Apple has announced that it will host a conference call on Monday to discuss its plans for its $100bn (£63.1bn) cash balance.

The conference call will take place at 1pm GMT (6am Pacific Time, 9am Eastern Time) on Monday and will be broadcast live on Apple's website.

The call will be hosted by Apple CEO Tim Cook and CFO Peter Oppenheimer. According to Apple, the purpose of the call is "to announce the outcome of the Company’s discussions concerning its cash balance".

"Apple will not be providing an update on the current quarter nor will any topics be discussed other than cash," Apple's Sunday statement adds.

Apple tops the $100bn+ tech club

Apple's hoard of cash, cash equivalents and marketable securities nearly hit the $100bn mark in the last quarter, the company said in its quarterly financial report call back in January.

Cook discussed the company's healthy finances at the Goldman Sachs Technology and Internet Conference in February but insisted that no one should be worried about the money "burning a hole" in Apple's pocket.

"In terms of our approach on cash... I'm not religious about this. I'm not religious about holding it or not holding it. And we're in very active discussions at the board level on what we should do. But I think everyone would want us to be deliberate and really think through, and that's what we're doing. We're not going to go have a toga party or do something outlandish, and so people don't have to worry it's going to burn a hole in our pocket."

You can follow the conference call from 1pm GMT here.