27th Jan 2022 15:14
Cornerstone FS PLC - London-based payments provider - Agrees to buy Capital Currencies Ltd for up to GBP3 million in cash, shares and convertible loan notes, including GBP586,000 in cash on completion. To help pay, Cornerstone FS plans share placing to raise GBP850,000 at 26.5 pence per share. Tunbridge Wells, England-based Capital Currencies is a foreign exchange broker focused on UK small- and medium enterprises. It recorded pretax profit of GBP340,000 on GBP598,000 in revenue in the financial year that ended January 31, 2021.
"This acquisition marks a significant milestone in Cornerstone's history as we deliver on our aim, as stated when we joined the market last year, to grow via acquisition as well as organically," says Cornerstone Chief Executive Officer Julian Wheatland.
Current stock price: 26.00p, down 24% on Thursday
12-month change: down 57% from 61p initial public offering price in April 2021
By Tom Waite; [email protected]
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