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:
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
------------------------------------------ --------------------------------------
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END
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