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On 13 March 2023, TMT Investments Plc announced it held approximately US$8m of its total US$11.5m cash and cash equivalents with Silicon Valley Bank (US entity). The company noted that 5 of its 56 portfolio companies had material deposits and 6 had minor deposits with SVB. TMT also stated that US Treasury Secretary Janet Yellen had approved actions enabling the FDIC to fully protect all depositors during SVB's resolution.
| Date | 13 Mar 2023 |
| Time | 17:51:05 |
| Category | Corporate updates |
| ID | 8112S |
13 March 2023
TMT INVESTMENTS PLC
("TMT" or the "Company")
Update re Silicon Valley Bank
TMT Investments Plc (AIM: TMT.L), the venture capital company investing in high-growth technology companies, notes the developments regarding Silicon Valley Bank ("SVB", the US entity).
The Company currently has total cash and cash equivalents of approximately US$11.5m, of which approximately US$8m is on deposit with SVB. The Company has no deposits with Silicon Valley Bank UK Limited.
The Company notes that, after receiving a recommendation from the boards of the Federal Deposit Insurance Corporation ("FDIC") and the Federal Reserve, Secretary of Treasury of the U.S. Government, Janet Yellen, has approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors.
Based on the above, the Company expects to retain access to all its funds in SVB and that therefore that the developments regarding SVB are not expected to have any material impact on TMT's financial position.
The Company also notes that, whilst a number of its portfolio companies have deposits with SVB, for the reasons noted above the Company does not believe that developments at SVB and re SVB UK will have any immediate material impact on the financial position of its portfolio companies. As far as the Company is aware, of the Company's 56 portfolio companies, 5 have material deposits with SVB and a further 6 have minor deposits.
The Company will continue to monitor the situation closely and provide further updates, if required, in due course.
For further information contact:
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TMT Investments Plc Alexander Selegenev Executive Director
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+44 (0)1534 281 800 (Computershare - Company Secretary)
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Strand Hanson Limited (Nominated Adviser) James Bellman / James Dance
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+44 (0)20 7409 3494 |
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Cenkos Securities plc (Joint Broker) Ben Jeynes
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+44 (0)20 7397 8900 |
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Hybridan LLP (Joint Broker) Claire Louise Noyce
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+44 (0)20 3764 2341 |
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Kinlan Communications David Hothersall
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+44 (0)20 7638 3435 |
About TMT Investments Plc
TMT Investments Plc invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has a current investment portfolio of over 55 companies and net assets of US$210 million as of 30 June 2022. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.