REG - Auction Technology - Statement re Silicon Valley Bank

Auction TechnologyAnnouncement

13/03/2023 07:00

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RNS Number : 7212S  Auction Technology Group PLC  13 March 2023

AUCTION TECHNOLOGY GROUP PLC

 

NO MATERIAL EXPOSURE TO SILICON VALLEY BANK

 

 

London, United Kingdom, 13 March 2023 - Auction Technology Group plc ("ATG",
"the Company", "the Group") (LON: ATG), operator of the world's leading
marketplaces for curated online auctions, updates on its financing
arrangements.

 

The Group has a Senior Facilities arrangement with a syndicate of six banks.
The arrangement is comprised of a $150.3m senior term loan facility, which is
fully drawn, and a $49.0m multi-currency revolving credit facility, of which
$24.3m is currently drawn.  Silicon Valley Bank represent one sixth of the
respective drawn and undrawn amounts on the facilities.  ATG has a strong
liquidity position, benefiting from both ongoing cash generation from
operations as well as funding and liquidity access from the other five banks
within the syndicate.

 

As at 9 March 2023, the Group has $10.0m cash at bank, of which 5% is held on
deposit at Silicon Valley Bank.  This deposit is held across the Group's
different US entities. The Group uses J.P. Morgan Chase and HSBC for its main
clearing and operational uses.

 

The Group therefore does not believe that the developments around Silicon
Valley Bank represent a material impact to the Group's current or future
liquidity position.

 

 

For further information, please contact:

 ATG
 For investor enquiries, Rebecca Edelman  rebeccaedelman@auctiontechnologygroup.com
                                          (mailto:rebeccaedelman@auctiontechnologygroup.com)
 For media enquiries                      press@auctiontechnologygroup.com (mailto:press@auctiontechnologygroup.com)

 Tulchan Communications                   +44 207 353 4200
 (Public relations advisor to ATG)        ATG@tulchangroup.com (mailto:ATG@tulchangroup.com)
 Tom Murray, Matt Low, Arthur Rogers

About Auction Technology Group plc

Auction Technology Group plc ("ATG") is the operator of world leading
marketplaces and auction services for curated online auctions, seamlessly
connecting bidders from around the world to around 3,800 trusted auction
houses across two major sectors: Industrial & Commercial ("I&C") and
Art & Antiques ("A&A").

 

The Group powers seven online marketplaces using its proprietary auction
platform technology, hosting in excess of 70,000 live and timed auctions each
year. ATG has been supporting the auction industry since 1971 and the
Company has offices in the UK, US and Germany.

 

CAUTIONARY STATEMENT The announcement may contain forward-looking statements.
These statements may relate to (i) future capital expenditures, expenses,
revenues, earnings, synergies, economic performance, indebtedness, financial
condition, dividend policy, losses or future prospects, and (ii) developments,
expansion or business and management strategies of the Company.
Forward-looking statements are identified by the use of such terms as
"believe", "could", "should", "envisage", "anticipate", "aim", "estimate",
"potential", "intend", "may", "plan", "will" or variations or similar
expressions, or the negative thereof. Any forward-looking statements contained
in this announcement are based on current expectations and are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by those statements. If one or more of these
risks or uncertainties materialise, or if underlying assumptions prove
incorrect, the Company's actual results may vary materially from those
expected, estimated or projected. No representation or warranty is made that
any forward-looking statement will come to pass. Any forward-looking
statements speak only as at the date of this announcement. The Company and its
directors expressly disclaim any obligation or undertaking to publicly release
any update or revisions to any forward-looking statements contained in this
announcement to reflect any change in events, conditions or circumstances on
which any such statements are based after the time they are made, other than
in accordance with its legal or regulatory obligations (including under the UK
Listing Rules and the Disclosure Guidance and Transparency Rules of the
Financial Conduct Authority). Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in accordance with
such laws.

 

LEI Number: 213800U8Q9K2XI3WRE39

 

 

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