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/

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