Tungsten Corporation was founded in February 2012 by Edmund Truell and Danny Truell to identify and acquire a company, business or asset within the financial services sector which could grow into a business with a significant market presence in a segment with potential for sustainable long-term cash generation, return on equity and growth. They have been joined on the Board in a Non-Executive capacity by Arnold Hoevenaars (Chairman), Peter Kiernan, and Michael Spencer and the Company has been advised by Disruptive Capital Finance LLP. The founders of the Company and management team have to date invested £9.6 million into the Company to provide it with the funds required to undertake the identification and acquisition process.



The Tungsten Board, through its experience in the financial services sector, believed that the financial crisis of the last five years created an opportunity to acquire and/or build a presence in undervalued segments of the financial market where better management and improved use of technology could deliver enhanced returns. Disruptive Capital was exclusively engaged by the Tungsten Board for the purposes of identifying and recommending investment opportunities to the Company.



Admission to Trading on AIM

On 16 October 2013, Tungsten Corporation was admitted to trading on the AIM market of the London Stock Exchange, raising gross proceeds of £225 million. Tungsten’s market capitalisation on admission was £225 million.




Proceeds from the IPO will be used as follows:


1.£73 million to fund the cash element of the acquisition of OB10 Limited, the leading global business to business e-invoicing network:
2.£58 - £60 million to finance the acquisition of FIBI Bank (UK) Plc (subject to regulatory approval) and to provide solvency capital to support the invoice discounting activities of the Bank;
3.£15 million for working capital and business development purposes; and
4.£14 million to fund acquisition and transaction fees and expenses, with a further £2 million payable at the board of Tungsten’s discretion.

The Placing of £160 million represented the largest trading company IPO on AIM since 2008.



Tungsten’s strategic vision



The strategic vision of Tungsten is to create a leading cloud based global trading network, monetising the existing OB10 e-invoicing platform with the addition of value added services such as seamless electronically secure encrypted invoice discounting against “approved for pay” invoices, substantially reducing fraud and dilutions risks so evident in traditional “old model” supply chain finance; and the provision of spend analytics technology across OB10’s established network.


http://www.tungstencorporationplc.com/

Tipped in Shares this week and IC.



Shares - Tungsten is in the process of acquiring its own bank, a deal expects to be complete by 30 April. As revenues build , profits should quickly ramp up.

Tungsten Corporation - Michael Spencer (non exec) on 8 -1 - 14 purchased 750,000 shares @ 253p value £1,897,500.


IC - Don't worry about Tungsten's half year loss. That , according to chief executive Edmund Truell, reflects the fact that the investment vehicle is ''spending tons of money '' building the business after having snapped up the worlds largest cloud -based e-invoicing platform, OB10.

And I recd a free copy of SCSW last saturday and they are buying it for their portfoilio in the month coming.

Say they are close to buying a bank,which will propel SP north.

I see you highlighted it goldfinger, many thanks and also IC and Shares this week.

Going like the clappers this morning.

LOADS ERR MONEY.

and there's me thinking that this must be a mining company :-)

Me too....I was about to mention WLFE...

RNS


RNS Number : 0714Z

Tungsten Corporation PLC

03 February 2014




TUNGSTEN CORPORATION PLC

("Tungsten" or collectively the "Tungsten Group")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION







For Immediate Release



PNC BANK AND OB10 TO PROVIDE COMPREHENSIVE E-INVOICING TECHNOLOGY FOR COMMERCIAL CUSTOMERS

- Network extends straight-through invoice processing from purchase order to payment -

PITTSBURGH, Feb. 03, 2014 - PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC), announced today an enhancement to its invoice automation technology solution for mid-size and large businesses. PNC now offers expanded automation of the procure-to-pay process through electronic invoicing capabilities powered by OB10, the global e-invoicing network that is part of Tungsten Corporation plc (LSE:TUNG). PNC is the first commercial bank in the United States to integrate OB10 with its invoice automation platform.

PNC helps customers to achieve straight-through invoice processing from invoice receipt to payment utilizing both workflow-based or automated approval processes. PNC's integrated solution enables invoice data to be submitted in any format, including paper, e-mail, fax and file transfer or by originating an invoice electronically through the OB10 online portal.

Benefits of combining PNC's accounts payables solutions for commercial customers with the OB10 e-invoicing network include:

· One provider to receive and process both paper and electronic invoices.
· Higher quality data that reduces exceptions and error-prone manual processing.
· Streamlined invoice processing through automated receipt of invoices and online workflow
approval.
· Faster, more cost-effective payment process.
· The ability to capture more early payment discounts

"PNC led the banking industry by combining high-speed imaging and data capture with accounts payable workflow to convert paper invoices to electronic data for processing and reporting. Upon that foundation, we can now offer our customers a single, integrated solution for all types of invoices using technology that has been broadly adopted," said Chris Ward, head of Treasury Management product management at PNC Bank.

"Our strategic partnership with PNC will allow more organizations to improve their global trading capabilities, so bringing greater efficiency to their supply chains, and optimizing their working capital," said Edmund Truell, group CEO at Tungsten Corporation plc. "We look forward to working closely with PNC to develop a comprehensive invoice-to-pay service."

PNC commercial customers selecting this new technology will invite their suppliers to submit invoices through the OB10 network, a technology already in use by major U.S. trading partners. No hardware or software installations are required by suppliers. For invoices that continue to be sent by paper during and after the OB10 enablement period, PNC's imaging platform may be utilized to digitize all of the invoice data.

OB10 (http://www.OB10.com) is the global e-Invoicing network at the core of Tungsten Corporation plc (http://www.tungstencorporationplc.com) that simplifies and streamlines the complex invoice-to-pay process to enable prompt payment. Compliant in 43 countries across Europe, the Americas and Asia, OB10 can reduce invoice-processing costs by 60% and deliver an RoI of less than a year. Tungsten Corporation's OB10 network connects some of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processes transactions worth over $180 billion per year for organizations such as Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, US Federal Government, Tesco and Whirlpool. Tungsten Corporation offers supply chain financing to suppliers on the OB10 network and will help organizations profit by applying innovative spend analytics to its vast repository of invoice data.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the United States' largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

bought a few

Should get a write up by tip sheets this weekend.

Hi GF
Bought 2000 this morning to keep you company!! Cannot see you making money on your own!

Tungsten Corp considers more deals similar to PNC

By Jeremy Naylor

February 06 2014, 11:12am



Edi Truell, CEO of Tungsten Corp, (LON:TUNG), tells Proactiveinvestors that the PNC deal speeds up the invoicing process and also cuts costs. Edi also says that while he is not in favour of too many such deals at the same time, the company continues to look for acquisitions to further spread the use of its invoicing business OB-10


http://www.proactiveinvestors.co.uk/companies/stocktube/2520/tungsten-corp-considers-more-deals-similar-to-pnc--2520.html

is there anything really new in what they are doing?

Just sounds like quick processing and reduced costs halifax, so as you say perhaps nothing new.

Yeah your right dc nothing new but quicker and cheaper ... can't see anyone wanting that :-)

Bet monday it as a good day.

I don't bet , I'm risk averse :-)


Much nicer to have a look around and do a bit of research this time of night don't you think gf ?

Indeed, indeed Dil.

Bit crap getting up early though , feels like the middle of the night here.

I just stay up and do a 48 hourer.

I can't I need to be fit for tomorrow ... Wales v Ireland 2.30pm followed by Scumsea v Cardiff at 5.30pm

May be featured in SCSW tip sheet this weekend after the news earlier this week.

Did they get mentioned anywhere gf , seem to have made a bright start to the week.

Yep word is on advfn. Gone into their portfolio so must be confident its going to perform.

UTW Biggest tip. New thread started.

Recent director Buy of £3 million and trading ahead.

Just added this morning big time.

Cheers mate.

Been adding several tranches too since that January pullback. Could be very interesting if you hold a while.

Starting to head back up to the highs.

Yep look at the BUY volume aswel.

Tungsten and partner sign shipping group as first Mexican customer

By Philip Whiterow

February 24 2014, 11:09am
Recent changes to the law in Mexico have made it compulsory to use an authorised service provider, such as Buzon E, to generate e-invoices.



Tungsten’s (LON:TUNG) e-invoice subsidiary OB10 and its Mexican partner Buzon E have signed their first buyer customer in the central American country.

Recent changes to the law in Mexico have made it compulsory to use an authorised service provider, such as Buzon E, to generate e-invoices.

Shipping firm Estafeta has now signed up with Buzon E, which is an OB10 reseller, for its e-invoices.

Benito Celorio, Managing Director at Buzon E said: "Electronic invoicing is more than just a regulatory requirement.

"Through our partnership with OB10, we can enable existing and future customers to eliminate invoice exceptions and manual intervention, and automate the process from invoice to pay."

Edmund Truell, Tungsten’s group chief executive, added: "By working with Buzon E and Estafeta, we will show how both businesses and tax administrations can dramatically reduce cost and increase value through straight-through invoice processing."

Tungsten added it has also extended the partnership with Buzon E through a reseller agreement that allows it to take OB10's straight-through-processing services to organisations in Mexico.

Dreamcatcher, good spot I hadn't seen that. Seems to have gone unnoticed by the masses too. More chance to keep acquiring.

I hold but lets be far .... Mexico ???

Bit like signing a contract with Blaenau Gwent Borough Council in Wales.

Think future, think MINTS. I'd rather have Mexico with more stability, than say Russia. But take your point.

I do not care where it is as long as it makes money and sense!

Director/PDMR Shareholding

RNS


RNS Number : 8999B

Tungsten Corporation PLC

10 March 2014




10 March 2014





Tungsten Corporation plc

Purchase of Shares by a Director



Tungsten Corporation plc (the "Company") was notified on 7 March 2014 that on that day, a director of the Company, Edi Truell acquired 9,400 ordinary shares in the Company at a price of 279 pence per share.



Following this acquisition, Edi Truell and members of his family are interested in 14,762,684 ordinary shares in the Company representing 14.8 per cent. of the Company's issued share capital

About time this one bounced!

15/04/2014 BUY Edmund Truell CEO 42,945 .

Perhaps a good time to follow suit.

29 Apr Canaccord... 292.00 Buy

RNS


RNS Number : 7176F

Tungsten Corporation PLC

29 April 2014




TUNGSTEN CORPORATION PLC

("Tungsten" or collectively the "Tungsten Group")




MARKET UPDATE

First invoice discounted

Tungsten Corporation plc (LSE:TUNG) is pleased to give an update to the market. Results for the full year to 30th April, 2014 will be announced in July.

Tungsten continues to make further progress overall in integrating its financing and analytics capabilities into the e-Invoicing network; and in re-organising the combined Tungsten group to be capable of large-scale growth. The necessary systems are now fully tested and ready to connect our Tungsten Network to Tungsten Bank. We are also ensuring that our systems can connect the Tungsten Network with third party finance providers such as Blackstone Tactical Opportunities where discussions are on-going to establish a global funding vehicle run by Tungsten.

With the agreement of FIBI and of the Financial Conduct Authority, we have commenced invoice discounting activity. Selected UK suppliers have been invited to discount invoices over the Tungsten Network, with the first discount having been successfully processed last week. This will provide useful market experience as a prelude to full mobilization, should the final change of control approval be forthcoming from the Prudential Regulatory Authority. Whilst still of necessity a limited activity, this discounting has been done on the terms anticipated in our business model. The Board continues to be hopeful that the required approval will be obtained by the end of May 2014 and a further announcement will be made in this context, when appropriate.

In addition, the Company announces changes at a senior management level. Lincoln Jopp will join the Board as Group Chief Operating Officer. He is leading our commitment to network resilience and security, and to making the Tungsten Invoice Status Service ("ISS") available for many more of our customers. ISS enables suppliers to see in real time the progress of their invoice from 'invoice submitted' to 'paid', and reduces the calls into buyers.

As presaged at the IPO, to improve our buyer service, we are combining the buyer sales, programme and account management units, introducing Client Relationship Managers and Service Delivery Managers for every buyer account. We have created a 'rainmaker' role, for example, to work with EU governments as they consider mandating the use of electronic invoicing in public procurement ahead of the forthcoming EU directive. We are delighted that Charles Bryant, Co-Chairman of the European E-invoicing Service Providers Association (EESPA), has agreed to lead our Thought Leadership efforts in this regard.



As we make these wide ranging organisational improvements to the Tungsten Network, Luke McKeever, former CEO of OB10, is leaving the group. A separate announcement has been made on this. His managerial responsibilities have been assumed by Edi Truell and Lincoln Jopp, and the buyer-facing rainmaker roles are being fulfilled by John Hall and Ruud van Hilten in EMEA; and by Rick Hurwitz, Peter Schiff Smith and Paul Frederick in the US.



First successes for our new organisational structure now include agreements with eight of the top ten global Business Process Outsourcers that they will actively promote Tungsten to their major customers. The Tungsten Network continues to add major buyers, for example in the healthcare area, who should benefit from the high percentage of their suppliers already on the Network. We are working to take several of our major customers global. In addition, we are delighted that the US Department of Veterans Affairs is rolling out Tungsten, having declared to its suppliers the mandatory use of the Tungsten Network.



Edmund Truell, Group CEO of Tungsten Corporation plc, commented, "Tungsten has this week started to offer suppliers access to trade and working capital finance on a transparent and simple to execute basis, which we intend to be the start of a very major financial transformation."

Tungsten Corporation 'ready to go', broker says

By John Harrington

April 29 2014, 2:59pm
Tungsten's systems have now been fully tested and are ready to scale



One watchdog's approval of Tungsten's (LON:TUNG) acquisition of FIBI Bank bodes well its chances with the other regulatory body, argues Canaccord Genuity.

Tungsten passed a significant milestone in its development by discounting its first invoices last week, it told investors on Tuesday.

The start to discounting activities follows the sign-off by the Financial Conduct Authority (FCA) for its deal to acquire FIBI, renamed Tungsten Bank, and its integration with the Tungsten Network.

Full mobilisation of the service will occur once it has the green light from the Prudential Regulation Authority (PRA).

City firm Canaccord Genuity thinks the portents are good for the PRA to offer its seal of approval by the end of May.

"Tungsten's integration progress and early test marketing leave us more confident that invoice financing volumes may begin soon after regulatory approval. Tungsten is prepared to begin formal marketing and sales in the UK and US immediately after the PRA grants approval," the broker said.

"Tungsten has added major buyers and is working to expand to more major customers globally. In addition, eight of the top ten global major Business Process Outsourcers (BPOs) have agreed to actively promote Tungsten to their major customers," Canaccord Genuity noted.

In the same announcement Tungsten unveiled Lincoln Jopp as its new chief operating officer, while Luke McKeever, the former chief executive of Tungsten’s OB10 business electronic invoicing business, is leaving the group.

Canaccord Genuity said the decision for McKeever to move on was "mutual and amicable" and noted that McKeever had already transferred the bulk of his executive responsibilities in order to complete the first phase of integration.

Signs that Tungsten is preparing to up its marketing effort were reinforced by the creation of so-called "rainmaker" roles to elevate sales efforts to work with EU governments as they consider mandating the use of electronic invoicing in public procurement ahead of the forthcoming EU directive.

In the broker's view, this change of focus "could drive a step-change in Tungsten's growth".

The current share price - currently around 215p - "does not reflect Tungsten's market opportunity and the disruptive nature of its offering in our view," the broker says.

It maintains its 'buy' rating and sum-of-the-parts based 292p target price.

Thought we would have jumped higher yesterday! Pressure's building.

Market is waking up to yesterday's news!

Tungsten Network to add $20bn of e-Invoices

RNS


RNS Number : 2996G

Tungsten Corporation PLC

06 May 2014






For Immediate Release 6 May, 2014



MARKET UPDATE

Tungsten Network to add $20bn of e-Invoices

Integration of global e-Invoicing network complete; Analytics and Finance start live operations

London, 6 May - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that OB10, the global e-Invoicing network it acquired in October 2013, has completed its transition and integration, and will now function as Tungsten Network.

The reorganised Tungsten Network last week :

- Agreed with an existing customer, a major IT multinational, to convert some $20bn of annual paper transactions to true electronic invoices

- Agreed to install the Invoice Status Service to over $33bn of invoices (to give suppliers visibility of the status of their invoices)

- Signed a record level of revenues from suppliers

The combination of Tungsten's core business areas offers an unrivalled proposition: Tungsten Network connects supply chains and enables predictable payment through compliant e-Invoicing. Tungsten Network Analytics gives Procurement teams line-level insight into their spend data in real time. Tungsten Network Finance supports business growth by giving suppliers easy access to flexible supply chain financing through dedicated funds.

Tungsten Network Analytics is now fully compliant with US federal requirements and last week connected its first customer.

Tungsten Network Finance announced last week that it has successfully started discounting invoices, with the permission of FIBI (Bank) plc and the Financial Conduct Authority.

Edmund Truell, Group CEO, Tungsten Corporation plc, said, "The transition of OB10 into Tungsten Network underlines the central role e-invoicing plays for our customers and our business. The reorganisation is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale. The months of preparatory work are paying off, now we are starting to use the exceptionally promising analytics tool to support decisions in real time; and have started financing invoices."



To complement the integration, Tungsten Network's UK operations are relocating to headquarters at Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL, from 12 May.







About Tungsten Network

Tungsten Network, built on OB10 e-Invoicing, is the global trading network at the core of Tungsten Corporation plc (LSE:TUNG). It simplifies and streamlines the complex invoice-to-pay process to enable prompt payment.

Fully compliant in 44 countries across Europe, the Americas and Asia, Tungsten Network can reduce invoice-processing costs by 60% and deliver an ROI in less than a year.

Tungsten Network connects many of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processed transactions worth over $185 billion last year for organizations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, the US Federal Government and Whirlpool.

Tungsten is helping governments make their economies more efficient, manage working capital and streamline the public sector. Moreover, e-Invoicing enhances tax compliance and helps fight fraud.

Tungsten offers supply chain financing to suppliers on the Tungsten Network; and can help organisations profit by applying innovative, real time spend analytics to its vast repository of invoice data.

Tungsten Network signs GE

RNS


RNS Number : 4130H

Tungsten Corporation PLC

19 May 2014






NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For Immediate Release 19th May, 2014



MARKET UPDATE

Tungsten Network signs GE

Accelerating delivery of the business plan

London, 19th May - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that:

- Tungsten Network has been contracted by GE to rollout a multi-year e-Invoicing programme into every GE operation globally, with potential invoice volumes of over 16m per annum. GE will also take Tungsten's Invoice Status Service.



Edmund Truell, Group CEO, Tungsten Corporation plc, said, "Tungsten Network is accelerating its expansion, with another new customer choosing us to offer electronic invoicing services globally - on a scale comparable with the entire volume of invoices being transacted over the network last year."



Results for the full year to 30 April 2014 will be announced in July.

Good move today and decent volume. Don't see any news other than the sell rec from EVA Dimensions. Undervalued if you ask me and newsflow before too long on banking developments. Don't imagine we're staying down here for too long. Maybe a sniff ahead of a weekend tip??

News imminent? Someone knows something by the looks...

Bank purchase approval coming I reckon and then we're on our way. Exciting times ahead hopefully - have this one in my ISA and SIPP - for the long term.

Market Update

RNS


RNS Number : 1671I

Tungsten Corporation PLC

27 May 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 27th May, 2014





MARKET UPDATE



The Board of Tungsten notes the recent rise in the share price.



Tungsten announced on 25th March, 2014 that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) plc ("Bank") had been submitted to the UK's Prudential Regulation Authority ("PRA") and to the Financial Conduct Authority.



Tungsten confirms that the change of control request is progressing well with the PRA. Following extensive discussions, the Board is confident of obtaining the required approval for Tungsten shortly so that Tungsten can complete the acquisition and the mobilisation of the Bank in the coming weeks.







LONDON, 27 May 2014

Very encouraging, moving ahead.

Tungsten Corporation confident PRA approval of bank acquisition is imminent

By John Harrington

May 28 2014, 7:24am
Tungsten announced on 25 March that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) had been submitted to the UK's PRA and to the FCA
Tungsten announced on 25 March that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) had been submitted to the UK's PRA and to the FCA


Tungsten (LON:TUNG), the electronic invoice specialist, revealed that it expects to get regulatory approval soon for its acquisition of FIBI bank (UK).

The company released a statement in response to a sharp gain in the share price on Tuesday, saying that the change of control request is “progressing well” at the Prudential Regulation Authority.

Shares in Tungsten rose to 270.25p on Tuesday from 242p the day before.

Following extensive discussions, the board of Tungsten is confident of obtaining the required approval so that it can complete the acquisition and the mobilisation of the bank in the coming weeks.

Tungsten’s business model involves marrying the electronic business invoicing business to a bank, so it can offer, among other things, invoice discounting services.

The European Banking Association says 10% of invoices are currently discounted – though other research suggests a figure closer to 15% - and the service is popular with some businesses as it irons out cash flow.

Nice full page write-up in Shares mag today.

Here we go - approval recieved from UK's Prudential Regulation. No info yet, just headline.

For Immediate Release 29th May, 2014





MARKET UPDATE



The Board of Tungsten is delighted to announce that it has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc ("Bank").



The fully UK authorised Bank will be re-named Tungsten Bank and commence offering supply chain finance.



Moreover, Tungsten has today begun providing invoice discounting services to selected US customers.



Edmund Truell, Chairman of the Bank, said : "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network."





LONDON, 29 May 2014

Market Update

RNS


RNS Number : 7744I

Tungsten Corporation PLC

04 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 4th June, 2014





MARKET UPDATE



UK public sector gains easier access to the benefits of electronic invoicing and spend analytics



Tungsten Network accredited as a supplier on the UK government's G-Cloud 5 Framework



London, 4 June - Tungsten (LSE:TUNG) is delighted to announce that Tungsten Network, the global e-Invoicing network built on OB10, has been accredited as a supplier of the UK Government Crown Commercial Service, G-Cloud 5 Framework.



Managed by the Crown Commercial Service, this is a pan government collaborative framework agreement for use by UK public-sector bodies, including central government departments and their arm's length bodies and agencies, non-departmental public bodies, NHS bodies and local authorities.



Tungsten Network sees this development as a major step in cementing its relations with the public sector and strengthening its operations. Accreditation will help to accelerate business development as public-sector bodies benefit from pre-negotiated terms and fixed prices. It also eliminates the need for the public sector to tender competitively for the services covered by the framework, which in the UK can cost over £45,000 per process, the highest in Europe.



Edmund Truell, Group CEO, Tungsten Corporation, said, "We are delighted to be part of the G-Cloud 5 framework. This is another key development for Tungsten Network as we expand our customer base, and bring the value of electronic invoicing to governments and their citizens around the world."



LONDON, 4 June 2014

Good bit of news, new highs coming...

Just gone long on TUNG,think this looking at the chart will be making an assault on 340p very sharply. Been some excelent RNS over past week

with w/e looming, i'ld rather wait until monday b4 opening anything new

Thats a pity, reckon itl take off monday morning.

Would not want to be out of this one this weekend. lol

Now I wonder why............LOL.

Your obviously thinking what Im thinking DC.

too late now :-)

Shares - Electronic invoice financing specialist Tungsten is primed to begin rolling out its paperless factoring proposition following news 30 May that the prudential regulation Authority has approved its application for a banking licence and to take control of FIBI Bank.

Going like the clappers this morning, how on earth did Cynic miss this one!!!!!!!!!!!!!!!

Beggars beleif.

The signs were all their.

It was written, the clouds were telling you the story.

Look up not down, tea leafs are no longer fashion.

How on earth did Cynic miss this one.!!!!!!!!!!

I wouldn't say so if you're in for the medium/long term. I see significant upside here particularly the way they are getting large caps to commit their entire worldwide invoicing into OB10. Nice bit of news this morning too with Saudi developments.

Market Update

RNS


RNS Number : 1065J

Tungsten Corporation PLC

09 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 9th June, 2014





MARKET UPDATE



Tungsten Network delivers compliant e-Invoicing for customers in Saudi Arabia



Customers can trade with confidence in 45 compliant countries through the global e-Invoicing network



London, 09 June - Tungsten (LSE:TUNG) now delivers compliant e-Invoicing in Saudi Arabia.



Following in-depth research and technical development, Tungsten Network, the global e-Invoicing network built on OB10, enables customers to send and receive domestic and offshore electronic invoices that comply with Saudi Arabian commercial law and qualify as a legal invoice.



The addition of Saudi Arabia takes the number of compliant countries on the Tungsten Network to 45 and helps even more organisations streamline their processes around the world and achieve straight-through processing.



The first buyer customer to use this service within the region is King Abdullah University of Science and Technology (KAUST), which joined the network in 2013.



"Our goal is to become the world's largest electronic trading network and allow our customers to transact seamlessly with suppliers around the globe," says Edmund Truell, Group CEO, Tungsten Corporation. "Achieving Saudi Arabian compliance brings us closer to that objective. I'm delighted to give our customers access to another important geography where they can reap the financial and environmental benefits of e-Invoicing. We look forward to bringing our secure, smart, fast electronic invoicing network to even more territories in the coming months."



LONDON, 9 June 2014

i looked first thing this morning and noted a modest rise with quite a large spread, and a hefty margin requirement
however, i also note that it finished marginally down on the day

goldfinger on hyper pills again.,.

so i'm not quite so dumb then :-)

Market Update

RNS


RNS Number : 2971J

Tungsten Corporation PLC

10 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 10th June, 2014





MARKET UPDATE



Tungsten Corporation plc completes acquisition of FIBI Bank (UK) plc



London, 10 June - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that it has completed the acquisition of FIBI Bank (UK) plc following approval from the Prudential Regulation Authority on 29 May.



FIBI Bank will now be known as Tungsten Bank plc, registered at 6 Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL, UK.





LONDON, 10 June 2014

Decided to top up here. All tucked away in my ISA and SIPP for the next few years (I hope).

Starting to perform at last.

I have a good feeling on this one, worryingly so as I've just bought more in my ISA. Now very heavily overweight (the stock!) But I'm expecting we'll start to have some news flow in due course now the bank approval has gone through.

IC - Tungsten set for explosive growth.

earnings are forecast to soar more than five-fold in the year to end-April 2016 before rising by 31% in 2017. Its hard to spot another financial sector player that's set to grow at such a pace yet the shares trade on just 12 times 2016's expected earnings.

23 Jun Canaccord... 292.00 Buy

Market Update

RNS


RNS Number : 8754K

Tungsten Corporation PLC

30 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 30th June, 2014





MARKET UPDATE



UAE organisations to benefit from compliant e-Invoicing through Tungsten Network



Global electronic trading network now offers compliant invoice-processing

automation in 46 countries



London, 30 June - Tungsten Corporation plc (LSE:TUNG) is now compliant for e-Invoicing in the United Arab Emirates (UAE).



Having completed a thorough review of Emirati commercial law, Tungsten Network, the global

e-Invoicing network built on OB10, now allows customers to send and receive electronic invoices that qualify as a legal invoice in the UAE.



The UAE is one of the Middle East's largest economies and one of the world's most important business hubs. It is Tungsten Network's 46th compliant country.



"Tungsten Network is continuing its multi-million pound investment programme to help our buyer and supplier customers achieve global compliance across their invoice-automation programmes," says Edmund Truell, Group CEO, Tungsten Corporation. "A number of our major clients have identified the UAE as a key market, and we're delighted to deliver this important territory to them as we help them trade with confidence."



LONDON, 30 June 2014

Test of the high coming. This has blue sky potential in the coming years in my opinion. My largest holding in both SIPP and ISA (so may live to regret that comment!).

Preliminary Results for the year to 30 April 2014

Operational highlights

· 55% of Fortune 500 and 67% of FTSE 100 now being served by Tungsten Network

· 20% growth in e-Invoicing: $152bn of e-Invoices processed in FY2014, compared to $126bn in the prior year

· Focus on long-term Tungsten Network growth:

o Signed a net eight new buyers to Tungsten Network since acquisition, including recent additions of GE and Caterpillar

o Moving buyers to pure digital invoicing: Fall in 'paper' invoice data capture (IDC) transactions to $35bn in FY2014 from over $48bn in prior year

o Increase to 46 countries where Tungsten Network offers legal and tax compliant e-Invoicing

· Over 168,000 suppliers now registered to use Tungsten Network

· Tungsten Network Analytics invoice data repository now totals over $700bn

· Key hires made across jurisdictions and business units including COO Lincoln Jopp; CEO of Americas Rick Hurwitz; and full Board and management team for Tungsten Bank

Business highlights

· Completed acquisition of OB10 Limited e-Invoicing platform, now renamed Tungsten Network Limited, for £73m in cash and £28m in equity in October 2013

· In June 2014 post the period end, completed acquisition of fully authorised UK bank, FIBI Bank (UK) plc, now renamed Tungsten Bank plc, for total cash consideration of £29.3m

· Creation of Tungsten Network Finance:

o Built an automated supply chain financing platform, integrated with Tungsten Network and financed the first invoices to selected suppliers

o Agreement with PNC to resell Tungsten to its customers

o Agreement with Alliance Data Systems to operate buyer-financed invoice discounting

o Co-operation with Blackstone Tactical Opportunities to finance international invoice discounting

· Trialling Tungsten Network Analytics, our real-time spend analysis technology, with selected buyers

Financial highlights

· Admitted to AIM raising £160m of gross new money

· Tungsten Network pro-forma full-year revenue of £19.5m (prior year £17.6m), an increase of 11%

· Group net cash of £62.6m at 30th April 2014, prior to finalisation of acquisition and recapitalisation of Tungsten Bank in June 2014 (£30.1m cash outflow (consideration plus £5m capital injection), of which £25m is now restricted funds in the Bank)

· Initial bank capital injection of £5m lower than previously anticipated

· Group EBITDA loss of £10.2m (prior period: £9.9m), which includes the results of Tungsten Network for the period since acquisition

· Post-tax loss for year of £11.0m (prior period: £9.9m) and loss per share of 18.6p (prior period: loss per share of 87.02p).




http://www.moneyam.com/action/news/showArticle?id=4844736

Results are a good read. Canaccord has upped tp to 330p, reiterates buy.

Update today on debt funding opportunities. Expect this one to keep going and break the life high before too long.

Write up in IC this week, so on punter's radar.
Market cap of £294m, Forward PE of 68, forecast earnings growth for 2015 440%.
Hmmmmmmm.......................

Increased my holding again. In for a few years (hopefully).

From IC this week:
"The growth profile of TUNG, which operates the former OB10-e invoicing platform, was again on display with it's full-year figures this week. Sure, TUNG's near start-up status , it only floated in October, means that is is still loss making, but progress is proving to be rapid.
In the year to April, TUNG processed £89 bn worth of e-invoices, a 21% jump. New clients include Caterpillar and GE and the group's network is now available in 46 countries. TUNG is also making progress with it's plans for invoice financing. It bought the UK arm of the First International Bank of Israel and is working with Blackstone Tactical Opportunities to establish a special purpose financing vehicle with an annual funding capacity of $10-12bn.
Prior to these figures, broker Canaccord had been forecasting EPS of just 4.3p for 2015, but that's set to jump to 23.2p in 2016, leaving the shares (at 287p) trading on an undemanding x12. That's too cheap given TUNG's prospects."

BT to deploy e-Invoicing globally with Tungsten

RNS


RNS Number : 5536N

Tungsten Corporation PLC

29 July 2014




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For Immediate Release 29 July 2014



MARKET UPDATE

BT to deploy e-Invoicing globally with Tungsten



London, 29 July - Tungsten Corporation plc (LSE:TUNG), the electronic trading network, has secured a new contract with BT Group, the global telecommunications company, to deliver electronic invoicing, Purchase Order Services and Invoice Status Service to its global operations.

BT started working with Tungsten Network, then OB10, in the UK in 2003. The company has now selected Tungsten to extend the benefits of e-Invoicing to all its suppliers across all entities.

"We are delighted that one of the world's early adopters of e-Invoicing has chosen to work with Tungsten to bring streamlined invoice processing and prompt payment to its global supplier base," says Edmund Truell, Group CEO. "This significant contract continues to reinforce our ability to help both large corporations and SMEs trade with confidence."

Kerry Group takes e-Invoicing global with Tungsten

RNS


RNS Number : 8100N

Tungsten Corporation PLC

31 July 2014





http://www.moneyam.com/action/news/showArticle?id=4859642

More positive annoucements recently - test of the all time high coming.

Tungsten Corp's security credentials renewed

By Giles Gwinnett

August 13 2014, 10:30am
'The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients,' said Lincoln Jopp, Tungsten's chief operating officer
"The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients," said Lincoln Jopp, Tungsten's chief operating officer


Tungsten Corp's (LON:TUNG) electronic trading network has had its security credentials renewed by independent auditors.

The assessment concluded the internal controls adhere to a global assurance standard as did another audit on management and control of information security.

"The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients," said Lincoln Jopp, Tungsten's chief operating officer.

"Tungsten Network continues to provide world-leading security to the world's leading organisations."

Tungsten's e-invoicing system accelerates gloabl trade and can reduce invoice-processing costs by 60%.

It is compliant in 46 countries, and processes transactions worth over U$187bn per year for organisations such as General Motors and GlaxoSmithKline.

Tungsten shares eased around 1% to 289.25p.

Update on debt financing

RNS


RNS Number : 2172P

Tungsten Corporation PLC

15 August 2014




TUNGSTEN CORPORATION PLC

("Tungsten" or collectively the "Tungsten Group")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION







For Immediate Release 15 August, 2014



Market Update



LONDON, 15 August 2014 - On 14 July 2014, Tungsten Corporation plc (LSE:TUNG) outlined that it was exploring debt-funding opportunities for Tungsten Bank, Tungsten Network Finance and the Tungsten Group as a whole. Today, Tungsten is announcing that it made an application to the British Business Bank for a potential investment of up to £50 million in matched funding in support of a debt placement by Tungsten Corporation plc. The British Business Bank is a UK government-owned financial institution focused on improving finance markets for smaller businesses. Tungsten has now entered discussions with a number of institutional investors in this regard and has also progressed discussions with a range of other third parties to support its invoice financing activities.



Shareholders will be kept informed as the Company finalises its funding to accelerate the growth of the business. There can be no guarantee that Tungsten will be able to secure such debt financing.





About Tungsten Corporation plc



Tungsten Corporation (LSE:TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.



Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.



Tungsten serves 55% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and processes transactions worth over $187bn per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and US Federal Government.



Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

Soon going to be testing the life high and breaking in my opinion. Annoucements on debt funding likely to be the driver.

That chart for 2014 looks like a very long inverted head and shoulders. Breaking for new territory very soon?

Well on our way now and starting to hit a few radars.

This has supassed my expectations today - some news afoot or tipped somewhere?

No pause for breath even today. More than happy to have these material moves higher and doesn't even appear to be hitting the press yet.

I can only think institutions are building positions and RNS to follow.

Impressive rise...(not in)....

All the news coming after hours today. TUNG to buy DocuSphere, provider of accounts payable automation servies, to bring additional strength to the Tungsten offering. The annoucement states DocuSphere adds certified integration tools that cover 80% of the ERP software used by Fortune 2000 companies. Also provides increased control over speed, cost and quality of implementation with no need to rely on third parties.

TUNG to raise c. £12m in placing but don't see the price yet...

Book to open immediately and closes 9am tomorrow. Funds already raised possibly?? - they've not asked me!

Thanks Greyhound.

Tungsten Corp strengthens offering with DocuSphere acquisition; announces £12mln placing

By Giles Gwinnett

September 02 2014, 5:32pm
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.


Tungsten Corp (LON:TUNG), the e-invoicing specialist, is to strengthen its offering with the acquisition of DocuSphere, it told investors, as it unveiled plans to raise around £12mln throgh a share offer.

DocuSphere provides accounts payable automation services and by integrating its technology, Tungsten Network customers will benefit from quicker reliable connection to the Tungsten e-Invoicing network, it said.

For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.

The placing will finance the acquisition for up to US$6.5mln in total cash, or around £4mln.

Canaccord Genuity has been appointed sole bookrunner, broker and agent to the placing, whose price will later be determined.

Chief executive of Tungsten said of the purchase:

"This addition to our service portfolio will allow us to take greater control of the results we deliver to our customers by eliminating any reliance on third-party middleware providers. This adds another building block to our to our already powerful e-Invoicing services.

"We are launching Tungsten Bank's offer of early payment to suppliers and the innovative Tungsten Network Analytics technology to give real-time spending insights for our buyers. Combined, we continue to work towards becoming the world's largest electronic trading network."

The acquisition looks a good add-on. Placing looks like a done deal, pretty small when you look at market cap, not necessary to underwrite and strong interest shown by management - so little in the way of discount to current price??

On our way again - market waking up to the potential of latest add-ons despite small placing.

Placing complete at 340p

Seeing on Bloomie: Aviate buy.

"It is clear to us from the annoucement and talking to the CEO that things are developing more quickly than planned at the IPO. That is very positive, but requires investment ahead of the pick-up in growth."

"In our view TUNG has a lot of upside should it achieve 100% e-invoicing penetration of its existing customer base..."

There appears to be considerable momentum such that I wouldn't be surprised to see us hit £4 before a pause for breath. The fact that interest is only now starting to gain and already we know things are moving ahead at a quicker rate than expected. Placings (which will surely happen again) are success driven and the one we've just seen was not really at a discount to current market price (at the time). More news in the coming months seems likely.

400p hit. I thought it would be quick but not that quick!

:-))

Good write-up in Investors Chronicle this week. Increased my holding this morning

Canaccord upped price target today to 405p. (surprised that's not higher).

Interesting AGM statement. Sanofi now added and existing customers like BT and Amgen are expanding their scope of work to include new services. "We believe that we can reach our $1 trillion goal by addressing the full scope of our current buyers"

"Our focus for the coming year is on improving the customer experience. ....we are now compliant in 46 countries having recently added the UAE, Saudi and Turkey. We continue to work on adding new geographies that are important to our multinational buyers, including India, China, Qatar, Chile and Japan.

Newsflow should keep this one moving northwards in my opinion. TUNG now represents the largest constituent of my portfolio.

a paragraph from IC:

Investors would be wise to follow their (management) lead. As companies and governments increasingly embrace e-invoicing to pay suppliers, Tungsten’s growth should be stellar. The group’s transaction flow volumes have nearly doubled to over £100bn since 2011, yet it’s estimated that a mere 3 per cent of invoices are currently settled electronically. Broker Canaccord Genuity expects the company to turn profitable in the current financial year (to end-April 2015), with earnings rising five-fold in 2016 to 23.2p a share

Tungsten announce 7 of top 12 pharma companies on Tungsten network. Latest organisations include Fresenius Medical Care NA and Dana-Farber Cancer Institute.

Some way to go, but in next year or so a share price of c. 557p would see us knocking on the ftse250 door.

Siemens selects Tungsten Corporation plc

RNS


RNS Number : 8023S

Tungsten Corporation PLC

29 September 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 29 September 2014





Market update

Siemens selects Tungsten Corporation plc for electronic invoicing

London, 29 September - Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, has been selected by Siemens, the global electrical engineering and electronics giant, to bring e-Invoicing to its business and suppliers around the world.

Siemens receives and processes over 7m invoices annually from its global supplier base. In the last financial year, Tungsten Network processed 13.4m transactions.

"We are delighted that Siemens, one of the largest companies in the world, has entrusted Tungsten Network and our e-Invoicing services to automate its invoice-to-pay process," says Edmund Truell, Group CEO, Tungsten Corporation plc. "By bringing automation to Siemens' Global Shared Services, we will help the company achieve straight-through processing, significant cost savings and a stronger supply chain, while also increasing our supplier penetration in their sectors."

my pension pot has got another little slab of spare cash, so i may pop a few of these in there

HARRYCAT View HARRYCAT's profile - 14 Jul 2014 11:32 - 80 of 113

Write up in IC this week, so on punter's radar.
Market cap of £294m, Forward PE of 68, forecast earnings growth for 2015 440%.
Hmmmmmmm.......................

perhaps not quite as dumb as you first thought
i recollect the directors are buying too, but that needs to be checked

Ohhhhh Cyners your a mate, be very careful here.

If you must build it up over time.

Even though the figures in my earlier post (#80) were jaw dropping, I still thought that they were too good to be true, so I didn't invest. In the short term that clearly wasn't a good decision. In the long term............time will tell.

Good solid honest point Harry,

Tungsten brings compliant e-Invoicing to Qatar

RNS


RNS Number : 9387U

Tungsten Corporation PLC

22 October 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 22 October





Market update

Tungsten Network brings compliant e-Invoicing to customers in Qatar

Global e-Invoicing network now offers compliant invoice-processing automation in 47 countries



London, 22 October - Tungsten Corporation plc (LSE:TUNG)

Tungsten Corporation plc (LSE:TUNG) now delivers compliant e-Invoicing in Qatar.

Following a detailed review of Qatari commercial and tax law, Tungsten Network, the global e-Invoicing network built on OB10, now enables customers to send and receive electronic invoices that qualify as a legal invoice in Qatar.

Qatar is Tungsten Network's 47th compliant country and the third Middle Eastern nation that Tungsten is legally and operationally compliant in, joining the United Arab Emirates and Saudi Arabia. Qatari suppliers on the Tungsten Network come from a variety of industries, including hospitality, legal, media and telecommunications.

"Achieving Qatari compliance brings us another step closer to our goal of becoming the world's largest electronic trading network," says Edmund Truell, Group CEO, Tungsten Corporation. "The Middle Eastern nation is one of the world's fastest growing economies and our expansion into Qatar was prompted by requests from a number of our customers who have identified it as an increasingly important market.

"We have invested significantly in our global compliance programme and are delighted to give our clients what they've asked for. Tungsten Network remains committed to bringing the benefits of secure, smart, fast electronic invoicing to more and more territories around the world."

24 Oct Canaccord... 405.00 Buy

TUNG TUNGSTEN, looking rather bullish from a tech view. Looks like it could move off a base here to resistance levels marked. Broker Canaccord as a 405p SP target, which more or less lines up with the resistance points on the chart. (gone long this lunch time)

Signal Update

Our system’s recommendation today is to BUY. The BULLISH HARAMI pattern finally received a confirmation because the prices crossed above the confirmation level which was at 301.0000, and our valid average buying price stands now at 304.6454. The previous SHORT signal was issued on 23/10/2014, 11 days ago, when the stock price was 306.6488. Since then TUNG.L has fallen by -0.65%.

Market Outlook

The bulls have strong evidence on their side and this evidence prompts us to make a bullish bet. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. It is probably the right time to be part of this boost and bullish market sentiment. The market is telling you about a possible new profit. Do not miss this chance.


http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=TUNG.L

Hope your right DC got a £84 grand CFD on these and its not covered in the market. ahhhhhhhhhhhhhhhhhhhhh

Hope my interest isnt too much..............daily aghhhhhhhhhhhhhhhh

Is that all, lol pocket money. Serious that's a lot of dosh.

''Hope your right'' you say lol, so do I. Good luck.

Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 03/11/2014, 2 days ago, when the stock price was 304.6454. Since then TUNG.L has risen by +5.78%.

Market Outlook

Candlesticks warned us today to be on alert with a new bearish pattern. Market attention is now on the downside.



http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=TUNG.L

Companies select Tungsten for invoice automation

RNS


RNS Number : 9988W

Tungsten Corporation PLC

14 November 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")







For Immediate Release 14 November 2014





Market update



More North American organizations select Tungsten Corporation to facilitate invoice automation

Atlanta, GA, 14 November - Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, has been newly selected by three North American companies to deliver invoice automation workflow and advanced data capture technology.

The new customers are LegalShield, an Oklahoma-based provider of pre-paid legal services, Local Government Information Systems (LOGIS), an association of local government municipalities in Minnesota, and Agnico Eagle Mines, a major mining company headquartered in Toronto with primary operations in Quebec.

Following its recent acquisition of DocuSphere, Tungsten's suite of products has expanded to include intelligent capture Optical Character Recognition (OCR) technology to more efficiently extract invoice data, and an invoice automation workflow solution. This enhanced offering will better enable customers to reduce manual processing efforts, invoice processing cycle times and associated costs while improving visibility and control of their accounts payable.

"We are pleased that three new buyer organizations have selected DocuSphere's workflow and OCR tools as an entrée to the Tungsten Network. Since Tungsten acquired DocuSphere in September, we have made great progress in extending our portfolio deeper into the Procure-to-Pay process," said Richard Hurwitz, Tungsten's Chief Executive in the Americas.

"In addition, the DocuSphere team and tools have been well received by several major Tungsten customers in order to improve their Network integration. The combination of Tungsten and DocuSphere is proving compelling to users."

Tungsten Corporation expecting net revenue uplift after simplifying tariff

By John Harrington

November 18 2014, 7:17am
Tungsten is also working to roll out its Invoice Status Service to as many customers as possible, thereby reducing costs for both buyers and suppliers.
Tungsten is also working to roll out its Invoice Status Service to as many customers as possible, thereby reducing costs for both buyers and suppliers.


Electronic invoicing leader Tungsten (LON:TUNG) is introducing a simplified pricing structure for suppliers using its e-invoicing platform.

The new structure follows a successful pilot scheme in the UK, which in the case of one major buyer, saw supplier adoption of Tungsten e-invoicing increase from 55% to 64% over a period of three months.

The new system is intended to remove any perceived barriers to adoption of the Tungsten system.

Once all users are on the new tariff, Tungsten expects that more than 80% of suppliers will no longer need to pay transaction fees to send an e-Invoice over the Tungsten Network.

Tungsten is projecting increased adoption from suppliers will, once the change to supplier tariffs and processes is fully implemented, result in increased net revenue and improved working capital for Tungsten, as well as an increase in the volume of transactions over the network.

At the same time, the supplier experience on Tungsten Network is being streamlined, Tungsten said.

Market Update

RNS


RNS Number : 6764Y

Tungsten Corporation PLC

03 December 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For Immediate Release 3 December 2014

Market Update

Tungsten announces Tungsten Early Payment is live in UK and US

London, 3 December 2014 -- Tungsten Corporation Plc (LSE: TUNG) today announced it is now extending its invoice financing service into the US. Tungsten Early Payment, which enables suppliers to control when they receive invoice payments, will now be available to certain US-based companies that use Tungsten Network to invoice their customers.

Edmund Truell, Group CEO of Tungsten, said: "The vision the management team and Board had when we set up Tungsten, just over a year ago, has come to fruition. We are successfully financing invoices for UK-based suppliers on our platform, and are now beginning to do the same for selected eligible suppliers in the US. As new supplier companies are invited to join Tungsten Network by their customers, they will be invited to sign up for Tungsten Early Payment at the same time."

Tungsten Early Payment enables suppliers to be paid for invoices when they need it. Suppliers select the invoice and payment date and Tungsten pays the invoice amount minus a discount charge. This integrated invoice finance offering has been designed with Tungsten Network suppliers in mind and provides a low cost and easy-to-access alternative to traditional forms of bank finance.

Tungsten Corp strikes key financing deal for its invoice business

By Giles Gwinnett

December 22 2014, 7:19am
The group's chief executive Edmund Truell and chairman of the banking arm - Tungsten Bank, said: 'The agreement with Insight is a significant milestone in the development of Tungsten.'
The group's chief executive Edmund Truell and chairman of the banking arm - Tungsten Bank, said: "The agreement with Insight is a significant milestone in the development of Tungsten."


Tech group Tungsten Corp (LON:TUNG) has struck a financing deal expected to run into several billion pounds for its early payment invoice financing business - a key part of its future growth plan.

The agreement is with Insight Investment Management (Global) - a global asset manager responsible for over £318bn in assets under management.

It has agreed to purchase approved-to-pay, investment grade receivables that have come through Tungsten Network's e-Invoicing platform in Europe and North America.

The group's chief executive Edmund Truell and chairman of the banking arm, Tungsten Bank, said: "The agreement with Insight is a significant milestone in the development of Tungsten.

"We can now execute on our ambitious strategy for our Tungsten Early Payment invoice financing business, which is an important element of our future growth.

"We now have the wherewithal to finance invoices on a significant global scale, having already successfully financed invoices for UK-based suppliers on our platform.

"Tungsten will now offer Tungsten Early Payment to a wider audience. These arrangements also help reinforce a key part of Tungsten's financing proposition, which is to make available supply chain finance to Tungsten Early Payment Suppliers once they have taken cash advances."

The terms of the Insight deal were not disclosed.

The funding under the multi-year agreement is expected to total several billion pounds. Together, with the existing capital within Tungsten bank, it now has all the required funding at this stage for its invoice finance proposition, so the company no longer needs to pursue alternative financing options, such as a bond issue, it said.

Meanwhile, Tungsten added that it continued to expand the Tungsten Network and is working to extend its service to all G20 countries while aiming to bring onto the network all of the invoice flow of our major buyers.

Tungsten Corp now fully embarked on invoice finance strategy

By Giles Gwinnett

December 31 2014, 2:00pm
To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good....
To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good....


Tungsten Corporation (LON:TUNG), the electronic invoicing, supply chain finance and spend analytics business, is now fully embarked on the invoice finance strategy, which adds a new leg to the business and should see it generate “considerable” revenues and profits.

That’s the view of chief executive Edmund Truell, who recently spoke to Proactive.

The aim behind the move is to give the option for suppliers, which use Tungsten Network for processing of e-Invoices, to have those invoices paid early if they need the cash, offering an alternative to traditional bank financing.

And the firm's ambitions have been bolstered by a billion pound financing deal for this side of the business, which was recently struck with Insight Investment Management.

It means Tungsten won't have to go back to market to raise more money in the short term.

Insight has agreed to purchase approved-to-pay, investment grade receivables that have come through Tungsten Network's e-Invoicing platform in Europe and North America.

"Essentially we can grow to the enormous scale that we've had the ambition for without having to endlessly go back, either for equity, or indeed to pursue a bond issue, which was something we had been looking at but will not be doing in the short term," Truell said.

It comes following Tungsten’s acquisition of FIBI Bank (UK) plc earlier this year, which has now been authorised as a UK bank.

“This (the invoice financing business) should be the most lucrative part of the (overall Tungsten) operation,” Truell told Proactive.

Tungsten, which only listed on AIM last year, already operates Tungsten Network (formerly called OB10 – a business Tungsten acquired at the same time as the listing), which is the world’s largest compliant electronic invoice network.

It is said to be able to reduce buyers’ invoice-processing costs by 60%, by allowing buyers to create and send electronic invoices to suppliers, cutting out time consuming and costly paper processes, as well as reducing human error.

The company currently serves over half of the US’s Fortune 500 and 67% of the FTSE 100, connecting the world’s largest companies and government agencies to their thousands of suppliers around the globe.

To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good, including such names as Aviva (LON:AV.), General Motors, General Electric, Deutsche Lufthansa and Kellogg’s.

So now, it can add banking to its list of successful operations - and this side of the business is currently the group’s focus.

Earlier this month (December), Truell said management’s “vision”, which it had more than a year ago when Tungsten was established had now “come to fruition”.

He was referring to the early payment financing service following the acquisition of the bank, which is already live in the UK and most recently the US. Germany will be next.

The system allows suppliers to be paid by Tungsten for invoices, or indeed other expenses such as corporate parties, earlier than they would otherwise.

Tungsten pays the invoice amount minus a small discount charge.

Truell explained how the firm now needs to prove that this side of the business is a reality and will be successful.

“It has been a slow and careful process to make sure the systems are in place so this financing option can be rolled out globally,” he pointed out.

“We are going in the right direction. We just want to make absolutely sure this works properly,” said Truell.

One of the reasons, the group has held off from signing off on any loans until recently has been the large amount of fees Tungsten must itself stump up to fund transactions like this.

Going live in the UK and US will help to convince the market that Tungsten really is putting its money where its mouth is, explained Truell.

The ingenuity behind the banking concept lies with the fact Tungsten already has a ready-made customer base through the invoice business, to which it can roll out its financing option.

Truell says the group deals with millions of invoices and has 171,000 suppliers on Tungsten Network, which they can potentially enroll.

So the next few months should see plenty of newsflow at the company as the financing plans are rolled out and Truell hopes another “big buyer” - a Fortune 500 type - is added to the client list.

Half year results are due in the second week of January, which should throw light on how things are progressing.

The prelims in July showed a company that was invested for growth.

There was a 20% growth in the value of e-invoicing processing in the year to 30 April to US$152bn from US$126bn the year before.

The volume of e-invoices processed increased to 12.5mln in 2014, up more than 16% from 10.8mln in 2013.

Truell explained how the group’s tie-up in Brazil with a local partner is now complete, which will be a very important market, as it looks to enrol further big buyers to Tungsten Network in one of the world’s largest economies.

In addition, the strategic partnership with PNC Bank, the fifth biggest commercial bank in the US, is also progressing, with the a lot of work having now taken place integrating the Tungsten Network service into PNC’s existing offering.

22 Dec Canaccord... 405.00 Buy

StockMarketWire.com
Tungsten has widened its H1 pretax loss to £14.8m, from a year earlier loss of £5.5m. Revenue was £10.2m, from £0.8m.

CEO Edmund Truell said:
"Our EBITDA loss for the six months to 31 October 2014 of £13.3 million, including £6 million of one-off set-up costs and £2 million of recurring investment in the enhancement of Tungsten, reflects the significant cash investment of over £47 million in the development of Tungsten Early Payment and Tungsten Analytics services and in the expansion of the Tungsten Network.

"As we have now assembled the team and tools to execute our strategy to build the largest global electronic invoice network, we are now moving from this set-up phase to start to deliver on our objectives.

"Our recently announced agreement with Insight Investment marks a significant turning point for the Group's future growth.

"Launching Tungsten Early Payment took six months longer than expected, and financing invoices is now fully operational in the UK. In December, we began to offer invoice financing to selected suppliers in the US."

UPDATE - Tungsten set for growth after latest round of investment

By Giles Gwinnett

January 14 2015, 3:58pm
'As we have now assembled the team and tools to execute our strategy to build the largest global electronic invoice network, we are now moving from this set-up phase to start to deliver on our objectives,' Truell told investors
"As we have now assembled the team and tools to execute our strategy to build the largest global electronic invoice network, we are now moving from this set-up phase to start to deliver on our objectives," Truell told investors


--adds detail, includes broker comments--

Electronic invoicing network Tungsten Corporation (LON:TUNG) cited one-off set up costs and heavy investment for higher losses in its latest half year.

The AIM-listed digital invoice network, now also a licensed bank, made a pre-tax loss of £13.3mln in the six months to 31 October.

The figure was more than double the £5.5mln loss in the first half of 2014 financial year – but chief executive Edmund Truell said today that recent investment in the group is set to pay off.

Tungsten has been expanding aggressively, signing up FTSE 100 clients and US businesses to its e-invoicing service.

The firm’s business model relies on customers signing on to its early and basic invoice systems to generate profit.

Overall, in the latest period it spent £47mln on its acquisition of Tungsten Bank, infrastructure improvements and capital expenditure expand its payment network.

Money well spent it seems, as the platform saw both the numbers of suppliers and buyers increase in the period - to 168 buyers from 124 in April 2014 and to 171,000 suppliers from 168,000.

The period saw the group complete the acquisition and capitalisation of its banking arm, which largely accounts for the one-off set-up costs of £6mln it reported today.

After the period the group also agreed a deal with fund manager Insight where it would buy approved-to-pay, investment grade receivables from Tungsten Network’s e-Invoicing platform.

Revenue in the half year to October came in at £10.2mln compared to £0.8mln in the same period in 2014. In the year to April revenues were a pro-forma £19.5mln.

"As we have now assembled the team and tools to execute our strategy to build the largest global electronic invoice network, we are now moving from this set-up phase to start to deliver on our objectives," Truell told investors.

"Our recently announced agreement with Insight Investment marks a significant turning point for the group's future growth.

"Launching Tungsten Early Payment took six months longer than expected, and financing invoices is now fully operational in the UK.

"In December, we began to offer invoice financing to selected suppliers in the US.

The chief executive added that Tungsten Analytics, the group's supply chain analysis service, is now being piloted by 27 multinationals and government bodies.

Meanwhile, for its e-invoicing platform, more than 3,000 new suppliers joined Tungsten Network in the six months with a further 3,000 added by the end of last year, it revealed.

The network continues to grow with significant new buyer clients including Caterpillar, GE and Siemens, and four German government departments, the group added.

House broker Canaccord Genuity lowered its share price target for Tungsten Corp to 369p from 405p – upholding its “buy” rating in the process.

Shares are currently priced at 235p.

14 Jan Canaccord... 369.00 Buy

Royal Caribbean Cruises selects Tungsten
RNS
RNS Number : 9401E
Tungsten Corporation PLC
16 February 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 16 February





Royal Caribbean Cruises selects Tungsten for invoice automation



Atlanta, 16 February - Royal Caribbean Cruises Ltd. has selected Tungsten Corporation plc (LSE:TUNG), the global electronic invoicing, analytics and invoice financing company, to help it to better control its invoice-to-pay processes while reducing the time it takes to process invoices, cutting costs associated with invoice processing, and improving visibility on its spend with suppliers.



The leading Miami-based global cruise brand has joined Tungsten through DocuSphere, a provider of accounts payable (AP) automation services that was acquired by Tungsten in 2014.



"Tungsten was the logical choice for Royal Caribbean, and we are delighted to work with them now that DocuSphere is fully integrated into Tungsten Corporation," said Rick Hurwitz, Tungsten's CEO, Americas. "Royal Caribbean receives invoices from suppliers based all over the world, so it was important for them to work with a provider that is tax compliant in multiple countries and legal jurisdictions, and offers support in multiple languages."



Tungsten's workflow product integrates seamlessly with the JD Edwards Accounts Payable software that Royal Caribbean currently uses. Following its acquisition of DocuSphere, Tungsten can now offer customers who use AP automation software from JD Edwards, Oracle and SAP a better tailored solution to their AP needs.

Dream , i like this except the chart ! can't see why it's on the floor .

jimmy, one perhaps to keep an eye on. It is currently loss -making. Covered in Shares a couple of weeks ago - It has an exceptional management team and is backed by some of the biggest hitters in the investment industry.

Yes i did some checking earlier ,good company winning loads of contracts but as you say loss making at present .

This is getting hammered today down 20% as i write ,can't see any news either ...

Nasty fall today.

it is indeed very strange for there's no news at all and volume is very high
not a comforting sight

i am advised that the following is the answer .....

the (Black Panther) Matt Earle is shorting it and has a big following
http://lordshipstrading.blogspot.co.uk/

sp now down 47.5%
the board certain owes an RNS, and it should certainly not say "reason unknown" as of course it's known very well

sure glad i only bought a speculative 500 shares for my sipp

Tungsten Corporation reassures investors

By John Harrington

February 24 2015, 5:09pm
'The board continues to be confident in the long-term growth prospects of the company,” Tungsten said.

Electronic invoicing specialist Tungsten (LON:TUNG) has issued an impromptu trading update saying it remains confident in its long term prospects.

The announcement came after the shares shed a fifth of their value today, after some investment web sites questioned the company’s business model and the strength of the balance sheet.

The company reiterated its previous assertion that the two key drivers of growth for the company are the continued uptake by suppliers of Tungsten Early Payment and by buyers of Tungsten Analytics,

The company reassured investors that, along with the resources available to its banking arm, the funding agreement with Insight Investment Management means the group has the wherewithal to satisfy the required funding for its invoice finance offering at this stage of its development.

As for Tungsten Analytics, the company said this offering is now fully developed, with a US-based multi-national company contracted to use the service, while a number of pilot programmes are on the go with companies and public sector bodies.

“In light of the above, and as previously announced, the board continues to be confident in the long-term growth prospects of the company,” Tungsten said.

Holdings company >6%

Proactive Investor -Tungstens-share-price-fall-represents-buying-opportunity-canaccord-genuity-says

tarnished somewhat by the fact that cannacord are the company's brokers

Holdings company >5%

Tungsten Bank launches deposit offering
RNS
RNS Number : 8442G
Tungsten Corporation PLC
09 March 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 09/03/15





Market update

Tungsten Bank launches deposit offering

London, 9 March 2015 - Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing, invoice finance and analytics company, today announced the launch of Tungsten Bank's deposit offering. The deposited monies will provide additional financing capability to its Tungsten Early Payment invoice finance business.

Tungsten Bank is now offering cash-rich companies an opportunity to place short-term deposits at competitive rates. As of today, it is offering 1.5% p.a. gross interest on 35-day notice sterling deposits and up to 1.85% p.a. on one year sterling deposits.

The proceeds will be used by Tungsten Bank to provide additional invoice financing through its Tungsten Early Payment product. Tungsten Early Payment enables businesses to maximise their cash flow by taking early payment on selected invoices. Tungsten Bank finances invoices sent over the Tungsten Network, whose customers account for over 56% of the Fortune 500, as well as UK and US government entities.

"Tungsten Bank is a challenger bank committed to meeting the financial requirements of a wide range of businesses, and is developing a series of deposit products to offer corporate customers attractive rates of interest on their cash," said Edmund Truell, Tungsten Group CEO.

"Tungsten remains committed to disrupting a financial market that continues to neglect the needs of businesses."

To use Tungsten Early Payment, suppliers simply sign up with Tungsten and then select approved invoices for early payment. It operates in a transparent way with none of the fees and red tape that characterise traditional alternatives. Tungsten Early Payment has so far been offered to eligible businesses* in the UK and US, and Tungsten has recently received authorisation to offer invoice financing in Germany, France and Italy, with more territories planned.



Eligible deposits with Tungsten Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits held above the £85,000 limit are not covered. Further information is available at www.fscs.org.uk

* Tungsten Early Payment is subject to eligibility and standard terms and conditions. Tungsten Network Finance Limited reserves the right to make a final determination as to whether or not you are eligible for Tungsten Early Payment. Tungsten Early Payment may not be available in certain jurisdictions.

one that I meant to try and bottom fish but forgot about! Sods law that. Perfect double bottom.

Tungsten receives e-Invoicing approval for India
RNS
RNS Number : 0922H
Tungsten Corporation PLC
11 March 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 11/03/15





Market update

Tungsten receives approval for e-Invoicing in India

London, 11 March, 2015 - Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing, invoice financing and analytics company, today announced that it has received nationwide approval in India to electronically deliver invoices for services.

Tungsten also helped effect a change in legislation, allowing all service-related invoices to be transmitted electronically in India.

As a result of Tungsten's efforts, the Minister of Finance (Department of Revenue) has updated the Service Tax law (No. 5/2015-Service Tax) to include a welcome clarification on the use of digital signatures as a means for authenticating invoices. This brings Indian Tax Law in line with the Indian IT Act, 2000. As a result, from 1 March 2015, all domestic invoices for services, rather than for goods, can be signed using a digital signature.

This change brings India closer in line with other parts of the world, with digital signatures being common practice for authenticating invoices electronically in the EU and other markets.

Edmund Truell, Tungsten Group CEO, said: "This is a major step forward for e-Invoicing in India, which has the potential to be one of the largest global markets for Tungsten. Due to the legislative changes made, Tungsten will now be able to offer customers in India an e-Invoicing and e-archiving service similar to those we provide in the EU and the rest of the world. Tungsten expects to receive full e-Invoicing compliance in India in the coming months."

cp1 - as you said, "perfect double bottom", ideal for parking one's bike :-)

Two fairly substantial director buys here in the last couple of days .

i have a modest number of this one parked in my sipp as one of my more spivvy selections

RM2 is another, though that may be the better bet in the long term

Tungsten selected by Honda Logistics for AP automation

StockMarketWire.com

Tungsten Corporation has been selected by Honda Logistics North America (HLNA) to automate its accounts payable (AP) processes.

HLNA will be using Tungsten's All-in-One for JD Edwards Accounts Payable solution, which integrates with the JD Edwards accounting software that HLNA currently uses.

Tungsten awarded place on UK's G-Cloud 6
RNS
RNS Number : 7155H
Tungsten Corporation PLC
18 March 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 18 March 2015





Market update

Tungsten Network awarded place upon UK's G-Cloud 6 Framework & listed on online public sector marketplace

London, 18 March, 2015 - Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing, spend analytics and invoice financing company, is delighted to announce that Tungsten Network, the world's largest compliant e-Invoicing network, has been awarded a place as a supplier on the UK Government's G-Cloud 6 Framework. This means that Tungsten Network's e-Invoicing and analytics services can be purchased by public sector agencies through the government's Digital Marketplace, an online store where suppliers offer their services to the public sector via the G-Cloud framework.

G-Cloud 6 is a pan government collaborative framework agreement for use by UK public-sector bodies. It is managed by the Crown Commercial Service, and includes central government departments and related bodies and agencies, non-departmental public bodies, NHS trusts and local authorities.

This follows Tungsten Network's earlier placement on G-Cloud 5, a prior iteration of the framework, and is the latest step in Tungsten's public sector activities. The G-Cloud and associated Digital Marketplace simplifies the need for the public sector to tender competitively for the services covered by the framework. The UK has some of the highest costs for public sector tender processes in Europe, often costing over £45,000 per process.

Edmund Truell, Group CEO, Tungsten Corporation, said, "G-Cloud 6 is an important development in public sector procurement. We are looking forward to working closely with public sector bodies that can now easily access Tungsten's e-Invoicing and analytics services."

For Immediate Release 31 March 2015





Market update

Purchase of Shares by a Director

London, 31 March - Tungsten Corporation plc (the "Company") has been notified that on 30th March 2015 Edmund Truell, the Chief Executive Officer of the Company, through Flexible Securities Ltd., an affiliate of Disruptive Capital Investments Ltd. (formerly Rockhopper Investments Ltd.), has acquired 128,697 shares in the Company via a contract for difference at an average price of 192.91 pence per share.

Following this transaction, Mr Truell is interested in 17,451,123* ordinary shares in the Company representing approximately 16.8 per cent of the Company's issued share capital.

* This is the total number of Mr Truell's direct and indirect holdings.

01/04/2015 BUY Edmund Truell CEO 70,000
31/03/2015 BUY Edmund Truell CEO 128,697
13/03/2015 BUY Edmund Truell CEO 390,000
11/03/2015 BUY Edmund Truell CEO 300,000
10/03/2015 BUY Edmund Truell CEO 200,000

Finally got out of the downwards channel. Perhaps heading back towards 250p. More CEO buying, we're just going to have to wait longer to see the profits. Staying put though. They continue to sign big names so hopefully the good times will roll.

Tungsten announces Analytics joint venture
RNS
RNS Number : 3385L
Tungsten Corporation PLC
27 April 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For Immediate Release 27 April 2015



TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")



Tungsten announces Analytics joint venture with Goldsmiths

Directorate Change



London, 27 April - Tungsten Corporation plc (LSE: TUNG) today announced that it is establishing the Tungsten Centre for Intelligent Data Analytics ("TCIDA") a research and development partnership between Tungsten and Goldsmiths, University of London.



TCIDA will be chaired by Phil Ashdown. Having successfully led the acquisition of, regulatory approval for and subsequent development of Tungsten Bank, Ashdown is stepping down as CEO of Tungsten Bank and from Tungsten Corporation's board with effect on 24 April 2015.



Edmund Truell, Group Chief Executive of Tungsten Corporation said, "I am excited by the prospects for Tungsten Analytics. We are looking to extend our lead in the real time analysis of the enormous repository of data to which we add every day. Phil, having initiated Tungsten Analytics and who was instrumental in acquiring Tungsten Bank, steering it through its authorisation in the UK and major EU countries, will now Chair TCIDA and focus his attentions on our new partnership with Goldsmiths.



On the Banking front, we are entering the next exciting phase of development and now intend to accelerate our disruption of a lending market that continues to neglect the working capital and credit needs of businesses, particularly SMEs."

Tungsten Network launches new Mexico solution
RNS
RNS Number : 1489M
Tungsten Corporation PLC
05 May 2015

TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 5 May 2015





Market update

Tungsten Network launches new Mexico solution

London, 5 May 2015 - Doing business in Mexico just got easier, thanks to the launch of Tungsten Network's updated e-invoicing platform.

All invoices raised in Mexico must be filed digitally in a pre-specified format, in a bid by the Mexican government to streamline the process and combat fraud. Mexico is one of the first countries to mandate electronic invoicing in this way, and as a result has significantly increased collection of indirect tax.

Tungsten has teamed up with local intermediary Buzon-e to offer a streamlined process to create a legally compliant invoice that also has the necessary commercial information and makes invoice processing more efficient, so suppliers can get paid quicker.

Edmund Truell, Tungsten Group CEO, said, "We have spoken to companies who have hesitated about doing business in Mexico due to the complex regulatory requirements, and we've invested to make it easy to meet those challenges.

"Our new process is live and I recently saw first-hand the benefits it is having on businesses big and small. E-Invoicing is now smoother for everyone, saving valuable time."

Tungsten Network has expanded its dedicated team in Mexico to help with enquiries about doing business there and to make sure the process is as efficient as possible.

Truell added, "The Mexican government is extremely forward thinking to be driving the adoption of e-invoicing, which can only help to cut fraud and speed up processes. E-invoicing is the future - saving time, money and cutting bureaucracy."

Going back down again ,i quite like this stock although don't hold .

Short positions have increased here of late as well

Jimmy,
Any justification for the fall?
So much short positions on this.

There is around 9.5 % of the stock on loan , it's been increasing since Jan/Feb .

Newsflow continues to be positive so just got to hang on longer in my opinion. Mexico now coming onboard.

Pre-closing trading update

Share price got hammered again today .

performance topped expectations in the second half of its financial year, hmmmm.
Did not top enough then ?

Dreamcatcher,
Do you still hold yours?

No ahoj, one I keenly watch . If all indeed is going to plan, then surely there must be due a big bounce in the sp. Keen to watch until we see signs.

Has been on a downfall for some time
a proper falling knife no go area, but there is always a turning point
a the bottom of the BB but still fallen

Aggh good old dodgy AIM....

"Funding

Tungsten's cash position at 30 April 2015 was £31.4 million, including £18.6 million of cash or cash equivalents held in Tungsten Bank. The Tungsten Board is reviewing various proposals to fund the the Company's growth strategy and will update the market as these materialise."


These will no doubt sink well below 100p given what they have said above. The boys in the know are probably safely selling their cheaper forward allocation... Stinky stinky AIM.

The figures below do not look any good, almost like the Share price performance
too much on expectation for the future, but revenues do not grow fast enough to my liking... Interims £ 10.2M full year £22.5M, only a bit more than the 1H on the 2H

Market cap of £150M
Revenues of £22.5 million
losses of £31.2 million

RNS ...

As a result, full year revenues are anticipated to be ahead of the market's expectation of £22.5 million. The higher revenues, combined with lower than forecast costs in the second half of the year, are expected to result in a smaller loss for the full year than the market's expectation of £31.2 million.

collapsed into auction. Good luck either way. I don't hold though have looked at it a few times intrigued by the ever growing percentage of stock going out on loan. AIM has become un-investable with all this short selling / placing malarkey - forward sellers etc. Wealth from PIs passed to hedge funds and legally bizarrely enough.

This was bound to happen see below :)


Date Broker New target Recomm.
14 May Canaccord... 369.00 Buy

It only took 51 mins for my prediction!

Looks a bit Quindellish now.

Hope no one in heavy.

Canaccord put the same silly targets on Quindell ,brokers aye ,you couldn't make it up .

.

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Under a quid !!

this has turned into a real stinker and there's several about - eg PLUS

I'm short PLUS .

jimmy, in last weeks Shares they said it's a company to short.

Are you talking about PLUS dc ? if so i went short a while back .

No . I'm talking about TUNG.

Are you short on the company PLUS, not what I have put below. :-))


What is Short Plus?

Short Plus allows you to short sell certain listed securities with the intent of repurchasing them later at a lower price. Your profit (or loss) is the difference between your sale price and purchase price, net of transaction costs.

Typically, Short Plus is suitable for investors who:
• believe the price of a listed security is likely to fall and would like to potentially profit from that fall;

• want to reduce the risk of their portfolio falling in value by short selling one or more securities; or

• believe the price of one security will increase while the price of a different security will decrease and would like to profit from that movement (“pairs trading”).

No i'm short PLUS not TUNG .

Getting hammered again today ..

lordship - 80p bottom

but a low of 73.75pp intraday and bounce from there

bears have sure got their claws well sharpened here

More charts to see how it goes from here
just looking how it goes this falling knife

here you go .... rns at 15:59

Placing for company to improve its cash position and to continue with investment required to deliver its stated strategy
Is currently in talks with respect to a proposed joint venture arrangement with a global financial institution
To raise 15 mln stg from a firm and conditional placing via an accelerated bookbuild
Placings have been underwritten in full by Canaccord Genuity
Placings will comprise a placing of 5 mln new ordinary shares of 0.438p

i foolishly have a few in my sipp, so vaguely follow when i don't mind being scared :-)

on balance, i would have thought this relatively good news
share currently in auction, so i guess opinion will be clearer once it comes out

Wouldn't go long here at the moment .

Someone on the know ( most likely plenty ) were shorting
it is a corrupt system this city, and someone else will get a brown envelope for the info.

not in the stock
-----
lordship, has got it wrong, it seems he did not get the "info" others did..... placing at a very low price

70p - 28p

re - shorters

Below one way they do it ..........

http://www.shareprophets.advfn.com/views/8578/shareprophets-exclusive-bucket-shop-market-abusers-find-new-way-to-steal-from-private-investors

ShareProphets Exclusive: Bucket shop market abusers find new way to steal from private investors
BY BEN TURNEY | FRIDAY 24 OCTOBER 2014

Private investors on AIM are used to watching millions wiped off the value of their investments by the illegal forward selling of placements, followed by gratuitous discounts forced by brokers. Not content with the scale of their illegitimate profits, it now looks like the market abusers have struck upon a new method of stealing from shareholders. It’s come to our attention that certain bucket shops are demanding a sizeable percentage of brokers’ fees for participation in placements. Sadly, we have been made aware of at least one broker, which is playing along with this outrage. This helps explain the mystery of the increasing number of stocks we’ve watched trade below placement prices, immediately after the completion of fundraisings. Even by the abysmal standards of AIM’s cesspit, this revelation is a new low.

When a company begins the process of raising money, a broker will typically work through his or her call sheet, attempting to “build the book”. For Tier III companies (the majority of AIM tiddlers), the brokers’ call sheet will usually contain a number of bucket shops. These bucket shops like to call themselves “boutique brokers”, but this is usually a misnomer. What is far more common is that the bucket shops and their clients are leakier than sieves. No sooner are they brought on the inside of a placement (at which point they should refrain from trading in the stock or even revealing they have been approached) then word starts to spill of the fundraising. In the worst cases active shorting begins.

This practice is so common on AIM, it is often easy to spot a placement coming by the sudden “mysterious” drop in a share price. Despite overwhelming evidence of how widespread this market abuse is, the FCA and the London Stock Exchange have not lifted a finger between them to halt it.

The impact of the total lack of official enforcement has been to embolden the market abusers. It is obvious that they are now so confident nothing will be done to stop them, they don’t seem to care what law they break.

The information that has been passed to us is clear evidence of this.

Although it looks like the new form of market abuse is not as widespread as the forward selling of placements, it is another troubling development on AIM. At the very least it spells serious trouble for already beleaguered shareholders of companies, who have been forced to raise money at the bottom end of the market.

Consider this. Once a bucket shop and its favourite clients have forward sold a placement, they will have already unfairly pulled down the share price. They next demand a discount on the reduced share price, pulling it further lower. By then commanding that the broker surrender a sizeable chunk of his or her fees for their participation in the placement, the corrupt bucket shop and its favoured clients essentially secure a further discount on the placement price. With this extra discount secured, this explains how some placement participants can profitably sell their placement shares at a profit BELOW the placement price.

We are aware how serious these allegations are.
We are also aware of several parties involved in this nefarious activity.

Unfortunately, we are not yet in a position to name and shame anyone. Such is the incestuous nature of the City, persuading whistle-blowers to come forward publicly with evidence of this crime is near impossible.

Thankfully though we have the FCA and AIM Regulation Team to investigate

Tungsten Corporation Plc: Completion of Placings

Pursuant to the announcement released on 21 May 2015, Tungsten Corporation plc (LSE: TUNG) ("Tungsten", the "Company") is pleased to announce that it has, due to strong demand from institutional investors, successfully placed, on 21 May 2015, a total of 21,875,985 New Ordinary Shares at a price of 80 pence per share (the "Placing Price"), raising total gross proceeds of £17.5 million.

Canaccord Genuity is acting as sole bookrunner ("Bookrunner") and joint broker in respect of the Placings. Charles Stanley, Tungsten's Nominated Adviser, is acting as joint broker in connection with the Placings (together with Canaccord, the "Joint Brokers"). Canaccord agreed to underwrite the Placings in full.

Tungsten is pleased to announce that it has placed firm 5,000,000 New Ordinary Shares (the "Firm Placing Shares") at the Placing Price on a non pre-emptive basis to raise £4.0 million gross (the "Firm Placing"). Application has been made for the Firm Placing Shares to be admitted to trading on AIM and it is expected that admission will take place at 8.00 a.m. on 28 May 2015 ("First Admission").

In addition to the Firm Placing, Tungsten announces that it has successfully placed a further 16,875,985 New Ordinary Shares (the "Conditional Placing Shares") at the Placing Price on a non pre-emptive basis to raise up to an additional £13.5 million of gross proceeds (the "Conditional Placing"). The Conditional Placing is conditional, inter alia, on shareholder approval at a general meeting to be held on 11 June 2015 (the "General Meeting"). Application will be made for the Conditional Placing Shares to be admitted to trading on AIM following the approval of the necessary resolutions at the General Meeting and admission of the Conditional Placing Shares is expected to take place at 8.00 a.m. on 12 June 2015 ("Second Admission").

Further details of the Firm Placing and Conditional Placing are set out in the announcement released earlier today.

Certain members of the Board (either directly or indirectly through associated investment vehicles) have bought the following number of New Ordinary Shares in the Placings

Edmund Truell* 3,762,500
Peter Kiernan 12,500
Lincoln Jopp 25,000
Nicholas Parker 31,250

From the FT - May 21, 2015 8:46 pm
Edi Truell lashes out at short-sellers in Tungsten

Edi Truell hit out at short sellers on Thursday for launching “very unpleasant attacks” on his digital invoice financing company as it tapped shareholders for £15m.

Shares in Tungsten, which the renowned City figure floated on Aim, London’s junior stock market, less than two years ago at 225p, dropped another 29 per cent to 70p after it disclosed the fundraising plans and also revealed that regulators were scrutinising its banking arm.w

Mr Truell, founder of the private equity house Duke Street Capital, started Tungsten in an effort to shake up the invoice finance industry.
But its shares have struggled, and last week the company indicated that customers had been slow to adopt its services.

On Thursday, the company, which had £31m of cash at the end if April, said it planned to raise the additional funds to “improve its cash position”.
The latest sell-off gives Tungsten, which posted a pre-tax loss of about £25m for the year to the end of April, a market capitalisation of £72m.

“We’ve been subject to some very unpleasant short selling attacks — that’s the real problem,” Mr Truell said on Thursday. “I’m furious about it.”

“We’re embarking on a global expansion plan, it’s very disappointing that the wider stock market doesn’t appreciate all the time and money it takes to do this.”

Mr Truell said he was putting up £3m of his own money in the placing and that other large Tungsten shareholders were backing him.
“I, and major institutions, are prepared to put the cash up to say [to the short sellers]: ‘You’re wrong’.”

The financier built up the business by acquiring FIBI Bank, the UK division of First International Bank of Israel, and OB10, a software business that processes invoices.

On Thursday morning, Tungsten indicated it was examining the potential sale of its banking arm, saying it was “actively exploring its strategic options” for the operation. It also disclosed it was in discussions with City regulators “in relation to the nature of the bank’s operations and governance”.
Tungsten said it was in talks with a “global financial institution” to set up another lending platform.

Less than five hours later, the company unveiled plans to raise £15m through an accelerated bookbuild underwritten by Canaccord Genuity, its joint broker.
In a statement, Tungsten said it would use the funds “to continue with the investment required to deliver its stated strategy and long term value for shareholders”.
Last week Mr Truell said he would step aside into a vice-chairman role to work on strategy.

Comments
sah36 5 hours ago
It is all very well for Edi to be 'furious' at shorters but ultimately the SP has fallen due to poor strategy, poor operational performance and his own over-bullishness and deception. He's the one to blame.

In terms of strategy, the IPO prospectus made clear that acquiring a bank was not necessary for launching the invoice discounting service but they went ahead and bought one and are now 18 months later looking to sell it again, having wasted a lot of time (if not money). They starting taking deposits at the bank (to fund non-existent borrowing demand) just three months ago, later admitting that the costs of such funds were higher than their existing 3rd party source - which could have easily been calculated beforehand. They have now stopped taking deposits. Thirdly they admit that adoption of their discounting service is slow due to the lengthy and difficult on-boarding process - something they should have realised as they designed the process.

Operationally - not only do they have the discounting adoption issue above but they have also dismally failed in adding volume to the network at their original target rate of 20% per annum growth. By contrast their competition (Ariba/Tradeshift) exhibited very substantial growth in the last year. It appears that Tungsten are losing the land grab (thoug this could change soon). The Company have also lost 4 or 5 directors from their board in the last 6 months!

Edi, the deceiver, stood up in a shareholder's forum last September and made clear to investors that Tungsten had never lost a 'buyer' client from the network. A few months later Tungsten admitted losing three buyers in the period to October. But even in their most recent trading update they are being 'economical' with the truth. The only buyer losses Tungsten admit to, are due to corporate action or sub-scale clients. However, it is widely known that DHL Europe have moved from Tungsten to Tradeshift with respect to their invoice processing with some success, the move being driven in part by slow on-boarding by Tungsten . Tungsten does not count this as a 'loss' as there is some residual business flowing across Tungsten's network. How many other mandates are being lost without being declared to investors?

In my view it is Edi that shareholders should be furious at, not because of the strategic failures (investors could make their own minds up), but because of the Company's failure to communicate challenges it was facing. Shorters who took advantage of a mis-pricing of the stock aren't to balme. Things may well turnaround from here, but for many investors Edi's reputation is tarnished

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Bobino 7 hours ago
I bought small number of shares in Tungsten for my ISA and seen a 63% drop in value.

Question, are price movements like the last week, its up 25% this morning potentially "market manipulation" or just the fight between long / short?

I was interested in QPP but managed to miss that bullet.

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Leo 16 hours ago
If Edi didn't want people shorting the shares he would have raised money via a rights issue not a placing.

Everybody knows that placings are typically at a 50% discount on AIM so why would an institution hold when they can buy for half the price later? And why would a private investor hold when they know the institutions will lock in quick profit by selling short most of the placed shares before taking delivery?

This has happened so many times now that AIM shares now start selling off at the first hint of a fund raising, but regardless of how low the share price is everybody knows the placing will be 50% of that so there is no bottom until the placing is hurriedly announced. All too often more money is needed say (!) 6 months later and the cycle repeats.

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gd 7 hours ago
@Leo placing was 80p...10p above the price at the time it was announced

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oudeis 3 hours ago
@gd @Leo SP was 147p on the morning of 14 May when the trading update said the company needed to raise capital.

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gd 3 hours ago
@oudeis @gd @Leo it did not say explicitly that. They indicated they were reviewing funding requirements to drive their growth strategy. The placing was accelerated during the collapse yesterday to 70p. The placing was cleared at 80p whilst the SP at the time was 70p. That is not a 50% discount as suggested initially.

Odey weighing in here as well as PLUS again this morning .

Getting wacked again today.

NEW LOWS
69p - 9.50p

has been moving even lower ( SPIKE ) after the recent cat bounce

16 Jun Canaccord... 96.00 Buy
14 May Canaccord... 369.00 Buy
25 Feb Canaccord... 369.00 Buy
16 Feb Canaccord... 369.00 Buy
29 Jan Canaccord... 369.00 Buy
14 Jan Canaccord... 369.00 Buy
22 Dec Canaccord... 405.00 Buy

What's their next target 50p ? Canaccord you couldn't make it up :)

Would they give me a job i couldn't be any more far out on most of their calls.

Shares - Tungsten considers AIM exit


Perhaps it was a bad idea to name a start-up technology firm Tungsten. The metal known for its unusual weight has become an embarrassingly appropriate moniker for a stock which for the past six months has sunk like a stone.

It’s all getting a bit too much for co-founder and 16.9% shareholder Edi Truell.

Rumours are swirling, according to the Financial Times, that the private equity baron and highly regarded investor is considering taking the firm private.

Shares in the stock are up 7.5% this morning on the news at 61p.

Buy shares in Tungsten Corporation, said the Sunday Times' Inside the City column. The electronic invoicing company, which floated seven years ago as a "disruptive global player that aims to transform the financial aspects of the global supply chain", is still lossmaking and after a £17m fundraising in June is worth a sixth of its peak valuation and has become a target for short-sellers. The situation appears rather bleak - the perfect time to make a contrarian bet.

With suppliers waiting more than 60 days to be paid by many big companies, Tungsten's electronic invoicing service offer to pay these bills immediately for a small commission. Kellogg and Unilever are two of the blue chip companies that have signed up after many years of getting the system up to scratch. New chief executive, American Richard Hurwitz, started last week and, as he looks the right man to take the company forward, now is the time to take a punt.

That knocked it back down this morning
---------------------------------------------


Tungsten Corp more than doubles FY pretax loss

StockMarketWire.com

Tungsten Corp has more than doubled its FY pretax loss to £27.3m, from a loss of £11.1m. Revenue was £23.1m, from £10.8m.

CEO Rick Hurwitz commented:

"Our leadership team is focused on establishing Tungsten as an indispensable partner to organisations in assisting them to optimise their accounts payable, procurement and working capital.

"Tungsten has made progress in its first full year of operations, growing our electronic invoicing network and securing maiden sales of our invoice financing solution, Tungsten Early Payment.

"As with any growing company, we are becoming smarter about our challenges, and with continued investment, hard work and a dedicated team we have transitioned into the execution phase.

"I look forward to leading the further expansion of our global Network to its users so they can benefit from our supply chain, financing and analytics solutions."

another disaster company

TUNGSTEN AGREES SALE OF TUNGSTEN BANK

16 December 2015

Tungsten Corporation plc (LSE: TUNG), the global electronic invoicing, analytics and financing company, today announces it has reached an agreement for a sale of Tungsten Bank (the "Bank") following the conclusion of a previously announced strategic review, and subsequent to the exclusivity agreement announced with our Interim Results earlier this morning, for approximately £30m in cash.

The consideration represents net assets of £25.4m plus a premium. Completion is expected within six to 12 months.

The change in control agreement comes as Tungsten's Board concluded that operating a regulated deposit-taking banking license is incompatible with the pursuit of profitable growth from the foreseeable invoice financing opportunity. The development of its invoice financing offering remains a key component of Tungsten's strategy.

The transaction is subject to approval by the UK's Prudential Regulatory Authority and the Financial Conduct Authority ("FCA"). This process is expected to take between six to 12 months, although approval may be received sooner.

This announcement should be read in conjunction with the disclosure today of Tungsten's interim financial report for the six months ended 31 October 2015 for more details about Tungsten Corporation's invoice financing strategy.

StockMarketWire.com
Tungsten has materially improved its H1 pretax loss to £3.08m, from a loss of £12.04m.

Revenue was £15.54m, from £12.98m.

"I am very encouraged by the emerging momentum across our business, notably in the areas where we have been investing," said CEO Richard Hurwitz.

"We are making good progress toward our strategic goals, repairing operational efficiency while positioning the business for profitable growth. The benefits of the changes we are making are starting to show in our reported results.

"We have been executing to plan and ensuring cost discipline as we take needed steps on the path to profitability. I am especially encouraged by our customers' response to the new products we have launched.

"Completing the sale of Tungsten Bank is an important component in the reshaping of our business. With a stronger customer proposition, improved funding structure and the right leaders, our expectations for developing a successful invoice financing business are high."