Future PLC No material exposure to Silicon Valley Bank (6619S)
13 Marzo 2023 - 1:00AM
UK Regulatory
TIDMFUTR
RNS Number : 6619S
Future PLC
13 March 2023
13 March 2023
Future plc
No material exposure to Silicon Valley Bank
Future plc (LSE: FUTR, "Future", "the Group"), the global
platform for specialist media, confirms that its exposure to
Silicon Valley Bank ("SVB") is immaterial to the Group's liquidity
position.
As at 10 March 2023, cash deposits with SVB accounted for less
than 3% of the Group's cash on hand, equivalent to less than GBP1
million. SVB also provided GBP50 million of the Group's GBP900
million total debt facilities. Of this GBP50 million, approximately
48% is currently drawn.
The Group, backed by a strong banking syndicate, has access to
significant levels of liquidity. As at 10 March 2023, the Group had
access to GBP26 million cash on hand and GBP438 million of undrawn
committed facilities excluding SVB's undrawn hold.
Enquiries
Future plc +44 (0)1225 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial and
Strategy Officer
Marion Le Bot, Head of Investor Relations +44(0)7775 641509
Media
Headland +44 (0) 20 3805 4822
Stephen Malthouse, Rob Walker, Charlie future@headlandconsultancy.com
Twigg
About Future
Future is a global platform business for specialist media with
diversified revenue streams. Its content reaches 1 in 3 adults
online in the UK and US.
The Media division is high-growth with complementary revenue
streams including eCommerce for products and services, events, and
digital advertising (including advertising within newsletters and
video). It operates in a number of sectors including technology,
games & entertainment, music, home & gardens, sports, TV
& film, real life, knowledge, wealth & savings, women's
lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's
Guide, Android Central, Truly, The Week, Kiplinger, GoCompare,
Digital Camera World, Homebuilding & Renovating Show,
GamesRadar+, The Photography Show, Top Ten Reviews, Marie Claire,
Live Science, Guitar World, MusicRadar, Space.com, Who What Wear,
What to Watch, Gardening Etc, Adventure and Tom's Hardware.
The Magazine division focuses on publishing specialist content,
with a combined global circulation of over 4.5 million delivered
through more than 106 magazines, and 743 bookazines published a
year. The portfolio spans technology, knowledge, games &
entertainment, sports, music, photography & design, homes &
garden, country lifestyle, TV & film and B2B. Its titles
include Country Life, Wallpaper*, Woman & Home, The Week,
Classic Rock, Decanter, Guitar Player, FourFourTwo, Homebuilding
& Renovating, Digital Camera, Guitarist, How It Works, Total
Film, What Hi-Fi? and Music Week.
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END
MSCSFSFUEEDSEID
(END) Dow Jones Newswires
March 13, 2023 03:00 ET (07:00 GMT)
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