Business
No direct deposits or credit facilities with SVB
No direct deposits or credit facilities with SVB.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n \n \n 13 March 2023\n \n \n \n \n \n \n \n IP Group - Confirms no direct financial relationship with SVB\n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\" or \"the Company\"),\n which invests in breakthrough science and innovation companies with the potential to create a better future for all,\n confirms that it has no direct deposits, credit facilities or other relationships with Silicon Valley Bank or SVB UK.\n \n \n \n \n \n As announced last week, IP Group has a\n strong balance sheet and as at 31 December 2022 had gross cash and deposits of £241.5m and total potential liquidity (including quoted shares and undrawn debt) of over £500m.\n \n \n \n \n \n While we continue to monitor the response to the situation, we have evaluated our portfolio and are working closely with the small number of portfolio companies that may require short term liquidity. Our strong financial position means we are well placed to support our portfolio.\n \n \n \n \n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n IP Group plc\n \n \n \n \n \n www.ipgroupplc.com\n \n \n \n \n \n \n Greg Smith, Chief Executive Officer\n \n \n David Baynes, Chief Financial and Operating Officer\n \n \n Liz Vaughan-Adams, Communications\n \n \n \n \n +44 (0) 20 7444 0050\n \n \n \n \n \n +44 (0) 20 7444 0062/+44 (0) 7967 312125\n \n \n \n \n \n \n \n Portland\n \n \n \n \n \n \n \n Vic Wallin\n \n \n Alex Donaldson\n \n \n \n \n +44 (0) 7973 823119\n \n \n +44 (0) 7516 729702\n \n \n \n \n \n \n \n \n \n \n \n \n Notes for editors\n \n \n \n \n \n \n \n \n \n About IP Group\n \n \n \n \n \n \n IP Group \n accelerates the impact of science for a better future. As \n the \n most active\n UK based, \n early stage science investor\n , \n we develop and support some \n of th\n e world's \n most exciting\n \n businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have...