RE: mmmm12 Jul 2022 14:12
Temp CEO
Robert O’Brien was previously at Vorto Trading Ltd, where he was the largest revenue generator and built a business line based on inward investment into the UK from Asian clients. His appointment is in line with the Group’s stated acquisition and expansion strategy set out at its IPO in April 2021.
The Group has established the new office to market its foreign exchange and international payment management services to foreign investors in Dubai and particularly to Asian investors acquiring real estate in the Emirate. The Board believes this represents a significant and expanding market opportunity owing to the increasing foreign investment in Dubai real estate, which has been accelerated by the COVID-19 pandemic and is supported by a number of government incentives. At present, the Group will not be undertaking regulated financial activity in Dubai.
Robert O’Brien brings over 15 years’ foreign exchange experience to Cornerstone. His leadership of the Dubai office is expected to deliver significant growth in the Group’s revenue. As part of his remuneration package over the first two years he will be entitled to receive share-based incentivisation based on a multiple of revenue generation and contribution to profit. This will be measured at the end of both years. In the first year, any new ordinary shares earned under this incentivisation plan would be issued at the lower of the IPO Placing Price (61 pence per share) or the average closing price of Cornerstone shares for the 20 business days prior to issue. In the second year, any new ordinary shares earned under this incentivisation plan would be issued at the average closing price of Cornerstone shares for the 20 business days prior to issue.
Robert O’Brien spent the early part of his career at First Rate FX Ltd, a foreign exchange broker where he became a Director. Over the last year, he has focused on supporting customers in Asia invest in the UK.
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