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/

Market Update

RNS


RNS Number : 7744I

Tungsten Corporation PLC

04 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



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 4th June, 2014





MARKET UPDATE



UK public sector gains easier access to the benefits of electronic invoicing and spend analytics



Tungsten Network accredited as a supplier on the UK government's G-Cloud 5 Framework



London, 4 June - Tungsten (LSE:TUNG) is delighted to announce that Tungsten Network, the global e-Invoicing network built on OB10, has been accredited as a supplier of the UK Government Crown Commercial Service, G-Cloud 5 Framework.



Managed by the Crown Commercial Service, this is a pan government collaborative framework agreement for use by UK public-sector bodies, including central government departments and their arm's length bodies and agencies, non-departmental public bodies, NHS bodies and local authorities.



Tungsten Network sees this development as a major step in cementing its relations with the public sector and strengthening its operations. Accreditation will help to accelerate business development as public-sector bodies benefit from pre-negotiated terms and fixed prices. It also eliminates the need for the public sector to tender competitively for the services covered by the framework, which in the UK can cost over £45,000 per process, the highest in Europe.



Edmund Truell, Group CEO, Tungsten Corporation, said, "We are delighted to be part of the G-Cloud 5 framework. This is another key development for Tungsten Network as we expand our customer base, and bring the value of electronic invoicing to governments and their citizens around the world."



LONDON, 4 June 2014

Good bit of news, new highs coming...

Just gone long on TUNG,think this looking at the chart will be making an assault on 340p very sharply. Been some excelent RNS over past week

with w/e looming, i'ld rather wait until monday b4 opening anything new

Thats a pity, reckon itl take off monday morning.

Would not want to be out of this one this weekend. lol

Now I wonder why............LOL.

Your obviously thinking what Im thinking DC.

too late now :-)

Shares - Electronic invoice financing specialist Tungsten is primed to begin rolling out its paperless factoring proposition following news 30 May that the prudential regulation Authority has approved its application for a banking licence and to take control of FIBI Bank.

Going like the clappers this morning, how on earth did Cynic miss this one!!!!!!!!!!!!!!!

Beggars beleif.

The signs were all their.

It was written, the clouds were telling you the story.

Look up not down, tea leafs are no longer fashion.

How on earth did Cynic miss this one.!!!!!!!!!!

I wouldn't say so if you're in for the medium/long term. I see significant upside here particularly the way they are getting large caps to commit their entire worldwide invoicing into OB10. Nice bit of news this morning too with Saudi developments.

Market Update

RNS


RNS Number : 1065J

Tungsten Corporation PLC

09 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



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 9th June, 2014





MARKET UPDATE



Tungsten Network delivers compliant e-Invoicing for customers in Saudi Arabia



Customers can trade with confidence in 45 compliant countries through the global e-Invoicing network



London, 09 June - Tungsten (LSE:TUNG) now delivers compliant e-Invoicing in Saudi Arabia.



Following in-depth research and technical development, Tungsten Network, the global e-Invoicing network built on OB10, enables customers to send and receive domestic and offshore electronic invoices that comply with Saudi Arabian commercial law and qualify as a legal invoice.



The addition of Saudi Arabia takes the number of compliant countries on the Tungsten Network to 45 and helps even more organisations streamline their processes around the world and achieve straight-through processing.



The first buyer customer to use this service within the region is King Abdullah University of Science and Technology (KAUST), which joined the network in 2013.



"Our goal is to become the world's largest electronic trading network and allow our customers to transact seamlessly with suppliers around the globe," says Edmund Truell, Group CEO, Tungsten Corporation. "Achieving Saudi Arabian compliance brings us closer to that objective. I'm delighted to give our customers access to another important geography where they can reap the financial and environmental benefits of e-Invoicing. We look forward to bringing our secure, smart, fast electronic invoicing network to even more territories in the coming months."



LONDON, 9 June 2014

i looked first thing this morning and noted a modest rise with quite a large spread, and a hefty margin requirement
however, i also note that it finished marginally down on the day

goldfinger on hyper pills again.,.

so i'm not quite so dumb then :-)

Market Update

RNS


RNS Number : 2971J

Tungsten Corporation PLC

10 June 2014




TUNGSTEN CORPORATION PLC



("Tungsten")



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 10th June, 2014





MARKET UPDATE



Tungsten Corporation plc completes acquisition of FIBI Bank (UK) plc



London, 10 June - Tungsten Corporation plc (LSE:TUNG) is delighted to announce that it has completed the acquisition of FIBI Bank (UK) plc following approval from the Prudential Regulation Authority on 29 May.



FIBI Bank will now be known as Tungsten Bank plc, registered at 6 Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL, UK.





LONDON, 10 June 2014

Decided to top up here. All tucked away in my ISA and SIPP for the next few years (I hope).

Starting to perform at last.

I have a good feeling on this one, worryingly so as I've just bought more in my ISA. Now very heavily overweight (the stock!) But I'm expecting we'll start to have some news flow in due course now the bank approval has gone through.