Dianomi PLC Banking Facility Update (6593S)
13 Marzo 2023 - 8:00AM
UK Regulatory
TIDMDNM
RNS Number : 6593S
Dianomi PLC
13 March 2023
13 March 2023
Dianomi plc
("Dianomi", the "Company" or the "Group")
Banking Facilities Update
Dianomi, a leading provider of native digital advertising
services to premium clients in the Business, Finance and Lifestyle
sectors, notes that on Friday, 10 March 2023, the Federal Deposit
Insurance Corporation announced that it had been appointed receiver
to SVB Financial Group ("SVB") and the Bank of England announced
that it intends to apply to the Court to place Silicon Valley Bank
UK Limited ('SVBUK') into a Bank Insolvency Procedure.
As at the close of business on 9 March 2023, Dianomi had total
cash balances of circa GBP9.6 million of which the majority is held
in accounts with J.P. Morgan Chase and Westpac Banking Corporation
(USD 6.1 million and AUD 1.2 million respectively) which ensures a
very comfortable working capital position. Furthermore, Dianomi has
no debt.
Circa GBP3.8 million was held across a variety of different
currency accounts with SVB (GBP0.9 million) and SVBUK (GBP2.9
million). Dianomi has been actively working to recover these
deposits.
The Company is awaiting an update on the UK Government's
position on supporting businesses affected by the issue and a
further update will be made once more clarity is received as to the
status of Dianomi's funds held by SVB and SVBUK.
Given the level of the Company's cash balances held outside of
SVB and SVBUK, the Company does not anticipate a material impact on
its operations as a consequence of the issues noted above and does
not require further funding.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. It forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
For further information contact:
Dianomi Tel: +44 (0)207 802
Rupert Hodson (Chief Executive Officer) 5530
Charlotte Stranner (Chief Financial Officer)
Panmure Gordon (NOMAD and Broker) Tel: +44 (0)207 886
Emma Earl/ Freddy Crossley, Corporate Finance 2500
Rupert Dearden, Corporate Broking
Novella Communications Tel: +44 (0)203 151
Tim Robertson / Safia Colebrook 7008
About Dianomi
Dianomi, established in 2003, is a leading provider of native
digital advertising services to premium clients in the Business,
Finance and Lifestyle sectors. The Group operates from its offices
in London, New York and Sydney. The Group enables premium brands to
deliver native advertisements to a targeted audience on the desktop
and mobile websites, mobile and tablet applications of premium
publishers. It provides over 400 advertisers, including blue chip
names such as abrdn, Invesco and Charles Schwab, with access to an
international audience of over 500 million devices per month
through its partnerships with over 300 premium publishers,
including blue chip names such as Reuters, CNN Business and WSJ.
Adverts served are contextually relevant to the content of the
webpages on which they appear and mirror the style of the page,
which enhances reader engagement. http://www.dianom i.com .
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END
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