SVB Update

RNS Number : 7243S

PCI-PAL PLC

13 March 2023

 

FOR IMMEDIATE RELEASE

13 March 2023

PCI-PAL PLC

("PCI Pal", the "Company" or the "Group")

SVB Update

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, provides the following update regarding Silicon Valley Bank ("SVB"). SVB are the Company's principal bank and as at 9 March 2023, the Group had a total of £3.2 million of cash in accounts with SVB split between the US and the UK. The Group also has £0.33 million of cash held with other banks.

On the evening of 12 March 2023, a statement was issued jointly by the US Treasury, Federal Reserve and FDIC announcing a systematic risk exception which will allow depositors at SVB US to regain access to all of their money starting today, 13 March 2023.  In addition, this morning HSBC Holdings PLC has announced the acquisition of SVB UK and the Bank of England and HM Treasury has confirmed that all depositors' money with SVB UK is safe and secure as a result of this transaction.

Trading in the first two months of the second half has been in line with the Board's expectations and revenue momentum continues, with strong visibility of meeting the Board's full year expectations. The Board reiterates the outlook set out in its trading update on 2 February 2023 and believes that Company is on track to deliver monthly cashflow breakeven in this financial year.

The Company's Interim results for the six months to 31 December 2022 will be released tomorrow as planned.

For further information contact:

PCI PAL PLC	Via Walbrook PR
James Barham - Chief Executive Officer William Good - Chief Financial Officer
finnCap (Nominated Adviser and Broker)	[phone]
Marc Milmo/Simon Hicks (Corporate Finance) Sunila De Silva (Corporate Broking)
Walbrook PR	[phone]
Tom Cooper/Nick Rome/Joe Walker	[phone]
	PCIPAL @walbrookpr.com

 

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