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Cornerstone FS PLC - cloud-based payment provider - Agrees to buy specialist FX and treasury consultancy Pangea FX Ltd for a total of up to £200,000. Says £25,000 will be paid in cash on completion and up to £175,000 will be paid in loan notes. ‘The group will...benefit from the migration of Pangea FX's existing client base to the Cornerstone platform as well as certain operational synergies such as from closing the Pangea FX office and relocating the employees to the group's main office,’ Cornerstone explains.
For financial 2021, Pangea which focusses on helping its clients control the impact of currency volatility on their business, reported revenue of £169,404 and a pretax profit of £58,325.
‘As we stated at the time of our fundraising, our intention was to invest in our sales team to drive growth and we believe this is the optimum means of achieving that as we also gain a book of business in the short term, which we expect to be significantly expanded going forward,’ Chair Gareth Edwards says.
Early last month, Cornerstone FS raised a total of £1.1 million through a share placing and the issue of a convertible loan note. The company raised £860,000 through the placing of 13.2 million shares at price of 6.5 pence per share, and a further £225,000 through the issue of an unsecured convertible loan note.
Current stock price: 8.95p, up 5.3% in London on Friday
12-month change: down 74%
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