We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cornerstone Fs Plc | LSE:CSFS | London | Ordinary Share | GB00BNG7CD28 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.50 | -3.75% | 38.50 | 38.00 | 39.00 | 39.00 | 38.50 | 39.00 | 98,892 | 10:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Catalog, Mail-order Houses | 4.82M | -5.61M | -0.0977 | -3.94 | 22.11M |
From Apr 2022 to Apr 2024
TIDMCSFS
RNS Number : 7520M
Cornerstone FS PLC
16 January 2023
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
16 January 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
Issue of Equity, Director Dealings, Grant of Options 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 the grant of options over ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares") to certain Directors and PDMRs, the variation of certain share incentive agreements and the issue and allotment of Ordinary Shares to Non-executive Directors, former Non-executive Directors and a PDMR of the Company.
Grant of Options
The Company has granted, on 13 January 2023 (the "Grant Date"), options over Ordinary Shares of the Company ("Options") to certain Directors and PDMRs as follows:
Hot Features
Premium
Name Role Number Options Fully Vested Vesting Period
of Options exercise Date
granted price
26 September In full on 26
James Hickman CEO 1,000,000 10.0p 2023 September 2023
------------ ---------- ------------- --------------------
26 September In full on 26
1,000,000 20.0p 2024 September 2024
------------------------- ------------ ---------- ------------- --------------------
One third on 31
March 2023, one
third on 30 June
2023 and one third
1 December on 1 December
Judy Happe CFO 276,803 10.0p 2023 2023
------------ ---------- ------------- --------------------
One third on each
of 7 March 2023,
7 March 2024 and
127,857 10.0p 7 March 2025 7 March 2025
------------ ---------- ------------- --------------------
One third on each
of the first three
13 January anniversaries
145,340 10.0p 2026 of the Grant Date
------------------------- ------------ ---------- ------------- --------------------
One third on each
of 7 March 2023,
Jordanna COO 7 March 2024 and
Curtis (PDMR) 114,755 10.0p 7 March 2025 7 March 2025
------------ ---------- ------------- --------------------
One third on each
of the first three
13 January anniversaries
85,245 10.0p 2026 of the Grant Date
------------------------- ------------ ---------- ------------- --------------------
The Options (excluding those issued to James Hickman that vest on 26 September 2024) are exercisable at a price of 10 pence per share, representing a 25% premium on the Company's share price on AIM at the close of trading on 13 January 2023. The 1,000,000 Options issued to James Hickman that vest on 26 September 2024 have an exercise price of 20 pence per share, representing a 150% premium.
The Options are subject to each of the above-named individuals remaining an employee of the Company and are exercisable at any time to the extent vested, or in full on a change of control. Leavers may exercise vested Options within 90 days of cessation, except in the case of gross misconduct, but their Options will lapse as to the balance. All Options expire five years after the Grant Date.
In addition, the Company has today granted a further 299,180 Options to other staff members intended to qualify as Enterprise Management Incentive options pursuant to the Income Tax (Earnings and Pensions) Act 2003.
Variation of Share Incentive Arrangements
Pursuant to Judy Happe's employment contract, which was entered into on 3 November 2020, and disclosed in the Company's admission document dated 26 March 2021, as part of her remuneration she was entitled to receive an annual grant of Options ("Top-up Options") equal to 1.5% of any increase in the fully diluted capital of the Company in the 12 months immediately prior to the date of grant. The Board has agreed with Judy to vary the terms of her original incentivisation arrangements whereby she is no longer entitled to receive Top-Up Options as part of her remuneration. The Company's remuneration committee believe the terms of her remuneration are now more appropriate for a company at Cornerstone's stage of development.
Issue of Equity and Directors' Interests
Further to the Company's announcements of 25 August and 7 December 2022, the Company also announces that it has issued and allotted 806,182 new Ordinary Shares (the "New Ordinary Shares") to a Non-Executive Director, the Company Secretary and four former Non-executive Directors 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 6.501 pence per share, being the average of the closing mid-market price for the ten trading days ended on 13 January 2023.
Following this issue of New Ordinary Shares, Gareth Edwards, Non-executive Chairman of the Company, has an interest in a total of 669,346 Ordinary Shares, representing 1.37% 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 8.00 a.m. on 23 January 2023. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Following Admission, the Company's issued share capital will comprise 48,842,381 Ordinary Shares, with no shares held in treasury, and therefore the total number of voting rights in the Company will be 48,842,381. 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, A dam Dawes SP Angel Corporate Finance LLP (Broker) +44 (0)203 470 0470 Jeff Keating, Harry Davies-Ball G racechurch 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.
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name James Hickman
------------------------------------------- ----------------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------------------
a) Position/status Chief Executive 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 213800O4IL2RXZ2BZ956
------------------------------------------- ----------------------------------------------
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 Options over ordinary shares of 1 penny
financial instrument, each
type of instrument
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
---------------------- -------------------
Price(s) Volume(s)
---------------------- -------------------
10.0 pence 1,000,000
------------------------------------------------------------------------ -------------------
20.0 pence 1,000,000
------------------------------------------------------------------------ -------------------
d) Aggregated information
- Aggregated volume 2,000,000
- Price 15.0 pence
e) Date of the transaction 13 January 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 Options over ordinary shares of 1 penny
financial instrument, each
type of instrument
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
---------------------- -------------------
Price(s) Volume(s)
---------------------- -------------------
10.0 pence 276,803
----------------------------------------------------------------------- -------------------
10.0 pence 127,857
----------------------------------------------------------------------- -------------------
10.0 pence 145,340
----------------------------------------------------------------------- -------------------
d) Aggregated information
- Aggregated volume 550,000
- Price 10.0 pence
e) Date of the transaction 13 January 2023
------------------------------------------- ----------------------------------------------
f) Place of the transaction Off market
------------------------------------------- ----------------------------------------------
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Jordanna Curtis
------------------------------------------- ----------------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------------------
a) Position/status Chief Operating Officer (PDMR)
------------------------------------------- ----------------------------------------------
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 213800O4IL2RXZ2BZ956
------------------------------------------- ----------------------------------------------
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 Options over ordinary shares of 1 penny
financial instrument, each
type of instrument
Identification code GB00BNG7CD28
b) Nature of the transaction Grant of options
------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
---------------------- -------------------
Price(s) Volume(s)
---------------------- -------------------
10.0 pence 114,755
----------------------------------------------------------------------- -------------------
10.0 pence 85,245
----------------------------------------------------------------------- -------------------
d) Aggregated information
- Aggregated volume 200,000
- Price 10.0 pence
e) Date of the transaction 13 January 2023
------------------------------------------- ----------------------------------------------
f) Place of the transaction Off market
------------------------------------------- ----------------------------------------------
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Gareth Edwards
------------------------------------------ --------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------
a) Position/status Non-executive Chairman
------------------------------------------ --------------------------------------
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 213800O4IL2RXZ2BZ956
------------------------------------------ --------------------------------------
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 Ordinary Shares
------------------------------------------ --------------------------------------
c) Price(s) and volume(s)
------------------- --------------
Price(s) Volume(s)
------------------- --------------
6.501 pence 136,641
-------------------------------------------------------------------- --------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 13 January 2023
------------------------------------------ --------------------------------------
f) Place of the transaction Off market
------------------------------------------ --------------------------------------
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Hanh Jelf
------------------------------------------ --------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------
a) Position/status Company Secretary and PDMR
------------------------------------------ --------------------------------------
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 213800O4IL2RXZ2BZ956
------------------------------------------ --------------------------------------
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 Ordinary Shares
------------------------------------------ --------------------------------------
c) Price(s) and volume(s)
------------------- --------------
Price(s) Volume(s)
------------------- --------------
6.501 pence 68,321
-------------------------------------------------------------------- --------------
d) Aggregated information
N/A
- Aggregated volume
- Price
e) Date of the transaction 13 January 2023
------------------------------------------ --------------------------------------
f) Place of the transaction Off market
------------------------------------------ --------------------------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
DSHGPUBUGUPWPGA
(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
1 Year Cornerstone Fs Chart |
1 Month Cornerstone Fs Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
