8th Mar 2022 11:18
8 March 2022
Cornerstone FS plc
("Cornerstone" or "the Company" or "the Group")
Grant of Options and PDMR Dealings
Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces that, on 8 March 2022, the Company granted options over ordinary shares of 1 penny each in the capital of the Company ("Options") to certain Directors and a PDMR as follows:
Name | Role | Number of Options granted | Options exercise price |
Julian Wheatland | CEO | 426,190 | 36.15p |
Judy Happe | CFO | 127,857 | 36.15p |
Jordanna Curtis | Head of Operations | 114,755 | 61.0p |
The Options granted to Julian Wheatland and Judy Happe are pursuant to their employment contracts, which were entered into respectively on 1 October and 3 November 2020, and disclosed in the Company's admission document dated 26 March 2021. As part of their remuneration, they receive an annual grant of Options equal to 5% and 1.5% respectively of any increase in the fully diluted capital of the Company in the 12 months immediately prior to the date of grant and exercisable at a price equal to the average mid-market closing price of the Company's ordinary shares on AIM over the relevant 12-month period. In light of the Company's admission to trading on AIM on 6 April 2021, the exercise price of this grant of Options reflects the average mid-market closing price since admission. These Options vest as to one third on each of the first three anniversaries of the date of grant and expire five years from the date of grant.
The Options granted to Jordanna Curtis are intended to qualify as Enterprise Management Incentive
options pursuant to the Income Tax (Earnings and Pensions) Act 2003. They have been granted at an exercise price equal to the price of the ordinary shares placed during the Company's admission to AIM on 6 April 2021. These Options vest as to one third on each of the first three anniversaries of the date of grant and expire five years from the date of grant.
In addition, the Company has today granted a further 124,652 Options to other staff members intended to qualify as Enterprise Management Incentive options pursuant to the Income Tax (Earnings and Pensions) Act 2003.
Further information please contact:
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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.
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
| Julian Wheatland | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer | |||
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 | Options over ordinary shares of 1 penny each | |||
Identification code | GB00BNG7CD28 | ||||
b)
| Nature of the transaction
| Grant of options | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
36.15 pence | 426,190 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 8 March 2022 | |||
f)
| Place of the transaction
| Off market | |||
1
| Details of the person discharging managerial responsibilities/person closely associated
| ||||
a)
| Name
| Judy Happe | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
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 | Options over ordinary shares of 1 penny each | |||
Identification code | GB00BNG7CD28 | ||||
b)
| Nature of the transaction
| Grant of options | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
36.15 pence | 127,857 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 8 March 2022 | |||
f)
| Place of the transaction
| Off market | |||
1
| Details of the person discharging managerial responsibilities/person closely associated
| ||||
a)
| Name
| Jordanna Curtis | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Head of Operations | |||
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 | Options over ordinary shares of 1 penny each | |||
Identification code | GB00BNG7CD28 | ||||
b)
| Nature of the transaction
| Grant of options | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
61.0 pence | 114,755 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 8 March 2022 | |||
f)
| Place of the transaction
| Off market | |||
Related Shares:
CSFS.L