Auction Technology Group Regulatory News (ATG)

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.

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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