TIDMCSFS
RNS Number : 4113U
Cornerstone FS PLC
06 April 2021
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
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ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (EACH A
"RESTRICTED JURISDICTION").
6 April 2021
CORNERSTONE FS PLC
("Cornerstone" or the "Company")
ADMISSION TO AIM AND FIRst day of dealings
Cornerstone FS plc, the cloud-based provider of international
payment, currency risk management and electronic account services
to SMEs, announces that admission of its entire issued and to be
issued share capital to trading on the AIM market of the London
Stock Exchange ("Admission") will become effective and dealings
will commence at 8.00 a.m. today under the ticker "CSFS". The
Company's ISIN is GB00BNG7CD28 and its SEDOL is BNG7CD2 .
Cornerstone has successfully placed 3,664,648 new ordinary
shares ("Placing") at a price of 61 pence per ordinary share. The
Company has raised gross proceeds of GBP2.69 million comprising
GBP2.24 million via the Placing and GBP450,000 via Convertible Loan
Note Facilities. The shares sold under the Placing represent
approximately 18 per cent of the Company's issued share capital. On
Admission, the market capitalisation of the Company will be
approximately GBP12.4 million.
Cornerstone's Business
Cornerstone's strategy is to build a significant business in the
provision of payment services, foreign exchange and currency risk
management. The Company makes it easy for SMEs to handle
international payments and currency. The Company's primary customer
base is small and medium sized enterprises: generally businesses
with fewer than 250 employees. It also provides services for some
HNWIs, some of whom are owners or directors of SME customers. The
Company currently has over 740 clients.
Cornerstone has developed and built, in-house, its own
proprietary cloud-based software platform. The platform can be
fully customised to allow third parties and marketing partners to
integrate it into their own businesses and websites presenting it
as their own branded platform. This platform is currently provided,
on a white label Saas basis, to approximately 26 third-party client
aggregators.
Use of Proceeds
The funds raised will enable Cornerstone to pursue a combination
of acquisitive and organic growth, building on the capabilities of
the Company's technology platform. The ability to use the Company's
shares as acquisition currency is a significant part of its growth
strategy. Additionally, funds will also be used to pay the costs of
the IPO and develop a broader range of products and services.
Julian Wheatland, Chief Executive Officer of Cornerstone, said:
"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.
"The 'non-financial institutions' segment of the market is
highly fragmented with many smaller players struggling to cope with
the ever-increasing regulatory demands and the costs of acquiring
up-to-date technology. At the same time, SME customers are seeking
better quality and more bespoke services than are provided by the
major financial institutions that dominate the FX market. This
provides us with a clear opportunity for our offering, which, with
our strong board, excellent management team and highly scalable
platform, we are well-placed to deliver.
"We'd really like to thank our current investors and welcome new
ones as we embark on the next phase of our development."
SPARK Advisory Partners Limited is acting as Nominated Adviser
and Peterhouse Capital Limited and Pello Capital Limited are acting
as Joint Brokers in relation to the Admission.
Cornerstone's Admission Document, giving full details about the
business, is available to download from the Company's website -
www.cornerstonefs.com.
Enquiries
For further information please contact:
Cornerstone FS plc Tel: +44 (0) 203 971 4865
Julian Wheatland, Chief Executive
Judy Happe, Chief Financial
Officer
SPARK Advisory Partners Limited Tel: +44 (0) 203 368 3550
(Nomad)
Mark Brady
Neil Baldwin
Peterhouse Capital Limited (Joint Tel: +44 (0) 207 469 0930
Broker)
Heena Karani
Lucy Williams
Pello Capital Limited (Joint Tel: +44 (0) 203 700 2500
Broker)
Dan Gee
Mark Treharne
Luther Pendragon (Financial Tel: +44 (0) 207 618 9100
PR)
Harry Chathli
Claire Norbury
Joe Quinlan
Notes to Editor
Board of Directors
Elliott Michael Mannis, CPA, CA, Non-Executive Chairman
Elliott is the Chairman and shareholder of London Bridge
Capital, an FCA authorised corporate finance firm. Previous roles
have included Chief Executive at D1 Oils, an AIM-listed biofuels
business, and Group Finance Director at AWG, the FTSE 250 holding
company for Anglian Water.
Julian David Wheatland, CEng, Chief Executive
Julian has an extensive track record of scaling technology
businesses and has held numerous directorships in private and
public companies. This includes Chief Executive of a GBP400m
international technology investment portfolio at Consensus Business
Group; CEO of Hatton International, a finance and technology
advisory firm that he established; and CFO and COO, and
subsequently CEO, of the SCL/Cambridge Analytica companies.
Judy Amanda Happe, ACA, Chief Financial Officer
Judy is an experienced corporate executive and CFO with a
background in fundraising, mergers and acquisitions and post-deal
integration. Most recently, she was CFO of XenZone (now AIM-listed
Kooth plc). Judy commenced her career as a chartered accountant
with Saffrey Champness.
Glyn Anthony Barker, FCA, Independent Non-Executive Director
Glyn's current roles include Chairman of Berkeley Group plc
(residential property development) and of Irwin Mitchell (law firm)
and Senior Advisor to Novalpina Capital (private equity). Glyn was
previously Managing Partner of PwC UK and Senior Independent
Director of Aviva plc (insurance).
Daniel Song Mackinnon, Independent Non-Executive Director
Daniel is a corporate financier who began his career with
Rothschild before joining Emerald Investment Partners as Investment
Director. He has worked on a variety of transactions across
multiple sectors, jurisdictions and public as well as private
markets, including the IPO of Cairn Homes plc, raising EUR440m on
the LSE Main Market.
Gareth Maitland Edwards, Non-Executive Director
Gareth was a partner at law firm Pinsent Masons LLP, where he
was Global Head of Corporate and International Development Partner.
He brings significant public markets experience, including having
acted on the AIM Disciplinary and Appeals Committee. Gareth is
currently a strategic consultant and an Executive Director of
London Bridge Capital and holds several directorships at LSE-quoted
companies, including Chairman of Honye Financial Services Limited
and of Nightcap plc.
Philip Barry, Non-Executive Director
Philip co-founded FXPress in 2010. Previously, he helped manage
the foreign exchange exposure of a company portfolio and worked in
both the financial and property sectors.
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END
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