Business
Confirmation of unrestricted liquidity position
Confirmation of unrestricted liquidity position.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n RNS\n \n \n \n \n \n \n 13 March 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n \n \n \n \n \n \n \n (\"Mercia\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Confirmation of unrestricted liquidity position\n \n \n \n \n \n \n \n \n Mercia Asset Management PLC (AIM: MERC), the debt free, proactive and regionally focused specialist asset manager with c.£1.4billion of assets under management, confirms that the Group does not bank with any Silicon Valley Bank (\"SVB\") entity.\n \n \n \n \n \n All of its consolidated balance sheet cash, which on 10 March 2023 was c.£39million, is held in bank accounts with Barclays, Lloyds, HSBC and Santander, with the vast majority on very short notice periods to provide maximum flexibility and availability.\n \n \n \n \n \n A very small number of the Group's direct investment portfolio have bank accounts with SVB, but their credit balances are relatively small due to their scale and cash burn rates. Mercia therefore has sufficient liquidity to support these investees, should a short term need arise.\n \n \n \n \n \n \n Dr Mark Payton, CEO of Mercia Asset Management PLC,\n \n said: \"\n Mercia's business model was developed specifically to only invest in businesses with relatively low capital needs. Our interconnected pools of capital and debt free, highly liquid balance sheet ensures that investee company liquidity risk can be mitigated.\n Furthermore, our treasury policy has always prioritised capital preservation by spreading credit risk across leading UK banks.\"\n \n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n -Ends-\n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n \n Mark Payton, Chief Executive Officer\n \n \n Martin Glanfield, Chief Financial Officer\n \n \n \n \n www.mercia.co.uk\n \n \n \n \n \n \n \n \n \n \n \n \n +44 (0)330 223 1430\n ...