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/

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.

collapsed into auction. Good luck either way. I don't hold though have looked at it a few times intrigued by the ever growing percentage of stock going out on loan. AIM has become un-investable with all this short selling / placing malarkey - forward sellers etc. Wealth from PIs passed to hedge funds and legally bizarrely enough.

This was bound to happen see below :)


Date Broker New target Recomm.
14 May Canaccord... 369.00 Buy

It only took 51 mins for my prediction!

Looks a bit Quindellish now.

Hope no one in heavy.

Canaccord put the same silly targets on Quindell ,brokers aye ,you couldn't make it up .

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Under a quid !!

this has turned into a real stinker and there's several about - eg PLUS

I'm short PLUS .

jimmy, in last weeks Shares they said it's a company to short.

Are you talking about PLUS dc ? if so i went short a while back .

No . I'm talking about TUNG.