Cornerstone FS PLC Sale of Non-Trading Subsidiary (1220N)
21 9월 2023 - 1:17AM
UK Regulatory
TIDMCSFS
RNS Number : 1220N
Cornerstone FS PLC
20 September 2023
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 .
20 September 2023
Cornerstone FS plc
("Cornerstone" or the "Company" or the "Group")
Sale of Non-Trading Subsidiary
Value realisation from non-core API licence to generate
GBP150k
Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments
solutions company offering multi-currency accounts to businesses
and individuals through its proprietary technology platform, is
pleased to announce that it has entered into a share purchase
agreement ("SPA") for the sale of its non-trading subsidiary,
Capital Currencies Ltd ("Capital Currencies"), which is authorised
and regulated by the Financial Conduct Authority ("FCA") as an
authorised payment institution ("API"), for a consideration of
GBP150,000 to be paid in cash on completion.
The Company acquired Capital Currencies in February 2022 to
accelerate the Group's growth and its transition to a direct
customer base as Capital Currencies' focus was on providing
high-level currency exchange and international payments services
directly to larger UK-based SMEs. All of Capital Currencies'
customers were subsequently transferred to the Cornerstone
technology platform and its staff became employees of the Group
following the acquisition, such that Capital Currencies has not
been a trading entity since November 2022. In addition, the Group's
primary operating subsidiary, Cornerstone Payment Solutions Ltd.,
is authorised and regulated by the FCA as an authorised electronic
money institution, which gives the Group more extensive regulatory
permissions than the more limited API licence held through Capital
Currencies.
Accordingly, the Board believes that it is in the best interests
of the Company to realise the value of this non-core asset through
its disposal to a non-competing entity. The proceeds from the sale
of Capital Currencies will be used to strengthen the Company's
existing cash resources.
Completion of the SPA, and receipt of the GBP150,000 cash
proceeds, is conditional upon receipt of regulatory approval from
the FCA.
James Hickman, CEO of Cornerstone, said: "This is a great
outcome for Cornerstone, generating value from the sale of a
licence, that is surplus to our requirements, to a non-competing
business. As with the sale of our Avila House subsidiary at the
start of the year, which was acquired for its small e-money
licence, this transaction also demonstrates the importance of
payments and e-money registrations and the value that purchasers
place on them. As we noted in our recent interim results, we had an
excellent first six months of the year with that momentum
continuing into H2, and this additional GBP150k, when received,
will further strengthen our cash position."
Enquiries
Cornerstone FS plc +44 (0)203 971 4865
James Hickman, Chief Executive Officer
Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad) +44 (0)203 368 3550
Mark Brady, Adam Dawes
Shore Capital (Broker) +44 (0)207 408 4090
Daniel Bush, Tom Knibbs (Corporate
Advisory)
Guy Wiehahn (Corporate Broking)
Gracechurch Group (Financial PR) +44 (0)204 582 3500
Harry Chathli, Claire Norbury
About Cornerstone FS plc
Cornerstone FS plc (AIM: CSFS) is a foreign exchange and
payments company offering multi-currency accounts and payment
solutions to businesses and individuals. Headquartered in the City
of London, Cornerstone combines a proprietary technology platform
with a high level of personalised service to support clients with
payments in over 150 countries in 58 currencies. With a track
record of over 12 years, Cornerstone has the expertise, experience
and expanding global partner network to be able to execute complex
cross-border payments. It is fully regulated by the Financial
Conduct Authority as an Electronic Money Institution.
www.cornerstonefs.com
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