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/

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