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Cornerstone FS plc announced on 18 November 2022 that it will hold a General Meeting of shareholders on 7 December 2022 at 11:00 am. The meeting seeks shareholder approval to authorise the Board to allot new shares, following a £1.085 million fundraising announced on 5 and 25 August 2022 and other equity issues. Directors and other shareholders representing 23,855,926 shares, approximately 50% of the issued share capital, have provided irrevocable undertakings to vote in favour of the resolutions, with specific exclusions for certain directors.
| Date | 18 Nov 2022 |
| Time | 07:02:50 |
| Category | AGMs and other meetings |
| ID | 8900G |
18 November 2022
Cornerstone FS plc
("Cornerstone" or the "Company" or the "Group")
Notice of General Meeting
Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, gives notice that it will be holding a general meeting of shareholders of the Company (the "General Meeting") at 11.00am on 7 December 2022 at the offices of Gracechurch Group, 48 Gracechurch Street, London EC3V 0EJ.
Background to the General Meeting
On 5 and 25 August 2022, Cornerstone announced the successful fundraising of £1.085 million, the variation of share incentive arrangements with Rob O'Brien and the issue of equity to the non-executive directors and company secretary as part of their annual remuneration. As set out in those announcements, the Company needs shareholder authorities to allot and issue further shares to comply with its contractual obligations. The purpose of the General Meeting is to seek shareholder approval to authorise the Board to allot new shares to meet these obligations.
The Company holds irrevocable undertakings to vote in favour of all the resolutions from Directors and other shareholders representing 23,855,926 shares comprising approximately 50% of the issued share capital of the Company save in respect of resolution 2 which relates to Rob O'Brien and resolution 3 which relates to Mark Horrocks whereby those respective shareholders are not eligible to vote on the relevant resolutions.
Publication of Circular
A Circular containing the Notice of the General Meeting has been published by the Company and, together with a form of proxy, is being sent to shareholders. A copy of the Circular and form of proxy will be available on the Company's website today at: https://investors.cornerstonefs.com/document-centre/.
Your attention is drawn to the letter from the Chairman of the Company that is set out in the Circular and which contains, amongst other things, the Directors' unanimous recommendation that shareholders vote in favour of the resolutions to be proposed at the General Meeting.
Capitalised terms used in this announcement have the meanings given to them in the Circular.
Enquiries
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Cornerstone FS plc |
+44 (0)203 971 4865 |
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James Hickman, Chief Executive Officer Judy Happe, Chief Financial Officer |
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SPARK Advisory Partners Limited (Nomad) |
+44 (0)203 368 3550 |
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Mark Brady, Adam Dawes |
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SP Angel Corporate Finance LLP (Broker) |
+44 (0)203 470 0470 |
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Jeff Keating, Harry Davies-Ball |
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Gracechurch Group (Financial PR) |
+44 (0)204 582 3500 |
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Harry Chathli, Claire Norbury |
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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 with offices in Tunbridge Wells and Dubai, Cornerstone is admitted to trading on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com.