Statement regarding Silicon Valley Bank
13/03/2023 07:00
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RNS Number : 6640S Medica Group PLC 13 March 2023
13 March 2023
Medica Group Plc
Statement regarding Silicon Valley Bank
Medica Group Plc (LSE: MGP, "Medica", the "Company" or the "Group"), an
international provider of high-quality telemedicine services, notes the
statement from the Bank of England on Friday 10 March 2023 that, absent any
meaningful further information or intervening events, it intends to put
Silicon Valley Bank UK Ltd ("SVB UK") into insolvency.
Medica can confirm it does not have any cash on deposit nor does it conduct
any day-to-day commercial banking with any SVB entity.
Medica has a Revolving Credit Facility, which currently expires in May 2025,
with a consortium of three lending banks, including SVB UK, NatWest and
Lloyds. As at 31 December 2022, c. £10m of the £30m facility was being used
to part fund previously completed acquisitions and the Company had net cash of
approximately £0.5m after taking account of cash on hand held with mainstream
UK and Irish commercial banks. The RCF facility is not required for day-to-day
activity, is not forecast to be further drawn and Medica intends to pay this
facility down out of trading cashflows within the next 12-18 months.
For further information, please contact:
Medica Group Plc: +44 (0)33 33 111 222
Stuart Quin, Chief Executive Officer
Richard Jones, Chief Financial Officer
FTI Consulting +44 (0)20 3727 1000
Victoria Foster Mitchell
Sam Purewal
Liberum (Joint Broker) +44 (0)20 3100 2000
Phil Walker
Richard Lindley
Numis (Joint Broker) +44 (0)20 7260 1000
Freddie Barnfield
Duncan Monteith
Euan Brown
About Medica Group PLC
Medica (LSE:MGP) is an international provider of high-quality telemedicine
services. It is the market leader in teleradiology in the UK and Ireland,
working with more than 100 NHS Trusts and HSE hospitals in Ireland, in
addition to private hospitals, insurance groups and diagnostic imaging
companies. Its network of consultant radiologists, radiographers and
specialist doctors interpret and report MRI, CT, ultrasound and X-ray images
on behalf of healthcare providers, using Medica's bespoke, secure technology
platform for fast and responsive delivery. The Company's core services include
NightHawk, an urgent, out-of-hours offering available to clients 24/7 with
dedicated pathways for stroke and major trauma, and Elective, for routine
reporting.
In Ireland, Medica carries out patient scanning, as well as reporting, and
runs a diabetic retinopathy screening programme for the National Screening
Service. Through its US business, RadMD, Medica provides global pharmaceutical
and biotech companies, as well as contract research organisations with
specialist imaging services for clinical trials.
For more information, please visit: www.medicagroupplc.com
(http://www.medicagroupplc.com/)
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