SAG Science Group Plc

TIDMSAG

RNS Number : 6723S

Science Group PLC

13 March 2023

13 March 2023

Banking Arrangements

Science Group notes the widespread market concerns resulting from the insolvency of Silicon Valley Bank ("SVB") and informs shareholders that Science Group has no deposit accounts, loans or other financial relationship with SVB.

Science Group banking arrangements are primarily with Lloyds Bank with deposits also held with HSBC and Natwest in the UK. The Group's banks in the USA are Wells Fargo and Citizens. The Group has a number of other minor banking arrangements.

Science Group has a robust balance sheet. At 28 February 2023, Science Group had gross cash of GBP33.4 million and net funds of GBP19.3 million. The Group's term loan is secured on the freehold properties and is not due for repayment until 2026. The Group's Revolving Credit Facility remains undrawn.

End

 
 Science Group plc 
                                             Tel: +44 (0) 1223 875 
 Martyn Ratcliffe, Chairman                                    200 
 Jon Brett, Group Finance Director 
 
 Stifel Nicolaus Europe Limited (Nominated 
  Adviser and Joint Broker) 
                                              Tel: +44 (0) 20 7710 
 Nick Adams, Alex Price, Richard Short                        7600 
 

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STRJTMJTMTABTJJ

(END) Dow Jones Newswires

March 13, 2023 03:00 ET (07:00 GMT)

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