Update regarding Silicon Valley Bank

16 Mar 2023 17:06

Molten Ventures VCT plc (“the VCT”)Legal Entity Identifier: 2138003I9Q1QPDSQ9Z9716 March 2023Update regarding Silicon Valley Bank

In common with the technology sector more broadly, companies within the VCT’s portfolio held banking relationships with Silicon Valley Bank (‘SVB’) both in the US and UK. The VCT board welcomes the news that the situation has now been substantially resolved with confirmation over the last weekend that US deposits were protected and Monday’s announcement of HSBC’s acquisition of SVB UK.

Current analysis by Elderstreet Investments Limited, the VCT’s investment manager (the ‘Investment Manager’), indicates that there has been no known financial loss within the VCT portfolio nor to the Investment Manager or its parent company, Molten Ventures plc. 

Molten Ventures plc has also released an announcement which can be found at this link:https://www.londonstockexchange.com/news-article/GROW/update-regarding-silicon-valley-bank/15873696