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17 Aug 2022 11:43
17 August 2022
Cornerstone FS plc
("Cornerstone" or "the Company" or "the Group")
PDMR Dealing
Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announced on 4 August 2022 that, in addition to a proposed placing, it had agreed to vary certain share incentive arrangements. This involved the issue of new ordinary shares in the capital of Cornerstone ("CSFS Shares") equivalent to 9.9% (the maximum percentage holding allowed for a regulated payment services company without the prior consent of the FCA) of the enlarged issued share capital of the Company, following the issue and allotment of new ordinary shares pursuant to the Placing, at a price of 10p per share, to Rob O'Brien, the Group's Chief Operating Officer. Consequently, Mr O'Brien was issued with 4,286,818 CSFS Shares, which represents 9.9% of the issued share capital of the Company; these shares were admitted to trading, along with the new ordinary shares from the Placing, on 12 August 2022. The balance of 5,113,182 new ordinary shares in the Company, due to be issued to Mr O'Brien under this variation will require FCA consent for him to own more than 10% of the issued share capital of the Company, as previously explained. The Company is now seeking that consent.
As previously announced, Mr O'Brien's shares are subject to a 12-month lock-in from the date of issue and, for a further period of 12 months thereafter, the disposal of any interests in the shares can only be effected on an orderly market basis through the Company's brokers.
Further announcements will therefore be made as appropriate.
Enquiries
Cornerstone FS plc | +44 (0)203 971 4865 |
Elliott Mannis, Non-Executive Chairman Judy Happe, Chief Financial Officer | |
SPARK Advisory Partners Limited (Nomad) | +44 (0)203 368 3550 |
Mark Brady, Adam Dawes | |
SP Angel Corporate Finance LLP (Broker) | +44 (0)203 470 0470 |
Jeff Keating, Harry Davies-Ball | |
Gracechurch Group (Financial PR) | +44 (0)203 488 7510 |
Harry Chathli, Claire Norbury |
About Cornerstone FS plc
Cornerstone FS plc is a payments focused fintech business that makes managing currency simple for SMEs. It provides international payment, currency risk management and electronic account services using a proprietary cloud-based multi-currency payments platform. These services are delivered directly and via white label partners on a SaaS basis to UK-based SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.
Headquartered in the City of London with offices in Tunbridge Wells and Dubai, Cornerstone is admitted to trading on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities/person closely associated
| ||||
a)
| Name
| Robert (Rob) O'Brien | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification/amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Cornerstone FS plc | |||
b)
| LEI
| 213800O41L2RXZ2BZ956 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 1 penny each | |||
Identification code | GB00BNG7CD28 | ||||
| |||||
b)
| Nature of the transaction
| Issue of Equity | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| 10 pence | 4,286,818 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 12 August 2022 | |||
f)
| Place of the transaction
| Off market | |||
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