Auction Technology Group PLC Statement re Silicon Valley Bank (7212S)
13 Marzo 2023 - 1:00AM
UK Regulatory
TIDMATG
RNS Number : 7212S
Auction Technology Group PLC
13 March 2023
AUCTION TECHNOLOGY GROUP PLC
NO MATERIAL EXPOSURE TO SILICON VALLEY BANK
London, United Kingdom, 13 March 2023 - Auction Technology Group
plc ("ATG", "the Company", "the Group") (LON: ATG), operator of the
world's leading marketplaces for curated online auctions, updates
on its financing arrangements.
The Group has a Senior Facilities arrangement with a syndicate
of six banks. The arrangement is comprised of a $150.3m senior term
loan facility, which is fully drawn, and a $49.0m multi-currency
revolving credit facility, of which $24.3m is currently drawn.
Silicon Valley Bank represent one sixth of the respective drawn and
undrawn amounts on the facilities. ATG has a strong liquidity
position, benefiting from both ongoing cash generation from
operations as well as funding and liquidity access from the other
five banks within the syndicate.
As at 9 March 2023, the Group has $10.0m cash at bank, of which
5% is held on deposit at Silicon Valley Bank. This deposit is held
across the Group's different US entities. The Group uses J.P.
Morgan Chase and HSBC for its main clearing and operational
uses.
The Group therefore does not believe that the developments
around Silicon Valley Bank represent a material impact to the
Group's current or future liquidity position.
For further information, please contact:
ATG
For investor enquiries, Rebecca Edelman rebeccaedelman@auctiontechnologygroup.com
For media enquiries press@auctiontechnologygroup.com
Tulchan Communications +44 207 353 4200
(Public relations advisor to ATG) ATG@tulchangroup.com
Tom Murray, Matt Low, Arthur Rogers
About Auction Technology Group plc
Auction Technology Group plc ("ATG") is the operator of world
leading marketplaces and auction services for curated online
auctions, seamlessly connecting bidders from around the world to
around 3,800 trusted auction houses across two major sectors:
Industrial & Commercial ("I&C") and Art & Antiques
("A&A").
The Group powers seven online marketplaces using its proprietary
auction platform technology, hosting in excess of 70,000 live and
timed auctions each year. ATG has been supporting the auction
industry since 1971 and the Company has offices in the UK, US and
Germany.
CAUTIONARY STATEMENT The announcement may contain
forward-looking statements. These statements may relate to (i)
future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition,
dividend policy, losses or future prospects, and (ii) developments,
expansion or business and management strategies of the Company.
Forward-looking statements are identified by the use of such terms
as "believe", "could", "should", "envisage", "anticipate", "aim",
"estimate", "potential", "intend", "may", "plan", "will" or
variations or similar expressions, or the negative thereof. Any
forward-looking statements contained in this announcement are based
on current expectations and are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by those statements. If one or more of these
risks or uncertainties materialise, or if underlying assumptions
prove incorrect, the Company's actual results may vary materially
from those expected, estimated or projected. No representation or
warranty is made that any forward-looking statement will come to
pass. Any forward-looking statements speak only as at the date of
this announcement. The Company and its directors expressly disclaim
any obligation or undertaking to publicly release any update or
revisions to any forward-looking statements contained in this
announcement to reflect any change in events, conditions or
circumstances on which any such statements are based after the time
they are made, other than in accordance with its legal or
regulatory obligations (including under the UK Listing Rules and
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority). Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in
accordance with such laws.
LEI Number: 213800U8Q9K2XI3WRE39
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STRJJMFTMTIBMIJ
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March 13, 2023 03:00 ET (07:00 GMT)
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