Cornerstone FS PLC PDMR Dealing (3424W)
August 17 2022 - 6:43AM
UK Regulatory
TIDMCSFS
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
+44 (0)203 971
Cornerstone FS plc 4865
Elliott Mannis , Non-Executive Chairman
Judy Happe, Chief Financial Officer
+44 (0)203 368
SPARK Advisory Partners Limited (Nomad) 3550
Mark Brady, A dam Dawes
+44 (0)203 470
SP Angel Corporate Finance LLP (Broker) 0470
Jeff Keating, Harry Davies-Ball
+44 (0)203 4 88
G racechurch Group (Financial PR) 7 510
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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Robert (Rob) O'Brien
-------------------------------------------- --------------------------------------
Reason for the notification
2
------------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
-------------------------------------------- --------------------------------------
b) Initial notification/amendment Initial Notification
-------------------------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Cornerstone FS plc
-------------------------------------------- --------------------------------------
b) LEI 213800O41L2RXZ2BZ956
-------------------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary shares of 1 penny each
financial instrument,
type of instrument
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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END
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