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/

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.

Are you short on the company PLUS, not what I have put below. :-))


What is Short Plus?

Short Plus allows you to short sell certain listed securities with the intent of repurchasing them later at a lower price. Your profit (or loss) is the difference between your sale price and purchase price, net of transaction costs.

Typically, Short Plus is suitable for investors who:
• believe the price of a listed security is likely to fall and would like to potentially profit from that fall;

• want to reduce the risk of their portfolio falling in value by short selling one or more securities; or

• believe the price of one security will increase while the price of a different security will decrease and would like to profit from that movement (“pairs trading”).

No i'm short PLUS not TUNG .

Getting hammered again today ..

lordship - 80p bottom

but a low of 73.75pp intraday and bounce from there

bears have sure got their claws well sharpened here

More charts to see how it goes from here
just looking how it goes this falling knife

here you go .... rns at 15:59

Placing for company to improve its cash position and to continue with investment required to deliver its stated strategy
Is currently in talks with respect to a proposed joint venture arrangement with a global financial institution
To raise 15 mln stg from a firm and conditional placing via an accelerated bookbuild
Placings have been underwritten in full by Canaccord Genuity
Placings will comprise a placing of 5 mln new ordinary shares of 0.438p

i foolishly have a few in my sipp, so vaguely follow when i don't mind being scared :-)

on balance, i would have thought this relatively good news
share currently in auction, so i guess opinion will be clearer once it comes out

Wouldn't go long here at the moment .

Someone on the know ( most likely plenty ) were shorting
it is a corrupt system this city, and someone else will get a brown envelope for the info.

not in the stock
-----
lordship, has got it wrong, it seems he did not get the "info" others did..... placing at a very low price

70p - 28p

re - shorters

Below one way they do it ..........

http://www.shareprophets.advfn.com/views/8578/shareprophets-exclusive-bucket-shop-market-abusers-find-new-way-to-steal-from-private-investors

ShareProphets Exclusive: Bucket shop market abusers find new way to steal from private investors
BY BEN TURNEY | FRIDAY 24 OCTOBER 2014

Private investors on AIM are used to watching millions wiped off the value of their investments by the illegal forward selling of placements, followed by gratuitous discounts forced by brokers. Not content with the scale of their illegitimate profits, it now looks like the market abusers have struck upon a new method of stealing from shareholders. It’s come to our attention that certain bucket shops are demanding a sizeable percentage of brokers’ fees for participation in placements. Sadly, we have been made aware of at least one broker, which is playing along with this outrage. This helps explain the mystery of the increasing number of stocks we’ve watched trade below placement prices, immediately after the completion of fundraisings. Even by the abysmal standards of AIM’s cesspit, this revelation is a new low.

When a company begins the process of raising money, a broker will typically work through his or her call sheet, attempting to “build the book”. For Tier III companies (the majority of AIM tiddlers), the brokers’ call sheet will usually contain a number of bucket shops. These bucket shops like to call themselves “boutique brokers”, but this is usually a misnomer. What is far more common is that the bucket shops and their clients are leakier than sieves. No sooner are they brought on the inside of a placement (at which point they should refrain from trading in the stock or even revealing they have been approached) then word starts to spill of the fundraising. In the worst cases active shorting begins.

This practice is so common on AIM, it is often easy to spot a placement coming by the sudden “mysterious” drop in a share price. Despite overwhelming evidence of how widespread this market abuse is, the FCA and the London Stock Exchange have not lifted a finger between them to halt it.

The impact of the total lack of official enforcement has been to embolden the market abusers. It is obvious that they are now so confident nothing will be done to stop them, they don’t seem to care what law they break.

The information that has been passed to us is clear evidence of this.

Although it looks like the new form of market abuse is not as widespread as the forward selling of placements, it is another troubling development on AIM. At the very least it spells serious trouble for already beleaguered shareholders of companies, who have been forced to raise money at the bottom end of the market.

Consider this. Once a bucket shop and its favourite clients have forward sold a placement, they will have already unfairly pulled down the share price. They next demand a discount on the reduced share price, pulling it further lower. By then commanding that the broker surrender a sizeable chunk of his or her fees for their participation in the placement, the corrupt bucket shop and its favoured clients essentially secure a further discount on the placement price. With this extra discount secured, this explains how some placement participants can profitably sell their placement shares at a profit BELOW the placement price.

We are aware how serious these allegations are.
We are also aware of several parties involved in this nefarious activity.

Unfortunately, we are not yet in a position to name and shame anyone. Such is the incestuous nature of the City, persuading whistle-blowers to come forward publicly with evidence of this crime is near impossible.

Thankfully though we have the FCA and AIM Regulation Team to investigate

Tungsten Corporation Plc: Completion of Placings

Pursuant to the announcement released on 21 May 2015, Tungsten Corporation plc (LSE: TUNG) ("Tungsten", the "Company") is pleased to announce that it has, due to strong demand from institutional investors, successfully placed, on 21 May 2015, a total of 21,875,985 New Ordinary Shares at a price of 80 pence per share (the "Placing Price"), raising total gross proceeds of £17.5 million.

Canaccord Genuity is acting as sole bookrunner ("Bookrunner") and joint broker in respect of the Placings. Charles Stanley, Tungsten's Nominated Adviser, is acting as joint broker in connection with the Placings (together with Canaccord, the "Joint Brokers"). Canaccord agreed to underwrite the Placings in full.

Tungsten is pleased to announce that it has placed firm 5,000,000 New Ordinary Shares (the "Firm Placing Shares") at the Placing Price on a non pre-emptive basis to raise £4.0 million gross (the "Firm Placing"). Application has been made for the Firm Placing Shares to be admitted to trading on AIM and it is expected that admission will take place at 8.00 a.m. on 28 May 2015 ("First Admission").

In addition to the Firm Placing, Tungsten announces that it has successfully placed a further 16,875,985 New Ordinary Shares (the "Conditional Placing Shares") at the Placing Price on a non pre-emptive basis to raise up to an additional £13.5 million of gross proceeds (the "Conditional Placing"). The Conditional Placing is conditional, inter alia, on shareholder approval at a general meeting to be held on 11 June 2015 (the "General Meeting"). Application will be made for the Conditional Placing Shares to be admitted to trading on AIM following the approval of the necessary resolutions at the General Meeting and admission of the Conditional Placing Shares is expected to take place at 8.00 a.m. on 12 June 2015 ("Second Admission").

Further details of the Firm Placing and Conditional Placing are set out in the announcement released earlier today.

Certain members of the Board (either directly or indirectly through associated investment vehicles) have bought the following number of New Ordinary Shares in the Placings

Edmund Truell* 3,762,500
Peter Kiernan 12,500
Lincoln Jopp 25,000
Nicholas Parker 31,250