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/

Starting to head back up to the highs.

Yep look at the BUY volume aswel.

Tungsten and partner sign shipping group as first Mexican customer

By Philip Whiterow

February 24 2014, 11:09am
Recent changes to the law in Mexico have made it compulsory to use an authorised service provider, such as Buzon E, to generate e-invoices.



Tungsten’s (LON:TUNG) e-invoice subsidiary OB10 and its Mexican partner Buzon E have signed their first buyer customer in the central American country.

Recent changes to the law in Mexico have made it compulsory to use an authorised service provider, such as Buzon E, to generate e-invoices.

Shipping firm Estafeta has now signed up with Buzon E, which is an OB10 reseller, for its e-invoices.

Benito Celorio, Managing Director at Buzon E said: "Electronic invoicing is more than just a regulatory requirement.

"Through our partnership with OB10, we can enable existing and future customers to eliminate invoice exceptions and manual intervention, and automate the process from invoice to pay."

Edmund Truell, Tungsten’s group chief executive, added: "By working with Buzon E and Estafeta, we will show how both businesses and tax administrations can dramatically reduce cost and increase value through straight-through invoice processing."

Tungsten added it has also extended the partnership with Buzon E through a reseller agreement that allows it to take OB10's straight-through-processing services to organisations in Mexico.

Dreamcatcher, good spot I hadn't seen that. Seems to have gone unnoticed by the masses too. More chance to keep acquiring.

I hold but lets be far .... Mexico ???

Bit like signing a contract with Blaenau Gwent Borough Council in Wales.

Think future, think MINTS. I'd rather have Mexico with more stability, than say Russia. But take your point.

I do not care where it is as long as it makes money and sense!

Director/PDMR Shareholding

RNS


RNS Number : 8999B

Tungsten Corporation PLC

10 March 2014




10 March 2014





Tungsten Corporation plc

Purchase of Shares by a Director



Tungsten Corporation plc (the "Company") was notified on 7 March 2014 that on that day, a director of the Company, Edi Truell acquired 9,400 ordinary shares in the Company at a price of 279 pence per share.



Following this acquisition, Edi Truell and members of his family are interested in 14,762,684 ordinary shares in the Company representing 14.8 per cent. of the Company's issued share capital

About time this one bounced!

15/04/2014 BUY Edmund Truell CEO 42,945 .

Perhaps a good time to follow suit.

29 Apr Canaccord... 292.00 Buy

RNS


RNS Number : 7176F

Tungsten Corporation PLC

29 April 2014




TUNGSTEN CORPORATION PLC

("Tungsten" or collectively the "Tungsten Group")




MARKET UPDATE

First invoice discounted

Tungsten Corporation plc (LSE:TUNG) is pleased to give an update to the market. Results for the full year to 30th April, 2014 will be announced in July.

Tungsten continues to make further progress overall in integrating its financing and analytics capabilities into the e-Invoicing network; and in re-organising the combined Tungsten group to be capable of large-scale growth. The necessary systems are now fully tested and ready to connect our Tungsten Network to Tungsten Bank. We are also ensuring that our systems can connect the Tungsten Network with third party finance providers such as Blackstone Tactical Opportunities where discussions are on-going to establish a global funding vehicle run by Tungsten.

With the agreement of FIBI and of the Financial Conduct Authority, we have commenced invoice discounting activity. Selected UK suppliers have been invited to discount invoices over the Tungsten Network, with the first discount having been successfully processed last week. This will provide useful market experience as a prelude to full mobilization, should the final change of control approval be forthcoming from the Prudential Regulatory Authority. Whilst still of necessity a limited activity, this discounting has been done on the terms anticipated in our business model. The Board continues to be hopeful that the required approval will be obtained by the end of May 2014 and a further announcement will be made in this context, when appropriate.

In addition, the Company announces changes at a senior management level. Lincoln Jopp will join the Board as Group Chief Operating Officer. He is leading our commitment to network resilience and security, and to making the Tungsten Invoice Status Service ("ISS") available for many more of our customers. ISS enables suppliers to see in real time the progress of their invoice from 'invoice submitted' to 'paid', and reduces the calls into buyers.

As presaged at the IPO, to improve our buyer service, we are combining the buyer sales, programme and account management units, introducing Client Relationship Managers and Service Delivery Managers for every buyer account. We have created a 'rainmaker' role, for example, to work with EU governments as they consider mandating the use of electronic invoicing in public procurement ahead of the forthcoming EU directive. We are delighted that Charles Bryant, Co-Chairman of the European E-invoicing Service Providers Association (EESPA), has agreed to lead our Thought Leadership efforts in this regard.



As we make these wide ranging organisational improvements to the Tungsten Network, Luke McKeever, former CEO of OB10, is leaving the group. A separate announcement has been made on this. His managerial responsibilities have been assumed by Edi Truell and Lincoln Jopp, and the buyer-facing rainmaker roles are being fulfilled by John Hall and Ruud van Hilten in EMEA; and by Rick Hurwitz, Peter Schiff Smith and Paul Frederick in the US.



First successes for our new organisational structure now include agreements with eight of the top ten global Business Process Outsourcers that they will actively promote Tungsten to their major customers. The Tungsten Network continues to add major buyers, for example in the healthcare area, who should benefit from the high percentage of their suppliers already on the Network. We are working to take several of our major customers global. In addition, we are delighted that the US Department of Veterans Affairs is rolling out Tungsten, having declared to its suppliers the mandatory use of the Tungsten Network.



Edmund Truell, Group CEO of Tungsten Corporation plc, commented, "Tungsten has this week started to offer suppliers access to trade and working capital finance on a transparent and simple to execute basis, which we intend to be the start of a very major financial transformation."

Tungsten Corporation 'ready to go', broker says

By John Harrington

April 29 2014, 2:59pm
Tungsten's systems have now been fully tested and are ready to scale



One watchdog's approval of Tungsten's (LON:TUNG) acquisition of FIBI Bank bodes well its chances with the other regulatory body, argues Canaccord Genuity.

Tungsten passed a significant milestone in its development by discounting its first invoices last week, it told investors on Tuesday.

The start to discounting activities follows the sign-off by the Financial Conduct Authority (FCA) for its deal to acquire FIBI, renamed Tungsten Bank, and its integration with the Tungsten Network.

Full mobilisation of the service will occur once it has the green light from the Prudential Regulation Authority (PRA).

City firm Canaccord Genuity thinks the portents are good for the PRA to offer its seal of approval by the end of May.

"Tungsten's integration progress and early test marketing leave us more confident that invoice financing volumes may begin soon after regulatory approval. Tungsten is prepared to begin formal marketing and sales in the UK and US immediately after the PRA grants approval," the broker said.

"Tungsten has added major buyers and is working to expand to more major customers globally. In addition, eight of the top ten global major Business Process Outsourcers (BPOs) have agreed to actively promote Tungsten to their major customers," Canaccord Genuity noted.

In the same announcement Tungsten unveiled Lincoln Jopp as its new chief operating officer, while Luke McKeever, the former chief executive of Tungsten’s OB10 business electronic invoicing business, is leaving the group.

Canaccord Genuity said the decision for McKeever to move on was "mutual and amicable" and noted that McKeever had already transferred the bulk of his executive responsibilities in order to complete the first phase of integration.

Signs that Tungsten is preparing to up its marketing effort were reinforced by the creation of so-called "rainmaker" roles to elevate sales efforts to work with EU governments as they consider mandating the use of electronic invoicing in public procurement ahead of the forthcoming EU directive.

In the broker's view, this change of focus "could drive a step-change in Tungsten's growth".

The current share price - currently around 215p - "does not reflect Tungsten's market opportunity and the disruptive nature of its offering in our view," the broker says.

It maintains its 'buy' rating and sum-of-the-parts based 292p target price.

Thought we would have jumped higher yesterday! Pressure's building.

Market is waking up to yesterday's news!

Tungsten Network to add $20bn of e-Invoices

RNS


RNS Number : 2996G

Tungsten Corporation PLC

06 May 2014






For Immediate Release 6 May, 2014



MARKET UPDATE

Tungsten Network to add $20bn of e-Invoices

Integration of global e-Invoicing network complete; Analytics and Finance start live operations

London, 6 May - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that OB10, the global e-Invoicing network it acquired in October 2013, has completed its transition and integration, and will now function as Tungsten Network.

The reorganised Tungsten Network last week :

- Agreed with an existing customer, a major IT multinational, to convert some $20bn of annual paper transactions to true electronic invoices

- Agreed to install the Invoice Status Service to over $33bn of invoices (to give suppliers visibility of the status of their invoices)

- Signed a record level of revenues from suppliers

The combination of Tungsten's core business areas offers an unrivalled proposition: Tungsten Network connects supply chains and enables predictable payment through compliant e-Invoicing. Tungsten Network Analytics gives Procurement teams line-level insight into their spend data in real time. Tungsten Network Finance supports business growth by giving suppliers easy access to flexible supply chain financing through dedicated funds.

Tungsten Network Analytics is now fully compliant with US federal requirements and last week connected its first customer.

Tungsten Network Finance announced last week that it has successfully started discounting invoices, with the permission of FIBI (Bank) plc and the Financial Conduct Authority.

Edmund Truell, Group CEO, Tungsten Corporation plc, said, "The transition of OB10 into Tungsten Network underlines the central role e-invoicing plays for our customers and our business. The reorganisation is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale. The months of preparatory work are paying off, now we are starting to use the exceptionally promising analytics tool to support decisions in real time; and have started financing invoices."



To complement the integration, Tungsten Network's UK operations are relocating to headquarters at Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL, from 12 May.







About Tungsten Network

Tungsten Network, built on OB10 e-Invoicing, is the global trading network at the core of Tungsten Corporation plc (LSE:TUNG). It simplifies and streamlines the complex invoice-to-pay process to enable prompt payment.

Fully compliant in 44 countries across Europe, the Americas and Asia, Tungsten Network can reduce invoice-processing costs by 60% and deliver an ROI in less than a year.

Tungsten Network connects many of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processed transactions worth over $185 billion last year for organizations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, the US Federal Government and Whirlpool.

Tungsten is helping governments make their economies more efficient, manage working capital and streamline the public sector. Moreover, e-Invoicing enhances tax compliance and helps fight fraud.

Tungsten offers supply chain financing to suppliers on the Tungsten Network; and can help organisations profit by applying innovative, real time spend analytics to its vast repository of invoice data.

Tungsten Network signs GE

RNS


RNS Number : 4130H

Tungsten Corporation PLC

19 May 2014






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 19th May, 2014



MARKET UPDATE

Tungsten Network signs GE

Accelerating delivery of the business plan

London, 19th May - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that:

- Tungsten Network has been contracted by GE to rollout a multi-year e-Invoicing programme into every GE operation globally, with potential invoice volumes of over 16m per annum. GE will also take Tungsten's Invoice Status Service.



Edmund Truell, Group CEO, Tungsten Corporation plc, said, "Tungsten Network is accelerating its expansion, with another new customer choosing us to offer electronic invoicing services globally - on a scale comparable with the entire volume of invoices being transacted over the network last year."



Results for the full year to 30 April 2014 will be announced in July.

Good move today and decent volume. Don't see any news other than the sell rec from EVA Dimensions. Undervalued if you ask me and newsflow before too long on banking developments. Don't imagine we're staying down here for too long. Maybe a sniff ahead of a weekend tip??

News imminent? Someone knows something by the looks...

Bank purchase approval coming I reckon and then we're on our way. Exciting times ahead hopefully - have this one in my ISA and SIPP - for the long term.