Directorate Changes

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.

11 October 2022

Cornerstone FS Plc

("Cornerstone" or "the Company")

Directorate Changes

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 appointed Simon Bullock and John Burns as Independent Non-Executive Directors, with immediate effect and from 1 December 2022 respectively. The Company also announces that Daniel Mackinnon has tendered his resignation from the Board effective 1 November 2022.

Simon Charles Bullock, aged 52, has over 30 years' experience in CFO and other finance roles in public and private companies operating in the UK and internationally. He began his career at blue-chip companies, Mars and General Electric, where he held various financial positions up to CFO level. Since then, he has worked in strategic and operational CFO roles primarily for technology and financial services businesses. This includes Caxton FX Limited, a provider of foreign exchange, international payments and prepaid cards, AIM-quoted Bonhill Group Plc, Merit Group Plc and Aurasian Minerals Plc. Mr. Bullock, who is a Chartered Management Accountant, will assume the role of Chairman of the Company's Audit Committee as well as joining the Remuneration Committee.

John Duncan Burns, aged 63, has over 40 years' experience in the payments industry ranging from practical payments management to legal advisory to regulatory and legislative policy development. In particular, he has undertaken substantial work regarding the introduction of the European Union's Payment Services Directive in 2007, including being involved in negotiations as a member of the European Payments Council Experts Group and the Commission's Payment Systems Market Experts Group and supporting its implementation into UK law after having joined the Financial Services Authority (now FCA) in June 2008. Prior to joining the Financial Services Authority (FSA), he spent eight years at the Association for Payment Clearing Services and the Payments Council where he was Legal Adviser and Company Secretary to the UK clearing companies. Other experience includes various positions with Clydesdale Bank Plc and Lloyds Banking Group. Mr Burns is currently Managing Director, Payment Services with Compliancy Services Limited. It is intended that Mr Burns will assume the role of Chairman of the Remuneration Committee as well as joining the Audit Committee.

Gareth Edwards, Cornerstone Chairman, said: "We are delighted to welcome Simon and John to Cornerstone. They bring significant and complementary experience and expertise that will be invaluable in guiding our growth. These appointments also enhance the Board's independence and governance structures, which will ultimately be beneficial to our shareholders. In addition, I would like to thank Daniel Mackinnon for his contribution to the Board since joining us at the IPO. We wish him every success in his future endeavours."

Other than as set out below, there are no other matters required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies as regards Mr. Bullock's and Mr. Burns' appointments. Neither Mr. Bullock nor Mr. Burns has any interest in the ordinary shares of the Company.

Simon Bullock

Mr. Bullock was a founding director of BAH Restructuring Limited, which was established as a phoenix company to acquire, in 2019, majority control of HAB Land Limited and its subsidiaries, being HAB Land Finance Plc, HAB at the Acre Limited and HAB at Lovedon Fields Limited. In 2019, BAH Restructuring Limited, HAB Land Limited and HAB Land Finance Plc went into creditors voluntary liquidation. In 2020, HAB at the Acre Limited and HAB at Lovedon Fields Limited went into voluntary liquidation.

BAH Restructuring has yet to be dissolved; the statement of affairs notes that estimated deficiencies to unsecured creditors are likely to be approximately £71,129. HAB Land Limited has yet to be dissolved; the statement of affairs notes that deficiencies to unsecured creditors are likely to be approximately £2,575,202. HAB Land Finance Plc has yet to be dissolved, the statement of affairs notes that deficiencies to unconnected unsecured creditors are approximately £37,500 with £2,309,707 due to HAB Land Limited. HAB at Lovedon Fields has yet to be dissolved, the statement of affairs notes that deficiencies to unconnected unsecured creditors are approximately £146,829. HAB Land Limited, HAB Land Finance Plc, BAH Restructuring Limited and HAB at Lovedon Fields are under the control of liquidators from Interpath Advisory.

John Burns

There are no other matters required to be disclosed with regards to Mr. Burns' appointment.

Enquiries: 

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.