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Top 5 Most Read RNS's on Vox Markets for Monday 13th March 2023
5. HSBC Holdings - HSBC acquires Silicon Valley Bank UK
HSBC Holdings plc announces that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1.
As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK's tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course.
4. Woodbois Limited - Placing of £3 million
Gross proceeds of £3 million (approximately $3.6 million) have been raised by way of a conditional placing at a price of 1.2 pence per New Ordinary Share.
3. Greatland Gold - Europe Roadshow Corporate Presentation
Greatland Gold plc is pleased to release the Corporate Presentation which is being used as part of its Europe Roadshow in March 2023. The presentation is available for download from https://greatlandgold.com/
2. Polarean Imaging - Silicon Valley Bank Relationship
Polarean Imaging plc (AIM: POLX), the medical imaging technology company, announces that the Company has sufficient cash outside of SVB to meet its immediate liquidity needs.
Cash Balances
The Company had a total cash balance of $13.9M on 28 February 2023.
$1.5M of this cash is held at Wells Fargo.
$12.4M of this cash is held through Silicon Valley Bank, of which $9.8M is held in money market mutual fund accounts ("MMFA") operated by other financial institutions (Morgan Stanley, BlackRock and Western Asset).
In addition, the Company has $1.0M in a SVB checking account and £1.3M ($1.6M) in a SVB sterling checking account. The United States Federal Deposit Insurance Corporation ("FDIC") guarantees $250,000 of deposits in the US.
1. Avacta Group - Statement re: Silicon Valley Bank
Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, can confirm that it has no banking relationship with either Silicon Valley Bank ("SVB") or Silicon Valley Bank UK ("SVB UK") and therefore no cash on deposit with them.