PCI-PAL PLC SVB Update (7243S)
13 March 2023 - 6:49PM
UK Regulatory
TIDMPCIP
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 GBP3.2 million of cash in accounts with SVB split between
the US and the UK. The Group also has GBP0.33 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) +44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate
Finance)
Sunila De Silva (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome/Joe Walker +44 (0) 797 122 1972
PCIPAL @walbrookpr.com
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END
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March 13, 2023 03:49 ET (07:49 GMT)
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