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/

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.