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 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.