REG - Cornerstone FS PLC - PDMR Dealing

Cornerstone FSAnnouncement

17/08/2022 11:45

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RNS Number : 3424W  Cornerstone FS PLC  17 August 2022

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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