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/

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."