6th Apr 2021 12:19
(Alliance News) -Â Cornerstone FS PLC began trading on the AIM market in the London Stock Exchange on Tuesday with a market capitalisation of GBP12.4 million on admission.
Shares were trading at 61.15 pence at midday, up slightly from the IPO price of 61p. Cornerstone placed 3.7 million shares at 61p to raise GBP2.2 million, and raised a further GBP450,000 via convertible loan note facilities.
The shares sold under the placing represent around 18% of the company's issued share capital, it noted.
"We are pleased to announce our successful placing and admission to AIM. It is an important milestone and a key element of our strategy. We already have more than 700 customers who give us a strong financial foundation and we plan to build on that to fuel value creation," said Chief Executive Julian Wheatland.
Cornerstone FS is a London-based SME-focused cloud-based provider of international payment, currency risk management and electronic account services.
By Lucy Heming;Â [email protected]
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