Issue of Equity, PDMR Dealing, Total Voting Rights

RNS Number : 2746X

Cornerstone FS PLC

25 August 2022

 

25 August 2022

Cornerstone FS plc

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

Issue of Equity, PDMR dealings 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 that it has issued and allotted 360,000 new ordinary shares to four Non-Executive Directors ("NED(s)"), the Company Secretary and a former NED on 24 August 2022 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 10.025 pence per share, being the average of the closing mid-market price for the ten trading days ending on 23 August 2022.  In total, £118,000 was due to paid for, year to 31 March 2022, by the issue of new ordinary shares under this arrangement. As the Company does not have sufficient share capital authority, it was only able to issue 360,000 new ordinary shares at this time.  The remaining amount due, of approximately £81,910, will be settled by the issue of new ordinary shares at a later date, when the Company has sufficient authorised share capital to complete the exercise, priced at the average closing mid-market price for the ten trading days prior to such issue.

Further announcements will be made as appropriate.

Directors' and other Significant PDMR shareholdings

The interests of all the Directors, after the issue of new ordinary shares described herein and the recent issues of equity announced on 5 August 2022 are set out below:

Director/PDMR	Shareholding	Percentage of Issued Share Capital
Elliott Mannis	304,144	0.70%
Judy Happe	19,516	0.04%
Bill Newton	2,530,787	5.80%
Gareth Edwards	532,705	1.22%
Dan MacKinnon	61,017	0.14%
Philip Barry	3,266,766	7.48%
Rob O'Brien (PDMR)	4,286,818	9.82%

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 1 September 2022. The new ordinary shares will rank pari passu with the existing ordinary shares.

Following Admission, the Company's issued share capital will comprise 43,661,199 ordinary shares, with no shares held in treasury, and therefore the total number of voting rights in the Company will be 43,661,199 . 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	[phone]
Elliott Mannis , Non-Executive Chairman Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	[phone]
Mark Brady, A dam Dawes
SP Angel Corporate Finance LLP (Broker)	[phone]
Jeff Keating, Harry Davies-Ball
G racechurch Group (Financial PR)	[phone]
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

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	(1)  Elliott Mannis (2)  Gareth Edwards (3)  Dan MacKinnon (4)  Philip Barry (5)  Hanh Jelf
2	Reason for the notification
a)	Position/status	(1)  Non-Executive Chairman (2)  Non- Executive Director (3)  Non- Executive Director (4)  Non- Executive Director (5)  Company Secretary
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	213800O41L2RXZ2BZ956
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 Equity
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			(1)  10.025 p (2)  10.025 p (3)  10.025 p (4)  10.025 p (5)  10.025 p	85,424 61,017 61,017 61,017 30,508
d)	Aggregated information
	- Aggregated volume	n/a
	- Price
e)	Date of the transaction	24 August 2022
f)	Place of the transaction	Off market

 

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