REG - Dianomi PLC - Banking Facility Update

DianomiAnnouncement

13/03/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230313:nRSM6593Sa&default-theme=true

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                                         Tel: +44 (0)207 802 5530

 Rupert Hodson (Chief Executive Officer)

 Charlotte Stranner (Chief Financial Officer)

 Panmure Gordon (NOMAD and Broker)               Tel: +44 (0)207 886 2500

 Emma Earl/ Freddy Crossley, Corporate Finance

 Rupert Dearden, Corporate Broking

 Novella Communications                          Tel: +44 (0)203 151 7008

 Tim Robertson / Safia Colebrook

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
(http://www.dianom) i.com (http://www.dianomi.com/) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFFRVLIFLIV