Statement re Convertible Loan Note Facility

RNS Number : 4155Y
Cornerstone FS PLC
14 January 2022
 

 

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.

 

14 January 2022

 

Cornerstone FS plc

("Cornerstone" or the "Company" or the "Group")

 

Statement re Convertible Loan Note Facility

 

Further to the Company's announcement of 17 November 2021, Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, is pleased to announce that it has concluded negotiations with Mr Robert Lee and it has entered into an agreement (the "Agreement") to amend certain terms of the convertible loan note instrument that was executed by the Company and Mr Lee on 25 March 2021 (the "Convertible Loan Note Facility").

 

Under the terms of the Agreement, the Company may drawdown on the loan under the Convertible Loan Note Facility from 13 January 2023 until 31 December 2023. In the event of a drawdown and the Company issuing Mr Lee with unsecured convertible loan notes (the "Loan Notes"), the Loan Notes may be converted at a subscription price that is the lesser of 61 pence and the average mid-market price of the Company's ordinary shares on AIM for the five dealing days immediately prior to the date of the drawdown of the loan.

 

All other details of the Convertible Loan Note Facility remain unchanged and are as set out in the Company's admission document dated 26 March 2021.

 

 

Enquiries

 

Cornerstone FS plc

+44 (0)203 971 4865

Julian Wheatland, Chief Executive Officer

Judy Happe, Chief Financial Officer

 

 

 

SPARK Advisory Partners Limited (Nomad)

+44 (0)203 368 3550

Mark Brady

 

 

 

Peterhouse Capital Limited (J oint Broker)

+44 (0)207 469 0930

Eran Zucker, Lucy Williams

 


 

SP Angel Corporate Finance LLP (Joint Broker)

+44 (0)203 470 0470

Jeff Keating, Harry Davies-Ball




Luther Pendragon (Financial PR)

+44 (0)207 618 9100

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 SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.

 

Headquartered in the City of London, UK and with an office in Dubai, Cornerstone is listed on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com.

 

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