REG - Cornerstone FS PLC - Directorate Changes

Cornerstone FSAnnouncement

11/10/2022 12:30

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RNS Number : 5172C  Cornerstone FS PLC  11 October 2022

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

 

11 October 2022

 

Cornerstone FS Plc

("Cornerstone" or "the Company")

 

Directorate Changes

 

Cornerstone FS Plc (AIM: CSFS), the cloud-based provider of international
payment, currency risk management and electronic account services to SMEs, is
pleased to announce that it has appointed Simon Bullock and John Burns as
Independent Non-Executive Directors, with immediate effect and from 1 December
2022 respectively. The Company also announces that Daniel Mackinnon has
tendered his resignation from the Board effective 1 November 2022.

 

Simon Charles Bullock, aged 52, has over 30 years' experience in CFO and other
finance roles in public and private companies operating in the UK and
internationally. He began his career at blue-chip companies, Mars and General
Electric, where he held various financial positions up to CFO level. Since
then, he has worked in strategic and operational CFO roles primarily for
technology and financial services businesses. This includes Caxton FX Limited,
a provider of foreign exchange, international payments and prepaid cards,
AIM-quoted Bonhill Group Plc, Merit Group Plc and Aurasian Minerals Plc. Mr.
Bullock, who is a Chartered Management Accountant, will assume the role of
Chairman of the Company's Audit Committee as well as joining the Remuneration
Committee.

 

John Duncan Burns, aged 63, has over 40 years' experience in the payments
industry ranging from practical payments management to legal advisory to
regulatory and legislative policy development. In particular, he has
undertaken substantial work regarding the introduction of the European Union's
Payment Services Directive in 2007, including being involved in negotiations
as a member of the European Payments Council Experts Group and the
Commission's Payment Systems Market Experts Group and supporting its
implementation into UK law after having joined the Financial Services
Authority (now FCA) in June 2008. Prior to joining the Financial Services
Authority (FSA), he spent eight years at the Association for Payment Clearing
Services and the Payments Council where he was Legal Adviser and Company
Secretary to the UK clearing companies. Other experience includes various
positions with Clydesdale Bank Plc and Lloyds Banking Group. Mr Burns is
currently Managing Director, Payment Services with Compliancy Services
Limited. It is intended that Mr Burns will assume the role of Chairman of the
Remuneration Committee as well as joining the Audit Committee.

 

Gareth Edwards, Cornerstone Chairman, said: "We are delighted to welcome Simon
and John to Cornerstone. They bring significant and complementary experience
and expertise that will be invaluable in guiding our growth. These
appointments also enhance the Board's independence and governance structures,
which will ultimately be beneficial to our shareholders. In addition, I would
like to thank Daniel Mackinnon for his contribution to the Board since joining
us at the IPO. We wish him every success in his future endeavours."

 

 

Other than as set out below, there are no other matters required to be
disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies as regards Mr. Bullock's and Mr. Burns' appointments. Neither Mr.
Bullock nor Mr. Burns has any interest in the ordinary shares of the Company.

 

Simon Bullock

 

 Current directorships and/or partnerships  Former directorships and/or partnerships (within the last 5 years)
 Lady Yorke Park Management Limited         Merit Group Plc
 Lady Yorke Park Freehold Limited           JLG Group Plc (Administration)
 Bullock & Bullock Limited                  Quortus Limited
                                            Nextgenaccess Limited
                                            HAB Housing Limited
                                            Harley Street Clinics Worldwide Plc (Dissolved)
                                            Merit Data & Technology Limited
                                            Political Wizard Limited (Dissolved)
                                            Merit Processes Limited (Dissolved)
                                            Social Lens Limited (Dissolved)
                                            Mislex (420) Limited (Dissolved)
                                            HAB LAND LIMITED (Liquidation)
                                            BAH Restructuring Limited (Liquidation)
                                            Holyrood Communications Limited.
                                            Monitoring Services Limited
                                            Fenman Limited
                                            Total Politics Limited
                                            Vacher Dod Publishing Limited
                                            Training Journal Limited
                                            VDP Limited
                                            Dods Group Limited
                                            HAB At the Acre Limited (Liquidation)
                                            HAB Land Finance Plc (Liquidation)
                                            HAB at Lovedon Fields Limited (Liquidation)
                                            HAB Holt SPV Limited (Dissolved)
                                            HAB Capital Limited (Dissolved)
                                            Nextgenaccess Holdco Limited
                                            Dunmail 2017 Project Limited
                                            Cotswolds Broadband C.I.C. (Dissolved)

 

Mr. Bullock was a founding director of BAH Restructuring Limited, which was
established as a phoenix company to acquire, in 2019, majority control of HAB
Land Limited and its subsidiaries, being HAB Land Finance Plc, HAB at the Acre
Limited and HAB at Lovedon Fields Limited. In 2019, BAH Restructuring Limited,
HAB Land Limited and HAB Land Finance Plc went into creditors voluntary
liquidation. In 2020, HAB at the Acre Limited and HAB at Lovedon Fields
Limited went into voluntary liquidation.

 

BAH Restructuring has yet to be dissolved; the statement of affairs notes that
estimated deficiencies to unsecured creditors are likely to be approximately
£71,129.  HAB Land Limited has yet to be dissolved; the statement of affairs
notes that deficiencies to unsecured creditors are likely to be approximately
£2,575,202. HAB Land Finance Plc has yet to be dissolved, the statement of
affairs notes that deficiencies to unconnected unsecured creditors are
approximately £37,500 with £2,309,707 due to HAB Land Limited. HAB at
Lovedon Fields has yet to be dissolved, the statement of affairs notes that
deficiencies to unconnected unsecured creditors are approximately £146,829.
HAB Land Limited, HAB Land Finance Plc, BAH Restructuring Limited and HAB at
Lovedon Fields are under the control of liquidators from Interpath Advisory.

 

John Burns

 

There are no other matters required to be disclosed with regards to Mr. Burns'
appointment.

 

 

 

Enquiries:

 

 Cornerstone FS Plc                         +44 (0)203 971 4865
 James Hickman, Chief Executive Officer

 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)204 582 3500
 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 and with offices in Tunbridge Wells and
Dubai, Cornerstone is listed on AIM under the trading symbol 'CSFS'. For more
information, please visit www.cornerstonefs.com.

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