PDMR Shareholding, Issue of Equity and TVR
06/02/2023 07:00
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RNS Number : 9415O Cornerstone FS PLC 06 February 2023
6 February 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
PDMR Shareholding, Issue of Equity and Total Voting Rights
Further to the Company's announcement of 5 August 2022, Cornerstone FS Plc
(AIM: CSFS), the cloud-based provider of international payment, currency risk
management and electronic account services to SMEs, announces the issue and
allotment of ordinary shares of 1 penny each in the capital of the Company
("Ordinary Shares") to a PDMR and a significant shareholder of the Company.
This follows the receipt of permission from the Financial Conduct Authority
("FCA") for them each to increase their respective shareholdings beyond 9.9%
of the issued share capital of the Company.
The Company has issued and allotted a total of 8,574,720 Ordinary Shares ("New
Ordinary Shares") as follows:
· Rob O'Brien, the Group's Chief Commercial Officer and a PDMR of the
Company, was issued and allotted 5,113,182 New Ordinary Shares at a price of
10 pence per New Ordinary Share being the final balance of shares issuable
pursuant to the variation of his share incentive arrangement announced on 4
August 2022.
· Mark Horrocks, a significant shareholder of the Company, was issued
and allotted 3,461,538 New Ordinary Shares at a price of 6.5 pence per New
Ordinary Share for the conversion of a loan note issued to him as part of the
Company's fundraising announced on 5 August 2022.
PDMR Shareholding
Following the above, Mr. O'Brien has an interest in a total of 9,400,000
Ordinary Shares, representing 16.4% of the Company's enlarged issued share
capital.
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 13 February 2023. The New Ordinary Shares will rank pari passu with the
existing Ordinary Shares.
Following Admission, the Company's issued share capital will
comprise 57,417,101 Ordinary Shares, with no shares held in treasury, and
therefore the total number of voting rights in the Company will
be 57,417,101. 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
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.
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 Commercial Officer and PDMR
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 Ordinary shares of 1 penny each
Identification code GB00BNG7CD28
b) Nature of the transaction Issue of Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
10.0 pence 5,113,182
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 3 February 2023
f) Place of the transaction Off market
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