Business
Update regarding Silicon Valley Bank
Update regarding Silicon Valley Bank.
About this update from Molten Ventures Plc
[{"type":"text","content":"\n \n\n\nMolten Ventures Plc (GROW; GRW)\n\n\n\nUpdate regarding Silicon Valley Bank14-March-2023 / 07:00 GMT/BST\n\n\n14 March 2023\n\n \n\nMolten Ventures plc\n\n(\"Molten\", the \"Group\" or the \"Company\")\n\nUpdate regarding Silicon Valley Bank\n\n \n\nMolten Ventures plc (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, provides the following update with regard to Silicon Valley Bank (“SVB”) and Silicon Valley Bank UK (“SVB UK”). \n\n \n\nSVB UK is one of two banks, the other being J.P. Morgan Chase Bank, N.A. (\"JPM\"), that provide Molten’s current RCF (which is undrawn) of up to £60 million and a £90 million term loan (the “Facilities”). SVB UK provides 40% of the Facilities and JPM 60%. \n\n \n\nFollowing the acquisition by HSBC of SVB UK, the Facilities will continue to be available to Molten. Furthermore, Molten has a strong cash position, with gross cash balances currently in excess of £30 million of which less than £1 million is currently deposited with SVB UK.\n\n \n\nAs regards to Molten’s portfolio companies, the recent positive developments means that it does not anticipate any meaningful liquidity impact from the failure of SVB or SVB UK. The great majority of Molten’s core companies were already well diversified in terms of banking relationships and counterparty risk. Molten has worked closely with its portfolio companies to further improve the position over recent days. \n\n \n\n \n\n-ENDS-\n\nEnquiries:\n\n \n\n\n Molten Ventures plc\n\n Martin Davis (Chief Executive Officer)\n\n Ben Wilkinson (Chief Financial Officer)\n \n \n +44 (0)20 7931 8800\n \n \n Numis Securities\n\n Joint Financial Adviser and Corporate Broker\n\n Simon Willis\n\n Jamie Loughborough\n\n Havish Patel\n\n Iqra Amin \n\n \n \n \n +44 (0)20 7260 1000\n \n \n Goodbody Stockbrokers\n\n Joint Financial Adviser and Corporate Broker,\n\n Euronext Dublin Sponsor\n\n Don Harrington\n\n Charlotte Craigie\n\n Dearbhla Gallagher\n\n \n \n \n +44 (0) 20 3841 6202\n \n \n Powerscourt\n\n Public relations\n\n Elly Williamson\n\n Jane Glover\n \n \n +44 (0)7970 246 725 /\n\n +44 (0)7713 246 126\n \n \n\nAbout Molten Ventures\n\nMolten Ventures is a leading venture capital firm in Europe, de...