REG - Cornerstone FS PLC - Grant and Cancellation of Options; PDMR Dealings
17/11/2023 07:00
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RNS Number : 7749T Cornerstone FS PLC 17 November 2023
17 November 2023
Cornerstone FS plc
("Cornerstone" or "the Company" or "the Group")
Grant and Cancellation of Options; PDMR Dealings
Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions
company offering multi-currency accounts to businesses and individuals through
its proprietary technology platform, announces the grant of options over
ordinary shares of 1 penny each in the Company ("Ordinary Shares") and the
cancellation of certain existing options over Ordinary Shares. This includes
the grant of options to, and cancellation of options held by, Executive
Directors and PDMRs of the Company.
Grant of Options
The Company has granted, on 16 November 2023 (the "Grant Date"), a total of
870,000 options over Ordinary Shares of the Company ("Options") to certain
employees including an Executive Director and two PDMRs of the Company under
the Company's Enterprise Management Incentive ("EMI") Scheme. Options over a
total of 540,000 shares have been granted to an Executive Director and PDMRs
as follows:
Name Role Number of Options granted
William Newton Chief Information Officer (Executive Director) 240,000
Arindam Ray Chief Technology Officer (PDMR) 120,000
Joshua Best Head of Compliance and MLRO (PDMR) 180,000
The Options vest in three equal tranches on the first, second and third
anniversaries of the Grant Date and are exercisable at a price of 12 pence per
share, representing the closing price of the Company's Ordinary Shares on AIM
on 15 November 2023, being the day prior to the Grant Date. The Options are
subject to the individual remaining an employee of the Company. Leavers may
exercise vested Options within 90 days of cessation of employment. All Options
expire five years after the Grant Date.
Cancellation of Options
The Company has, on 16 November 2023, cancelled the following options over
Ordinary Shares held by an Executive Director and a PDMR as follows (with the
holders of the options agreeing to their cancellation with immediate effect):
Name Role Number of options cancelled Number of options held following the cancellation of options Exercise price of options held
Judy Happe Chief Financial Officer (Executive Director) 404,660 550,000 10.0p
Jordanna Curtis Chief Operating Officer 114,755 200,000 10.0p
(PDMR)
This cancellation of options, for nil consideration, follows grants of options
to the above-named Executive Director and PDMR as disclosed in the Company's
announcement of 16 January 2023.
Following the above grants and cancellations of options, the Company now has
options outstanding over a total of 4,857,736 Ordinary Shares, representing
8.5% of the current issued share capital of the Company.
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
Shore Capital (Broker) +44 (0)207 408 4090
Daniel Bush, Tom Knibbs (Corporate Advisory)
Guy Wiehahn (Corporate Broking)
Gracechurch Group (Financial PR) +44 (0)204 582 3500
Harry Chathli, Claire Norbury
About Cornerstone FS plc
Cornerstone FS plc (AIM: CSFS) is a foreign exchange and payments company
offering multi-currency accounts and payment solutions to businesses and
individuals. Headquartered in the City of London, Cornerstone combines a
proprietary technology platform with a high level of personalised service to
support clients with payments in over 150 countries in 58 currencies. With a
track record of over 12 years, Cornerstone has the expertise, experience and
expanding global partner network to be able to execute complex cross-border
payments. It is fully regulated by the Financial Conduct Authority as an
Electronic Money Institution. www.cornerstonefs.com
(http://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 William Newton
2 Reason for the notification
a) Position/status Chief Information 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 213800O4IL2RXZ2BZ956
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 Options over ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
12 pence 240,000
d) Aggregated information
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 16 November 2023
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Arindam Ray
2 Reason for the notification
a) Position/status Chief Technology 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 213800O4IL2RXZ2BZ956
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 Options over ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
12 pence 120,000
d) Aggregated information
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 16 November 2023
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Joshua Best
2 Reason for the notification
a) Position/status Head of Compliance and MLRO
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 213800O4IL2RXZ2BZ956
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 Options over ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
12 pence 180,000
d) Aggregated information
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 16 November 2023
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Judy Happe
2 Reason for the notification
a) Position/status Chief Financial 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 213800O4IL2RXZ2BZ956
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 Options over ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Cancellation of options
c) Price(s) and volume(s)
Price(s) Volume(s)
50.0 pence 276,803
36.2 pence 127,857
d) Aggregated information
- Aggregated volume 404,660
- Price 45.6 pence
e) Date of the transaction 16 November 2023
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Jordanna Curtis
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 213800O4IL2RXZ2BZ956
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 Options over ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Cancellation of options
c) Price(s) and volume(s)
Price(s) Volume(s)
61.0 pence 114,755
d) Aggregated information
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 16 November 2023
f) Place of the transaction Off market
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