REG - PCI-PAL PLC - SVB Update

PCI- PALAnnouncement

13/03/2023 08:00

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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 £3.2 million of cash in accounts with SVB
split between the US and the UK. The Group also has £0.33 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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