Auction Tech 'has no material exposure' to SVB
Auction Technology Group
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16:40 28/03/24
Online marketplace operator Auction Technology Group on Monday said it had limited exposure to collapsed Silicon Valley Bank.
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The company, which runs seven online platforms connecting 2,300 auction houses with potential bidders, said SVB represented about one-sixth of the almost $200m in loan facilities it has with a syndicate of six banks.
"ATG has a strong liquidity position, benefiting from both ongoing cash generation from operations as well as funding and liquidity access from the other five banks within the syndicate," it said in a statement.
IP added that it had $10.0m in cash deposits, of which 5% is held on deposit at SVB.
"The group therefore does not believe that the developments around Silicon Valley Bank represent a material impact to the group's current or future liquidity position."
Reporting by Frank Prenesti for Sharecast.com