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On 13 March 2023, Tern Plc released a statement regarding Silicon Valley Bank (SVB) and Silicon Valley Bank UK Limited. The company confirmed it has no banking relationship or other financing arrangements with SVB. Additionally, Tern's Directors stated they do not currently believe any portfolio companies' exposure to SVB will have a significant impact on Tern's net asset value.
| Date | 13 Mar 2023 |
| Time | 07:00:07 |
| Category | Miscellaneous |
| ID | 6671S |
13 March 2023
Tern Plc
("Tern" or the "Company")
Statement regarding Silicon Valley Bank
Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, provides the following statement regarding Silicon Valley Bank and Silicon Valley Bank UK Limited (together "SVB").
Tern confirms that the Company has no banking relationship, or other financing arrangements, with SVB.
While Tern continues to monitor the SVB situation and its effect on Tern's portfolio companies, the Directors of Tern do not currently believe that any of the portfolio companies' exposure to SVB will have a significant impact on the net asset value of Tern.
Further announcements will be made, as necessary and appropriate, in due course.
Enquiries
|
Tern Plc Al Sisto (CEO) Sarah Payne (CFO) |
via IFC Advisory |
|
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley / Dan Dearden-Williams (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking) |
Tel: 0203 328 5656 |
|
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler |
Tel: 0203 934 6630 |