUK").

The Company has a £5.0m loan facility with SVBUK, against which it has drawn down £2.0m and at 10 March 2023 had total cash of c. £7.8m*. The Company currently has no requirements to draw down further on its facility and awaits further information as to the status of its facility.

The Group has no cash deposits with SVBUK. While some funds were deposited with Silicon Valley Bank US, the Board anticipates there will be no impact upon the Group from this, following the Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC that all deposits will be protected and available from today.

The person responsible for the release of this announcement on behalf of the Company for the purposes of MAR is Lucy Sharman-Munday.

* Total cash includes approximately £1.6m of cash within the recently acquired Untie Nots business.

Enquiries:

Eagle Eye Solutions Group plc	Tel: [phone]
Tim Mason, Chief Executive Officer
Lucy Sharman-Munday, Chief Financial Officer
Investec Bank plc (Nominated Adviser & Joint Broker)	Tel: [phone]
Corporate Broking & PLC Advisory: David Anderson, Nick Prowting
Shore Capital (Joint Broker)	Tel: [phone]
Corporate Advisory: Daniel Bush, David Coaten, Lucy Bowden
Corporate Broking: Henry Willcocks
Alma PR (Financial PR)	Tel: [phone]
Caroline Forde, Hannah Campbell

About Eagle Eye

Eagle Eye is a leading SaaS technology company transforming marketing by creating digital connections that enable personalised performance marketing in real time through coupons, loyalty, apps, subscriptions and gift services.

Eagle Eye AIR enables the secure issuance and redemption of digital offers and rewards at scale, across multiple channels, enabling a single customer view. The Group creates a network between merchants, brands and audiences to enable customer acquisition, interaction and retention at lower cost whilst driving marketing innovation.

The Company's current customer base comprises leading names in UK Grocery, Retail, Leisure and Food & Beverage sectors, including Asda, Sainsbury's, Tesco, Waitrose and John Lewis & Partners, Virgin Red, JD Sports, Pret A Manger, Greggs, Mitchells & Butlers, PizzaExpress; in North America, Loblaws, Shoppers Drug Mart, Southeastern Grocers and Staples US Retail and in Australia & New Zealand, Woolworths Group and The Warehouse Group. In January 2023, the Group acquired France based Untie Nots, a personalised promotions business, adding Carrefour, E. Leclerc, Auchan and other leading brands to its European customer base.

Web -   www.eagleeye.com

 

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