{"id":3084,"date":"2023-03-20T11:05:12","date_gmt":"2023-03-20T11:05:12","guid":{"rendered":"https:\/\/ltgplc.wpengine.com\/?p=3084"},"modified":"2023-03-20T11:05:12","modified_gmt":"2023-03-20T11:05:12","slug":"silicon-valley-bank","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/silicon-valley-bank\/","title":{"rendered":"Silicon Valley Bank"},"content":{"rendered":"

Learning Technologies Group plc, a global market leader in digital learning and talent management, notes the developments regarding\u00a0Silicon Valley Bank\u00a0(“SVB”, the US entity) and\u00a0Silicon Valley Bank UK Limited\u00a0(“SVB\u00a0UK”)<\/span>.<\/span><\/p>\n

The Company’s exposure to SVB and SVB\u00a0UK\u00a0does not have a material effect on its financial position and the Company reaffirms that it has a robust balance sheet and strong liquidity.<\/span><\/p>\n

As at\u00a010 March 2023, the Company had\u00a0total cash and cash equivalents of<\/span>\u00a0\u00a3110.7m, of which approximately\u00a0\u00a311.7m\u00a0was\u00a0on deposit with SVB and SVB\u00a0UK.\u00a0 Of the c.\u00a311.7m\u00a0on deposit, c.\u00a39.4m\u00a0was with SVB and c.\u00a32.3m\u00a0with SVB\u00a0UK.\u00a0 LTG requested withdrawal of its deposits on Friday and has received\u00a0\u00a30.3m\u00a0to date. \u00a0The Board notes the statement dated 12 March from\u00a0the United States<\/span>\u00a0Department of the Treasury,\u00a0Federal Reserve, and\u00a0FDIC, and\u00a0the Company will continue to pursue any unreturned deposits, including if necessary through the relevant receivership process.<\/span><\/span><\/p>\n

The Company has a strong and diversified banking syndicate made up of Barclays, HSBC, Bank of Ireland,\u00a0Fifth Third Bank\u00a0and SVB (which also acted as Facility Agent for the lenders). \u00a0The facilities comprise a drawn amortising term loan of\u00a0$255.4m\u00a0(of which SVB provided\u00a0$53.7m) and an undrawn Revolving Credit Facility (“RCF”) of\u00a0$50m\u00a0(of which SVB provided\u00a0$10.5m).\u00a0 SVB’s portion of the term loan will continue to be outstanding until it is due to be repaid or SVB is replaced.\u00a0 LTG believes it is unlikely that SVB will fund its share of any future drawings on the RCF, although the remaining\u00a0$39.5m\u00a0will continue to be available as normal.\u00a0<\/span><\/p>\n

The Company will look to replace SVB as Facility Agent and Lender in due course.<\/span><\/p>

Enquiries:<\/span><\/h3>\n\n\n\n\n\n\n
\n

Learning Technologies Group plc<\/span><\/p>\n

Jonathan Satchell, Chief Executive<\/span><\/p>\n

Kath Kearney-Croft, Chief Financial Officer<\/span><\/p>\n

\n<\/p><\/td>\n

\n

+44 (0)20 7832 3440<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Numis Securities Limited\u00a0(NOMAD and Corporate Broker)<\/span><\/p>\n

Nick Westlake,\u00a0Ben Stoop,\u00a0Tejas Padalkar<\/span><\/p>\n

\n<\/p><\/td>\n

\n

+44 (0)20 7260 1000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Goldman Sachs International (Joint Corporate Broker)<\/span><\/p>\n

Bertie Whitehead,\u00a0Adam Laikin<\/span><\/p>\n

\n<\/p><\/td>\n

\n

+44 (0)20 7774 1000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

FTI Consulting<\/span>\u00a0(Public Relations Adviser)<\/span><\/p>\n

Rob Mindell,\u00a0Jamie Ricketts,\u00a0Emma Hall,\u00a0Lucy Highland<\/span><\/p>\n<\/td>\n

\n

+44 (0)20 3727 1000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>

About LTG<\/h3>\n

Learning Technologies Group plc\u00a0(LTG) is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.<\/p>\n

LTG is listed on the\u00a0London Stock Exchange’s\u00a0Alternative Investment Market (LTG.L) and headquartered in\u00a0London. The Group has offices in\u00a0Europe,\u00a0North America,\u00a0South America\u00a0and\u00a0Asia-Pacific.<\/p>\n","protected":false},"excerpt":{"rendered":"

Learning Technologies Group plc, a global market leader in digital learning and talent management, notes the developments regarding\u00a0Silicon Valley Bank\u00a0(“SVB”, the US entity) and\u00a0Silicon Valley Bank UK Limited\u00a0(“SVB\u00a0UK”). The Company’s exposure to SVB and SVB\u00a0UK\u00a0does not have a material effect on its financial position and the Company reaffirms that it has a robust balance sheet and strong liquidity.<\/p>\n","protected":false},"author":17,"featured_media":2592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/3084"}],"collection":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/comments?post=3084"}],"version-history":[{"count":0,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/3084\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media\/2592"}],"wp:attachment":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media?parent=3084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/categories?post=3084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/tags?post=3084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}