PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, provides the following update regarding Silicon Valley Bank ("SVB"). SVB are the Company's principal bank and as at 9 March 2023, the Group had a total of £3.2 million of cash in accounts with SVB split between the US and the UK. The Group also has £0.33 million of cash held with other banks.
On the evening of 12 March 2023, a statement was issued jointly by the US Treasury, Federal Reserve and FDIC announcing a systematic risk exception which will allow depositors at SVB US to regain access to all of their money starting today, 13 March 2023. In addition, this morning HSBC Holdings PLC has announced the acquisition of SVB UK and the Bank of England and HM Treasury has confirmed that all depositors' money with SVB UK is safe and secure as a result of this transaction.
Trading in the first two months of the second half has been in line with the Board's expectations and revenue momentum continues, with strong visibility of meeting the Board's full year expectations. The Board reiterates the outlook set out in its trading update on 2 February 2023 and believes that Company is on track to deliver monthly cashflow breakeven in this financial year.
The Company's Interim results for the six months to 31 December 2022 will be released tomorrow as planned.
For further information contact:
PCI PAL PLC
Via Walbrook PR
James Barham - Chief Executive Officer
William Good - Chief Financial Officer
finnCap (Nominated Adviser and Broker)
+44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate Finance)
Sunila De Silva (Corporate Broking)
+44 (0) 20 7933 8780
Tom Cooper/Nick Rome/Joe Walker
+44 (0) 797 122 1972