REG - RWS Holdings PLC - Update on Silicon Valley Bank

RWS HoldingsAnnouncement

13/03/2023 07:00

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RNS Number : 6637S  RWS Holdings PLC  13 March 2023

 

 

 

For immediate
release
13 March 2023

 

RWS Holdings plc

Update on Silicon Valley Bank

As at 10 March 2023, RWS Holdings plc ("RWS" or "the Group") had limited
exposure to Silicon Valley Bank ("SVB") as set out below:

 

·   The Group's $220m Revolving Credit Facility is provided by a syndicate
of eight global banks of which Silicon Valley Bank UK Limited ("SVB UK") is
part, having committed c.10% of the facility. RWS has c.$26m drawn down
currently, with SVB's share of the current draw down being $2.7m.

 

·   RWS has a small cash position held within SVB in the US which is
currently expected to be fully protected under the Federal Deposit Insurance
Corporation scheme, which has a coverage limit of $250k.

 

·   SVB UK holds a portion of RWS's forward currency contracts.  The
Group is working through a number of actions to minimise its limited exposure
to these contracts.

RWS therefore believes that it has limited exposure to SVB. It reiterates the
outlook provided in its recent AGM Statement and continues to expect to
deliver FY23 adjusted PBT in line with market expectations.  The Group
remains well placed to continue to deliver on its strategy with the additional
benefit of a strong balance sheet, having had net cash of £71.9m as at 30
September 2022.

 

For further information, please contact:

 
RWS Holdings plc    01753 480200

Andrew Brode, Chairman

Ian El-Mokadem, Chief Executive Officer

Candy Davies, Chief Financial Officer

MHP (Financial PR
advisor)
rws@mhpgroup.com

Katie Hunt / Simon
Hockridge
020 3128 8100

Numis (Nomad & Joint
Broker)
020 7260 1000

Stuart Skinner / Kevin Cruickshank / Will Baunton

Berenberg (Joint
Broker)
020 3207 7800

Ben Wright / Toby Flaux / Alix Mecklenburg-Solodkoff

About RWS

RWS Holdings plc is a unique, world-leading provider of technology-enabled
language, content and intellectual property services. Through content
transformation and multilingual data analysis, our unique combination of
technology and cultural expertise helps our clients to grow by ensuring they
are understood anywhere, in any language.

Our purpose is unlocking global understanding. By combining cultural
understanding, client understanding and technical understanding, our services
and technology assist our clients to acquire and retain customers, deliver
engaging user experiences, maintain compliance and gain actionable insights
into their data and content.

We work with over 80% of the world's top 100 brands, more than three-quarters
of Fortune's 20 'Most Admired Companies' and almost all of the top
pharmaceutical companies, investment banks, law firms and patent filers. Our
client base spans Europe, Asia Pacific and North and South America. Our 65+
global locations across five continents service clients in the automotive,
chemical, financial, legal, medical, pharmaceutical, technology and
telecommunications sectors.

Founded in 1958, RWS is headquartered in the UK and publicly listed on AIM,
the London Stock Exchange regulated market (RWS.L).

For further information, please visit: www.rws.com (http://www.rws.com) .

 

 

 

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