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/

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

Tungsten selected by Honda Logistics for AP automation

StockMarketWire.com

Tungsten Corporation has been selected by Honda Logistics North America (HLNA) to automate its accounts payable (AP) processes.

HLNA will be using Tungsten's All-in-One for JD Edwards Accounts Payable solution, which integrates with the JD Edwards accounting software that HLNA currently uses.

Tungsten awarded place on UK's G-Cloud 6
RNS
RNS Number : 7155H
Tungsten Corporation PLC
18 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 18 March 2015





Market update

Tungsten Network awarded place upon UK's G-Cloud 6 Framework & listed on online public sector marketplace

London, 18 March, 2015 - Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing, spend analytics and invoice financing company, is delighted to announce that Tungsten Network, the world's largest compliant e-Invoicing network, has been awarded a place as a supplier on the UK Government's G-Cloud 6 Framework. This means that Tungsten Network's e-Invoicing and analytics services can be purchased by public sector agencies through the government's Digital Marketplace, an online store where suppliers offer their services to the public sector via the G-Cloud framework.

G-Cloud 6 is a pan government collaborative framework agreement for use by UK public-sector bodies. It is managed by the Crown Commercial Service, and includes central government departments and related bodies and agencies, non-departmental public bodies, NHS trusts and local authorities.

This follows Tungsten Network's earlier placement on G-Cloud 5, a prior iteration of the framework, and is the latest step in Tungsten's public sector activities. The G-Cloud and associated Digital Marketplace simplifies the need for the public sector to tender competitively for the services covered by the framework. The UK has some of the highest costs for public sector tender processes in Europe, often costing over £45,000 per process.

Edmund Truell, Group CEO, Tungsten Corporation, said, "G-Cloud 6 is an important development in public sector procurement. We are looking forward to working closely with public sector bodies that can now easily access Tungsten's e-Invoicing and analytics services."

For Immediate Release 31 March 2015





Market update

Purchase of Shares by a Director

London, 31 March - Tungsten Corporation plc (the "Company") has been notified that on 30th March 2015 Edmund Truell, the Chief Executive Officer of the Company, through Flexible Securities Ltd., an affiliate of Disruptive Capital Investments Ltd. (formerly Rockhopper Investments Ltd.), has acquired 128,697 shares in the Company via a contract for difference at an average price of 192.91 pence per share.

Following this transaction, Mr Truell is interested in 17,451,123* ordinary shares in the Company representing approximately 16.8 per cent of the Company's issued share capital.

* This is the total number of Mr Truell's direct and indirect holdings.

01/04/2015 BUY Edmund Truell CEO 70,000
31/03/2015 BUY Edmund Truell CEO 128,697
13/03/2015 BUY Edmund Truell CEO 390,000
11/03/2015 BUY Edmund Truell CEO 300,000
10/03/2015 BUY Edmund Truell CEO 200,000

Finally got out of the downwards channel. Perhaps heading back towards 250p. More CEO buying, we're just going to have to wait longer to see the profits. Staying put though. They continue to sign big names so hopefully the good times will roll.

Tungsten announces Analytics joint venture
RNS
RNS Number : 3385L
Tungsten Corporation PLC
27 April 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 27 April 2015



TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")



Tungsten announces Analytics joint venture with Goldsmiths

Directorate Change



London, 27 April - Tungsten Corporation plc (LSE: TUNG) today announced that it is establishing the Tungsten Centre for Intelligent Data Analytics ("TCIDA") a research and development partnership between Tungsten and Goldsmiths, University of London.



TCIDA will be chaired by Phil Ashdown. Having successfully led the acquisition of, regulatory approval for and subsequent development of Tungsten Bank, Ashdown is stepping down as CEO of Tungsten Bank and from Tungsten Corporation's board with effect on 24 April 2015.



Edmund Truell, Group Chief Executive of Tungsten Corporation said, "I am excited by the prospects for Tungsten Analytics. We are looking to extend our lead in the real time analysis of the enormous repository of data to which we add every day. Phil, having initiated Tungsten Analytics and who was instrumental in acquiring Tungsten Bank, steering it through its authorisation in the UK and major EU countries, will now Chair TCIDA and focus his attentions on our new partnership with Goldsmiths.



On the Banking front, we are entering the next exciting phase of development and now intend to accelerate our disruption of a lending market that continues to neglect the working capital and credit needs of businesses, particularly SMEs."

Tungsten Network launches new Mexico solution
RNS
RNS Number : 1489M
Tungsten Corporation PLC
05 May 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 5 May 2015





Market update

Tungsten Network launches new Mexico solution

London, 5 May 2015 - Doing business in Mexico just got easier, thanks to the launch of Tungsten Network's updated e-invoicing platform.

All invoices raised in Mexico must be filed digitally in a pre-specified format, in a bid by the Mexican government to streamline the process and combat fraud. Mexico is one of the first countries to mandate electronic invoicing in this way, and as a result has significantly increased collection of indirect tax.

Tungsten has teamed up with local intermediary Buzon-e to offer a streamlined process to create a legally compliant invoice that also has the necessary commercial information and makes invoice processing more efficient, so suppliers can get paid quicker.

Edmund Truell, Tungsten Group CEO, said, "We have spoken to companies who have hesitated about doing business in Mexico due to the complex regulatory requirements, and we've invested to make it easy to meet those challenges.

"Our new process is live and I recently saw first-hand the benefits it is having on businesses big and small. E-Invoicing is now smoother for everyone, saving valuable time."

Tungsten Network has expanded its dedicated team in Mexico to help with enquiries about doing business there and to make sure the process is as efficient as possible.

Truell added, "The Mexican government is extremely forward thinking to be driving the adoption of e-invoicing, which can only help to cut fraud and speed up processes. E-invoicing is the future - saving time, money and cutting bureaucracy."

Going back down again ,i quite like this stock although don't hold .

Short positions have increased here of late as well

Jimmy,
Any justification for the fall?
So much short positions on this.

There is around 9.5 % of the stock on loan , it's been increasing since Jan/Feb .

Newsflow continues to be positive so just got to hang on longer in my opinion. Mexico now coming onboard.

Pre-closing trading update

Share price got hammered again today .

performance topped expectations in the second half of its financial year, hmmmm.
Did not top enough then ?

Dreamcatcher,
Do you still hold yours?

No ahoj, one I keenly watch . If all indeed is going to plan, then surely there must be due a big bounce in the sp. Keen to watch until we see signs.

Has been on a downfall for some time
a proper falling knife no go area, but there is always a turning point
a the bottom of the BB but still fallen

Aggh good old dodgy AIM....

"Funding

Tungsten's cash position at 30 April 2015 was £31.4 million, including £18.6 million of cash or cash equivalents held in Tungsten Bank. The Tungsten Board is reviewing various proposals to fund the the Company's growth strategy and will update the market as these materialise."


These will no doubt sink well below 100p given what they have said above. The boys in the know are probably safely selling their cheaper forward allocation... Stinky stinky AIM.

The figures below do not look any good, almost like the Share price performance
too much on expectation for the future, but revenues do not grow fast enough to my liking... Interims £ 10.2M full year £22.5M, only a bit more than the 1H on the 2H

Market cap of £150M
Revenues of £22.5 million
losses of £31.2 million

RNS ...

As a result, full year revenues are anticipated to be ahead of the market's expectation of £22.5 million. The higher revenues, combined with lower than forecast costs in the second half of the year, are expected to result in a smaller loss for the full year than the market's expectation of £31.2 million.