REG - TMT Investments - Update re Silicon Valley Bank

TMT InvestmentsAnnouncement

13/03/2023 18:00

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RNS Number : 8112S  TMT Investments PLC  13 March 2023

13 March 2023

 

TMT INVESTMENTS PLC

("TMT" or the "Company")

 

Update re Silicon Valley Bank

 

TMT Investments Plc (AIM: TMT.L), the venture capital company investing in
high-growth technology companies, notes the developments regarding Silicon
Valley Bank ("SVB", the US entity).

 

The Company currently has total cash and cash equivalents of approximately
US$11.5m, of which approximately US$8m is on deposit with SVB. The Company has
no deposits with Silicon Valley Bank UK Limited.

 

The Company notes that, after receiving a recommendation from the boards of
the Federal Deposit Insurance Corporation ("FDIC") and the Federal Reserve,
Secretary of Treasury of the U.S. Government, Janet Yellen, has approved
actions enabling the FDIC to complete its resolution of SVB in a manner that
fully protects all depositors.

 

Based on the above, the Company expects to retain access to all its funds in
SVB and that therefore that the developments regarding SVB are not expected to
have any material impact on TMT's financial position.

 

The Company also notes that, whilst a number of its portfolio companies have
deposits with SVB, for the reasons noted above the Company does not believe
that developments at SVB and re SVB UK will have any immediate material impact
on the financial position of its portfolio companies. As far as the Company is
aware, of the Company's 56 portfolio companies, 5 have material deposits with
SVB and a further 6 have minor deposits.

 

The Company will continue to monitor the situation closely and provide further
updates, if required, in due course.

 

 

For further information contact:

 

 TMT Investments Plc                                      +44 (0)1534 281 800

 Alexander Selegenev                                      (Computershare - Company Secretary)

 Executive Director

 www.tmtinvestments.com (http://www.tmtinvestments.com)   alexander.selegenev@tmtinvestments.com

                                                        (mailto:alexander.selegenev@tmtinvestments.com)

 Strand Hanson Limited                                    +44 (0)20 7409 3494

 (Nominated Adviser)

 James Bellman / James Dance

 Cenkos Securities plc                                    +44 (0)20 7397 8900

 (Joint Broker)

 Ben Jeynes

 Hybridan LLP                                             +44 (0)20 3764 2341

 (Joint Broker)

 Claire Louise Noyce

 Kinlan Communications                                    +44 (0)20 7638 3435

 David Hothersall                                         davidh@kinlan.net (mailto:davidh@kinlan.net)

 

 

About TMT Investments Plc

 

TMT Investments Plc invests in high-growth technology companies across a
number of core specialist sectors and has a significant number of Silicon
Valley investments in its portfolio. Founded in 2010, TMT has a current
investment portfolio of over 55 companies and net assets of US$210 million as
of 30 June 2022.  The Company's objective is to generate an attractive rate
of return for shareholders, predominantly through capital appreciation.  The
Company is traded on the AIM market of the London Stock Exchange.
www.tmtinvestments.com (http://www.tmtinvestments.com) .

 

Twitter (https://twitter.com/TMT_PLC)

 

LinkedIn (http://www.linkedin.com/company/tmt-investments-plc)

 

Facebook (https://www.facebook.com/TmtInvestmentsPlc/)

 

 

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