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UPDATE: London listings commenting on exposure to Silicon Valley Bank

Mon, 13th Mar 2023 18:44

(Alliance News) - The following is a round-up of updates on exposure to Silicon Valley Bank by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Argo Blockchain PLC - London, England-based global cryptocurrency mining company - Confirms that neither Argo Blockchain, nor any of its subsidiaries, have any exposure to Silicon Valley Bank or Silvergate Bank. Says subsidiary held some cash deposits at Signature Bank which are secure and available for use as of March 13. Shares rose 13% to 13.50 pence each in London on Monday.

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Pantheon International PLC - Exeter, England-based investment trust specialising in private equity - Confirms Pantheon has no credit or deposit facilities with SVB directly. In addition, the company does not have any investment in SVB stock. Engaging with engaging with key venture capital relationships, to continue to closely monitor the situation. Shares fell 2.3% to 237 pence each in London on Monday.

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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Says company and its investment manager, RTW Investments, have no direct exposure to SVB. Adds no public companies in the portfolio have material exposure to SVB. States four private core portfolio companies totalling 1.7% of net asset value have some exposure to SVB. RTW does not envisage that this exposure will have a specific impact on the company's NAV after US regulators moved to guarantee all SVB depositors. Shares fell 0.4% to 1.26 pence in London on Monday.

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HarbourVest Global Private Equity Ltd - London-based investment fund focused on private equity opportunities - Says SVB represents only 2% of the aggregate cash and cash equivalents held by HarbourVest funds. Explains SVB provides subscription line credit to a small number of HarbourVest funds in which it is invested and initial analysis shows that exposure is limited, with less than 6% of the HarbourVest fund-level borrowing. Points out this borrowing represents delayed capital calls and is therefore already factored into unfunded commitments and key ratios. Shares fell 3.0% to 2,080 pence in London on Monday.

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Tremor International Ltd - New York based advertising-technology company - Advises that less than 10% of the cash and cash equivalents are currently held as deposits at SVB. Does not expect any material impact to its business, adjusted earnings or cash position. Shares fell 3.8% to 230 pence in London on Monday.

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RIT Capital Partners PLC - British investment trust dedicated to investments in quoted securities and quoted special situations - Confirms it has no direct exposure to Silicon Valley Bank in either the US or UK, nor to any of SVB's affiliate entities. Adds vast majority of RIT's holdings have confirmed either no or de minimis exposure to SVB, while for the remainder a substantial portion of any funds is held in money market accounts custodied with a third-party bank, and therefore ringfenced from SVB. Continues to monitor the situation closely. Shares fell 0.1% to 1,889 pence in London on Monday.

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TMT Investments PLC - Jersey-based venture capital company investing in high-growth technology companies - Says company currently has total cash and cash equivalents of approximately USD11.5 million, of which around USD8 million is on deposit with SVB. 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. Of the company's 56 portfolio companies, notes five have material deposits with SVB and a further six have minor deposits. Shares fell 6.8% to 2.78p in London on Monday.

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By Jeremy Cutler, Alliance News reporter

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