Brief: Ikegps Group Posts Impact On Ike From Silicon Valley Bank Closure

Ikegps

12/03/2023 19:45

March 13 (Reuters) - Ikegps Group Ltd  IKE.NZ :
    * IMPACT ON IKE FROM SILICON VALLEY BANK CLOSURE & FDIC
RECEIVER
PROCESS
    * IKE DOES BANK WITH SVB AND ABOUT US$3.2M, OR NZ$5.3M, OF
THAT
BALANCE IS HELD AT SVB
    * AS OF 13 MARCH 2023, IKE HAS TOTAL CASH OF ABOUT NZ$19.6M
    * AWARE THAT SVB WAS CLOSED US FRIDAY 10 MARCH BY THE
CALIFORNIA
DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION
    * AT THIS TIME, WE CLEARLY CANNOT ESTIMATE THE EXTENT TO
WHICH WE
WILL FULLY RECOVER OUR CASH ON DEPOSIT AT SVB
    * OF THAT AMOUNT HELD AT SVB, US$0.25M IS INSURED
    * WE BELIEVE IKE REMAINS VERY STRONGLY POSITIONED


Further company coverage:  IKE.NZ 

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