Diaceutics - SVB Risk Management
Diaceutics issued an RNS statement this morning setting out its exposure to Silicon Valley Bank (SVB), which went into receivership on Friday, 10 March and the mitigating actions the company is taking. However, HSBC has announced that it has acquired the UK arm of SVB (SVB UK) with immediate effect and the UK government has announced that customers of SVB UK will be able to access their deposits and banking services as normal from today. Consequently, it seems likely that the mitigating actions announced by Diaceutics will not be required, including the potential need for additional funding. Diaceutics had requested a temporary suspension of its share on AIM and this also seems likely to be short lived.
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