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Pin to quick picksPci-pal Regulatory News (PCIP)

Share Price Information for Pci-pal (PCIP)

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SVB Update

13 Mar 2023 07:49

RNS Number : 7243S
PCI-PAL PLC
13 March 2023
 

FOR IMMEDIATE RELEASE

13 March 2023

PCI-PAL PLC

("PCI Pal", the "Company" or the "Group")

SVB Update

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, provides the following update regarding Silicon Valley Bank ("SVB"). SVB are the Company's principal bank and as at 9 March 2023, the Group had a total of £3.2 million of cash in accounts with SVB split between the US and the UK. The Group also has £0.33 million of cash held with other banks.

On the evening of 12 March 2023, a statement was issued jointly by the US Treasury, Federal Reserve and FDIC announcing a systematic risk exception which will allow depositors at SVB US to regain access to all of their money starting today, 13 March 2023. In addition, this morning HSBC Holdings PLC has announced the acquisition of SVB UK and the Bank of England and HM Treasury has confirmed that all depositors' money with SVB UK is safe and secure as a result of this transaction.

Trading in the first two months of the second half has been in line with the Board's expectations and revenue momentum continues, with strong visibility of meeting the Board's full year expectations. The Board reiterates the outlook set out in its trading update on 2 February 2023 and believes that Company is on track to deliver monthly cashflow breakeven in this financial year.

The Company's Interim results for the six months to 31 December 2022 will be released tomorrow as planned.

 

For further information contact:

 

PCI PAL PLC

Via Walbrook PR

James Barham - Chief Executive Officer

William Good - Chief Financial Officer

 

finnCap (Nominated Adviser and Broker)

+44 (0) 20 7227 0500

Marc Milmo/Simon Hicks (Corporate Finance)

Sunila De Silva (Corporate Broking)

 

Walbrook PR

+44 (0) 20 7933 8780

Tom Cooper/Nick Rome/Joe Walker

+44 (0) 797 122 1972

PCIPAL@walbrookpr.com

 

 

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END
 
 
UPDUOSBROVUOARR
Date   Source Headline
29th Apr 20197:00 amRNSPCI Pal to present at ShareSoc in London on 8 May
15th Apr 201911:45 amRNSHolding(s) in Company
1st Apr 20197:00 amRNSChief Information Security Officer role created
6th Mar 20193:16 pmRNSDirector/PDMR Shareholding
1st Mar 20191:18 pmRNSGrant of Share Options
21st Feb 20197:00 amRNSHalf-year Report
7th Feb 20197:00 amRNSPCI-PAL and Verizon collaborate on Whitepaper
1st Feb 20199:57 amRNSHolding(s) in Company
28th Jan 20197:00 amRNSTrading Update & Notice of Results
4th Jan 20197:00 amRNSHolding(s) in Company
27th Dec 20187:00 amRNSFinal Repayment of Loan Note
10th Dec 20187:00 amRNSNew Strategic Reseller & Major UK Govt Contract
22nd Nov 20187:00 amRNSSettlement with former CEO and Loan Note repayment
12th Nov 20187:00 amRNSGrant of Options
1st Nov 20187:00 amRNSLoan Note Repayment
19th Oct 20187:00 amRNS5 year contract through Canadian Telco
18th Oct 20184:42 pmRNSResult of AGM
18th Oct 201811:00 amRNSAGM Statement
9th Oct 20187:00 amRNSAppointment of new CEO
3rd Oct 20187:00 amRNSUS & European Contract
5th Sep 20187:00 amRNSFinal Results
13th Jul 20183:54 pmRNSDirector Dealing
12th Jul 201811:10 amRNSGrant of Options
12th Jul 201811:08 amRNSDirector Dealings
11th Jul 20187:00 amRNSTrading Update & Notice of Results
16th May 20187:00 amRNSHolding(s) in Company
10th Apr 20187:00 amRNSHolding(s) in Company
19th Mar 20187:00 amRNSHalf-year Report
15th Mar 20187:00 amRNSChange of Adviser
27th Feb 20187:00 amRNSMajor US Reseller Agreement and Contract Award
6th Feb 20187:00 amRNSHolding(s) in Company
1st Feb 20187:00 amRNSHolding(s) in Company
31st Jan 20181:56 pmRNSHolding(s) in Company
30th Jan 20184:36 pmRNSResults of Placing
30th Jan 201810:44 amRNSPlacing to raise £4.95m
5th Dec 20177:00 amRNSTrading Update & Contract Awards
20th Nov 20177:00 amRNSDirector Dealing
1st Nov 20175:07 pmRNSHolding(s) in Company
1st Nov 201710:58 amRNSHolding(s) in Company
30th Oct 20177:00 amRNSInternational Contract
19th Oct 20175:50 pmRNSResult of AGM
19th Oct 201711:00 amRNSCorporate Update and International Contract Award
4th Oct 201712:40 pmRNSHolding(s) in Company
27th Sep 20177:00 amRNSAnnual Financial Report & Notice of AGM
25th Sep 20177:00 amRNSDirector/PDMR Shareholding
11th Sep 20174:17 pmRNSDirector/PDMR Shareholding
11th Sep 20177:00 amRNSFinal Results
11th Jul 20172:39 pmRNSHolding(s) in Company
31st May 20173:37 pmRNSGrant of share options
3rd May 20177:00 amRNSHolding(s) in Company

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