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/

Going like the clappers this morning.

LOADS ERR MONEY.

and there's me thinking that this must be a mining company :-)

Me too....I was about to mention WLFE...

RNS


RNS Number : 0714Z

Tungsten Corporation PLC

03 February 2014




TUNGSTEN CORPORATION PLC

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



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



PNC BANK AND OB10 TO PROVIDE COMPREHENSIVE E-INVOICING TECHNOLOGY FOR COMMERCIAL CUSTOMERS

- Network extends straight-through invoice processing from purchase order to payment -

PITTSBURGH, Feb. 03, 2014 - PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC), announced today an enhancement to its invoice automation technology solution for mid-size and large businesses. PNC now offers expanded automation of the procure-to-pay process through electronic invoicing capabilities powered by OB10, the global e-invoicing network that is part of Tungsten Corporation plc (LSE:TUNG). PNC is the first commercial bank in the United States to integrate OB10 with its invoice automation platform.

PNC helps customers to achieve straight-through invoice processing from invoice receipt to payment utilizing both workflow-based or automated approval processes. PNC's integrated solution enables invoice data to be submitted in any format, including paper, e-mail, fax and file transfer or by originating an invoice electronically through the OB10 online portal.

Benefits of combining PNC's accounts payables solutions for commercial customers with the OB10 e-invoicing network include:

· One provider to receive and process both paper and electronic invoices.
· Higher quality data that reduces exceptions and error-prone manual processing.
· Streamlined invoice processing through automated receipt of invoices and online workflow
approval.
· Faster, more cost-effective payment process.
· The ability to capture more early payment discounts

"PNC led the banking industry by combining high-speed imaging and data capture with accounts payable workflow to convert paper invoices to electronic data for processing and reporting. Upon that foundation, we can now offer our customers a single, integrated solution for all types of invoices using technology that has been broadly adopted," said Chris Ward, head of Treasury Management product management at PNC Bank.

"Our strategic partnership with PNC will allow more organizations to improve their global trading capabilities, so bringing greater efficiency to their supply chains, and optimizing their working capital," said Edmund Truell, group CEO at Tungsten Corporation plc. "We look forward to working closely with PNC to develop a comprehensive invoice-to-pay service."

PNC commercial customers selecting this new technology will invite their suppliers to submit invoices through the OB10 network, a technology already in use by major U.S. trading partners. No hardware or software installations are required by suppliers. For invoices that continue to be sent by paper during and after the OB10 enablement period, PNC's imaging platform may be utilized to digitize all of the invoice data.

OB10 (http://www.OB10.com) is the global e-Invoicing network at the core of Tungsten Corporation plc (http://www.tungstencorporationplc.com) that simplifies and streamlines the complex invoice-to-pay process to enable prompt payment. Compliant in 43 countries across Europe, the Americas and Asia, OB10 can reduce invoice-processing costs by 60% and deliver an RoI of less than a year. Tungsten Corporation's OB10 network connects some of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processes transactions worth over $180 billion per year for organizations such as Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, US Federal Government, Tesco and Whirlpool. Tungsten Corporation offers supply chain financing to suppliers on the OB10 network and will help organizations profit by applying innovative spend analytics to its vast repository of invoice data.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the United States' largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

bought a few

Should get a write up by tip sheets this weekend.

Hi GF
Bought 2000 this morning to keep you company!! Cannot see you making money on your own!

Tungsten Corp considers more deals similar to PNC

By Jeremy Naylor

February 06 2014, 11:12am



Edi Truell, CEO of Tungsten Corp, (LON:TUNG), tells Proactiveinvestors that the PNC deal speeds up the invoicing process and also cuts costs. Edi also says that while he is not in favour of too many such deals at the same time, the company continues to look for acquisitions to further spread the use of its invoicing business OB-10


http://www.proactiveinvestors.co.uk/companies/stocktube/2520/tungsten-corp-considers-more-deals-similar-to-pnc--2520.html

is there anything really new in what they are doing?

Just sounds like quick processing and reduced costs halifax, so as you say perhaps nothing new.

Yeah your right dc nothing new but quicker and cheaper ... can't see anyone wanting that :-)

Bet monday it as a good day.

I don't bet , I'm risk averse :-)


Much nicer to have a look around and do a bit of research this time of night don't you think gf ?

Indeed, indeed Dil.

Bit crap getting up early though , feels like the middle of the night here.

I just stay up and do a 48 hourer.

I can't I need to be fit for tomorrow ... Wales v Ireland 2.30pm followed by Scumsea v Cardiff at 5.30pm

May be featured in SCSW tip sheet this weekend after the news earlier this week.

Did they get mentioned anywhere gf , seem to have made a bright start to the week.

Yep word is on advfn. Gone into their portfolio so must be confident its going to perform.

UTW Biggest tip. New thread started.

Recent director Buy of £3 million and trading ahead.

Just added this morning big time.