REG - Science Group PLC - Statement re banking arrangements

ScienceAnnouncement

13/03/2023 07:00

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RNS Number : 6723S  Science Group PLC  13 March 2023

 

 

 

 

 

 

 

 

13 March 2023

Banking Arrangements

 

 

Science Group notes the widespread market concerns resulting from the
insolvency of Silicon Valley Bank ("SVB") and informs shareholders that
Science Group has no deposit accounts, loans or other financial relationship
with SVB.

 

Science Group banking arrangements are primarily with Lloyds Bank with
deposits also held with HSBC and Natwest in the UK. The Group's banks in the
USA are Wells Fargo and Citizens. The Group has a number of other minor
banking arrangements.

 

Science Group has a robust balance sheet. At 28 February 2023, Science Group
had gross cash of £33.4 million and net funds of £19.3 million. The Group's
term loan is secured on the freehold properties and is not due for repayment
until 2026. The Group's Revolving Credit Facility remains undrawn.

 

 

 

 

End

 

 Science Group plc
 Martyn Ratcliffe, Chairman                                           Tel: +44 (0) 1223 875 200
 Jon Brett, Group Finance Director

 Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)
 Nick Adams, Alex Price, Richard Short                                Tel: +44 (0) 20 7710 7600

 

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