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/

IC - Tungsten set for explosive growth.

earnings are forecast to soar more than five-fold in the year to end-April 2016 before rising by 31% in 2017. Its hard to spot another financial sector player that's set to grow at such a pace yet the shares trade on just 12 times 2016's expected earnings.

23 Jun Canaccord... 292.00 Buy

Market Update

RNS


RNS Number : 8754K

Tungsten Corporation PLC

30 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 30th June, 2014





MARKET UPDATE



UAE organisations to benefit from compliant e-Invoicing through Tungsten Network



Global electronic trading network now offers compliant invoice-processing

automation in 46 countries



London, 30 June - Tungsten Corporation plc (LSE:TUNG) is now compliant for e-Invoicing in the United Arab Emirates (UAE).



Having completed a thorough review of Emirati commercial law, Tungsten Network, the global

e-Invoicing network built on OB10, now allows customers to send and receive electronic invoices that qualify as a legal invoice in the UAE.



The UAE is one of the Middle East's largest economies and one of the world's most important business hubs. It is Tungsten Network's 46th compliant country.



"Tungsten Network is continuing its multi-million pound investment programme to help our buyer and supplier customers achieve global compliance across their invoice-automation programmes," says Edmund Truell, Group CEO, Tungsten Corporation. "A number of our major clients have identified the UAE as a key market, and we're delighted to deliver this important territory to them as we help them trade with confidence."



LONDON, 30 June 2014

Test of the high coming. This has blue sky potential in the coming years in my opinion. My largest holding in both SIPP and ISA (so may live to regret that comment!).

Preliminary Results for the year to 30 April 2014

Operational highlights

· 55% of Fortune 500 and 67% of FTSE 100 now being served by Tungsten Network

· 20% growth in e-Invoicing: $152bn of e-Invoices processed in FY2014, compared to $126bn in the prior year

· Focus on long-term Tungsten Network growth:

o Signed a net eight new buyers to Tungsten Network since acquisition, including recent additions of GE and Caterpillar

o Moving buyers to pure digital invoicing: Fall in 'paper' invoice data capture (IDC) transactions to $35bn in FY2014 from over $48bn in prior year

o Increase to 46 countries where Tungsten Network offers legal and tax compliant e-Invoicing

· Over 168,000 suppliers now registered to use Tungsten Network

· Tungsten Network Analytics invoice data repository now totals over $700bn

· Key hires made across jurisdictions and business units including COO Lincoln Jopp; CEO of Americas Rick Hurwitz; and full Board and management team for Tungsten Bank

Business highlights

· Completed acquisition of OB10 Limited e-Invoicing platform, now renamed Tungsten Network Limited, for £73m in cash and £28m in equity in October 2013

· In June 2014 post the period end, completed acquisition of fully authorised UK bank, FIBI Bank (UK) plc, now renamed Tungsten Bank plc, for total cash consideration of £29.3m

· Creation of Tungsten Network Finance:

o Built an automated supply chain financing platform, integrated with Tungsten Network and financed the first invoices to selected suppliers

o Agreement with PNC to resell Tungsten to its customers

o Agreement with Alliance Data Systems to operate buyer-financed invoice discounting

o Co-operation with Blackstone Tactical Opportunities to finance international invoice discounting

· Trialling Tungsten Network Analytics, our real-time spend analysis technology, with selected buyers

Financial highlights

· Admitted to AIM raising £160m of gross new money

· Tungsten Network pro-forma full-year revenue of £19.5m (prior year £17.6m), an increase of 11%

· Group net cash of £62.6m at 30th April 2014, prior to finalisation of acquisition and recapitalisation of Tungsten Bank in June 2014 (£30.1m cash outflow (consideration plus £5m capital injection), of which £25m is now restricted funds in the Bank)

· Initial bank capital injection of £5m lower than previously anticipated

· Group EBITDA loss of £10.2m (prior period: £9.9m), which includes the results of Tungsten Network for the period since acquisition

· Post-tax loss for year of £11.0m (prior period: £9.9m) and loss per share of 18.6p (prior period: loss per share of 87.02p).




http://www.moneyam.com/action/news/showArticle?id=4844736

Results are a good read. Canaccord has upped tp to 330p, reiterates buy.

Update today on debt funding opportunities. Expect this one to keep going and break the life high before too long.

Write up in IC this week, so on punter's radar.
Market cap of £294m, Forward PE of 68, forecast earnings growth for 2015 440%.
Hmmmmmmm.......................

Increased my holding again. In for a few years (hopefully).

From IC this week:
"The growth profile of TUNG, which operates the former OB10-e invoicing platform, was again on display with it's full-year figures this week. Sure, TUNG's near start-up status , it only floated in October, means that is is still loss making, but progress is proving to be rapid.
In the year to April, TUNG processed £89 bn worth of e-invoices, a 21% jump. New clients include Caterpillar and GE and the group's network is now available in 46 countries. TUNG is also making progress with it's plans for invoice financing. It bought the UK arm of the First International Bank of Israel and is working with Blackstone Tactical Opportunities to establish a special purpose financing vehicle with an annual funding capacity of $10-12bn.
Prior to these figures, broker Canaccord had been forecasting EPS of just 4.3p for 2015, but that's set to jump to 23.2p in 2016, leaving the shares (at 287p) trading on an undemanding x12. That's too cheap given TUNG's prospects."

BT to deploy e-Invoicing globally with Tungsten

RNS


RNS Number : 5536N

Tungsten Corporation PLC

29 July 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 29 July 2014



MARKET UPDATE

BT to deploy e-Invoicing globally with Tungsten



London, 29 July - Tungsten Corporation plc (LSE:TUNG), the electronic trading network, has secured a new contract with BT Group, the global telecommunications company, to deliver electronic invoicing, Purchase Order Services and Invoice Status Service to its global operations.

BT started working with Tungsten Network, then OB10, in the UK in 2003. The company has now selected Tungsten to extend the benefits of e-Invoicing to all its suppliers across all entities.

"We are delighted that one of the world's early adopters of e-Invoicing has chosen to work with Tungsten to bring streamlined invoice processing and prompt payment to its global supplier base," says Edmund Truell, Group CEO. "This significant contract continues to reinforce our ability to help both large corporations and SMEs trade with confidence."

Kerry Group takes e-Invoicing global with Tungsten

RNS


RNS Number : 8100N

Tungsten Corporation PLC

31 July 2014





http://www.moneyam.com/action/news/showArticle?id=4859642

More positive annoucements recently - test of the all time high coming.

Tungsten Corp's security credentials renewed

By Giles Gwinnett

August 13 2014, 10:30am
'The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients,' said Lincoln Jopp, Tungsten's chief operating officer
"The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients," said Lincoln Jopp, Tungsten's chief operating officer


Tungsten Corp's (LON:TUNG) electronic trading network has had its security credentials renewed by independent auditors.

The assessment concluded the internal controls adhere to a global assurance standard as did another audit on management and control of information security.

"The renewal of these internationally recognised security and reporting frameworks sends a clear message to our clients," said Lincoln Jopp, Tungsten's chief operating officer.

"Tungsten Network continues to provide world-leading security to the world's leading organisations."

Tungsten's e-invoicing system accelerates gloabl trade and can reduce invoice-processing costs by 60%.

It is compliant in 46 countries, and processes transactions worth over U$187bn per year for organisations such as General Motors and GlaxoSmithKline.

Tungsten shares eased around 1% to 289.25p.

Update on debt financing

RNS


RNS Number : 2172P

Tungsten Corporation PLC

15 August 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 15 August, 2014



Market Update



LONDON, 15 August 2014 - On 14 July 2014, Tungsten Corporation plc (LSE:TUNG) outlined that it was exploring debt-funding opportunities for Tungsten Bank, Tungsten Network Finance and the Tungsten Group as a whole. Today, Tungsten is announcing that it made an application to the British Business Bank for a potential investment of up to £50 million in matched funding in support of a debt placement by Tungsten Corporation plc. The British Business Bank is a UK government-owned financial institution focused on improving finance markets for smaller businesses. Tungsten has now entered discussions with a number of institutional investors in this regard and has also progressed discussions with a range of other third parties to support its invoice financing activities.



Shareholders will be kept informed as the Company finalises its funding to accelerate the growth of the business. There can be no guarantee that Tungsten will be able to secure such debt financing.





About Tungsten Corporation plc



Tungsten Corporation (LSE:TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.



Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.



Tungsten serves 55% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and processes transactions worth over $187bn per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and US Federal Government.



Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

Soon going to be testing the life high and breaking in my opinion. Annoucements on debt funding likely to be the driver.

That chart for 2014 looks like a very long inverted head and shoulders. Breaking for new territory very soon?

Well on our way now and starting to hit a few radars.

This has supassed my expectations today - some news afoot or tipped somewhere?

No pause for breath even today. More than happy to have these material moves higher and doesn't even appear to be hitting the press yet.