Business
Variation of Incentivisation & Settlement Arr.
Variation of Incentivisation & Settlement Arr..
About this update from Finseta Plc
[{"type":"text","content":"\n \n \n 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.\n \n \n \n \n \n \n \n \n \n \n \n 8 March 2023\n \n \n \n Cornerstone FS Plc\n \n \n \n (\"Cornerstone\" or \"the Company\")\n \n \n \n \n \n \n \n \n Variation of Incentivisation and Settlement Arrangements\n \n \n \n \n \n \n Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, announces that it has agreed to vary certain incentivisation and settlement arrangements with Robert O'Brien, General Manager APAC and Middle East, and Craig Strong, Director of Capital Currencies Ltd (\"Capital Currencies\"), a wholly-owned subsidiary of the Company that was acquired on 31 January 2022.\n \n \n \n \n \n The repayment date of Mr. O'Brien's £2m loan note, which was issued pursuant to the Company's announcement of 4 August 2022, has been extended by one year such that it is now repayable by the Company on 31 July 2026. Additionally, Mr. O'Brien has agreed to vary and extend certain elements of his compensation package, decreasing his commission share on certain established revenue streams and increasing his share of the profitability of the Dubai office. This is expected to be immediately cash flow beneficial for the Company. Depending on performance, the changes may result in increased commission payments to Mr. O'Brien over the life of the extended package.\n \n \n \n \n \n Further to the Company's announcement of 26 January 2022,\n the Board has agreed with Mr. Strong to vary the terms of the original earn-out consideration as follows: \n \n \n \n \n \n ·\n The first tranche of the earn-out consideration is now assessable on revenue performance for the year ending 31 January 2024 and the second tranche is assessable on revenue performance for the year ending 31 January 2025 - both representing an extension of one year. \n \n \n ·\n The Company now has the option, at its discretion, to satisfy one or both of the earn-out payments in cash as opposed to one half of the f...