13 Mar 2023 07:00
13 March 2023
Medica Group Plc
Statement regarding Silicon Valley Bank
Medica Group Plc (LSE: MGP, "Medica", the "Company" or the "Group"), an international provider of high-quality telemedicine services, notes the statement from the Bank of England on Friday 10 March 2023 that, absent any meaningful further information or intervening events, it intends to put Silicon Valley Bank UK Ltd ("SVB UK") into insolvency.
Medica can confirm it does not have any cash on deposit nor does it conduct any day-to-day commercial banking with any SVB entity.
Medica has a Revolving Credit Facility, which currently expires in May 2025, with a consortium of three lending banks, including SVB UK, NatWest and Lloyds. As at 31 December 2022, c. £10m of the £30m facility was being used to part fund previously completed acquisitions and the Company had net cash of approximately £0.5m after taking account of cash on hand held with mainstream UK and Irish commercial banks. The RCF facility is not required for day-to-day activity, is not forecast to be further drawn and Medica intends to pay this facility down out of trading cashflows within the next 12-18 months.
For further information, please contact:
Medica Group Plc: Stuart Quin, Chief Executive Officer Richard Jones, Chief Financial Officer
| +44 (0)33 33 111 222
|
FTI Consulting Victoria Foster Mitchell Sam Purewal
| +44 (0)20 3727 1000 |
Liberum (Joint Broker) Phil Walker Richard Lindley
| +44 (0)20 3100 2000 |
Numis (Joint Broker) Freddie Barnfield Duncan Monteith Euan Brown
| +44 (0)20 7260 1000
|
About Medica Group PLC
Medica (LSE:MGP) is an international provider of high-quality telemedicine services. It is the market leader in teleradiology in the UK and Ireland, working with more than 100 NHS Trusts and HSE hospitals in Ireland, in addition to private hospitals, insurance groups and diagnostic imaging companies. Its network of consultant radiologists, radiographers and specialist doctors interpret and report MRI, CT, ultrasound and X-ray images on behalf of healthcare providers, using Medica's bespoke, secure technology platform for fast and responsive delivery. The Company's core services include NightHawk, an urgent, out-of-hours offering available to clients 24/7 with dedicated pathways for stroke and major trauma, and Elective, for routine reporting.
In Ireland, Medica carries out patient scanning, as well as reporting, and runs a diabetic retinopathy screening programme for the National Screening Service. Through its US business, RadMD, Medica provides global pharmaceutical and biotech companies, as well as contract research organisations with specialist imaging services for clinical trials.
For more information, please visit: www.medicagroupplc.com