REG - Cornerstone FS PLC - Issue of Equity, PDMR Dealing, Total Voting Rights

Cornerstone FSAnnouncement

25/08/2022 15:30

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RNS Number : 2746X  Cornerstone FS PLC  25 August 2022

25 August 2022

 

Cornerstone FS plc

("Cornerstone" or "the Company" or "the Group")

 

Issue of Equity, PDMR dealings and Total Voting Rights

 

Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international
payment, currency risk management and electronic account services to SMEs,
announces that it has issued and allotted 360,000 new ordinary shares to four
Non-Executive Directors ("NED(s)"), the Company Secretary and a former NED on
24 August 2022 as part of their annual remuneration set out in the Company's
Admission Document dated 26 March 2021. The new ordinary shares were issued at
a price of 10.025 pence per share, being the average of the closing mid-market
price for the ten trading days ending on 23 August 2022.  In total, £118,000
was due to paid for, year to 31 March 2022, by the issue of new ordinary
shares under this arrangement. As the Company does not have sufficient share
capital authority, it was only able to issue 360,000 new ordinary shares at
this time.  The remaining amount due, of approximately £81,910, will be
settled by the issue of new ordinary shares at a later date, when the Company
has sufficient authorised share capital to complete the exercise, priced at
the average closing mid-market price for the ten trading days prior to such
issue.

 

Further announcements will be made as appropriate.

 

Directors' and other Significant PDMR shareholdings

 

The interests of all the Directors, after the issue of new ordinary shares
described herein and the recent issues of equity announced on 5 August 2022
are set out below:

 

 Director/PDMR       Shareholding  Percentage of Issued Share Capital
 Elliott Mannis      304,144       0.70%
 Judy Happe          19,516        0.04%
 Bill Newton         2,530,787     5.80%
 Gareth Edwards      532,705       1.22%
 Dan MacKinnon       61,017        0.14%
 Philip Barry        3,266,766     7.48%
 Rob O'Brien (PDMR)  4,286,818     9.82%

 

Admission and Total Voting Rights

Application will be made for the new ordinary shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will take place on or
around 8.00 a.m. on 1 September 2022. The new ordinary shares will rank pari
passu with the existing ordinary shares.

Following Admission, the Company's issued share capital will comprise
43,661,199 ordinary shares, with no shares held in treasury, and therefore the
total number of voting rights in the Company will be 43,661,199. This figure
may be used by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under the
Disclosure Guidance and Transparency Rules of the FCA.

 

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                                                         (1)  Elliott Mannis

                                                                   (2)  Gareth Edwards

                                                                   (3)  Dan MacKinnon

                                                                   (4)  Philip Barry

                                                                   (5)  Hanh Jelf
 2    Reason for the notification

 a)   Position/status                                              (1)  Non-Executive Chairman

                                                                   (2)  Non- Executive Director

                                                                   (3)  Non- Executive Director

                                                                   (4)  Non- Executive Director

                                                                   (5)  Company Secretary
 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)
                                                                                     (1)           10.025 p             85,424

                                                                                     (2)           10.025 p             61,017

                                                                                     (3)           10.025 p             61,017

                                                                                     (4)           10.025 p             61,017

                                                                                     (5)           10.025 p             30,508

 d)   Aggregated information

      - Aggregated volume                                          n/a

      - Price

 e)   Date of the transaction                                      24 August 2022

 f)   Place of the transaction                                     Off market

 

 

 

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