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/

16 Jun Canaccord... 96.00 Buy
14 May Canaccord... 369.00 Buy
25 Feb Canaccord... 369.00 Buy
16 Feb Canaccord... 369.00 Buy
29 Jan Canaccord... 369.00 Buy
14 Jan Canaccord... 369.00 Buy
22 Dec Canaccord... 405.00 Buy

What's their next target 50p ? Canaccord you couldn't make it up :)

Would they give me a job i couldn't be any more far out on most of their calls.

Shares - Tungsten considers AIM exit


Perhaps it was a bad idea to name a start-up technology firm Tungsten. The metal known for its unusual weight has become an embarrassingly appropriate moniker for a stock which for the past six months has sunk like a stone.

It’s all getting a bit too much for co-founder and 16.9% shareholder Edi Truell.

Rumours are swirling, according to the Financial Times, that the private equity baron and highly regarded investor is considering taking the firm private.

Shares in the stock are up 7.5% this morning on the news at 61p.

Buy shares in Tungsten Corporation, said the Sunday Times' Inside the City column. The electronic invoicing company, which floated seven years ago as a "disruptive global player that aims to transform the financial aspects of the global supply chain", is still lossmaking and after a £17m fundraising in June is worth a sixth of its peak valuation and has become a target for short-sellers. The situation appears rather bleak - the perfect time to make a contrarian bet.

With suppliers waiting more than 60 days to be paid by many big companies, Tungsten's electronic invoicing service offer to pay these bills immediately for a small commission. Kellogg and Unilever are two of the blue chip companies that have signed up after many years of getting the system up to scratch. New chief executive, American Richard Hurwitz, started last week and, as he looks the right man to take the company forward, now is the time to take a punt.

That knocked it back down this morning
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Tungsten Corp more than doubles FY pretax loss

StockMarketWire.com

Tungsten Corp has more than doubled its FY pretax loss to £27.3m, from a loss of £11.1m. Revenue was £23.1m, from £10.8m.

CEO Rick Hurwitz commented:

"Our leadership team is focused on establishing Tungsten as an indispensable partner to organisations in assisting them to optimise their accounts payable, procurement and working capital.

"Tungsten has made progress in its first full year of operations, growing our electronic invoicing network and securing maiden sales of our invoice financing solution, Tungsten Early Payment.

"As with any growing company, we are becoming smarter about our challenges, and with continued investment, hard work and a dedicated team we have transitioned into the execution phase.

"I look forward to leading the further expansion of our global Network to its users so they can benefit from our supply chain, financing and analytics solutions."

another disaster company

TUNGSTEN AGREES SALE OF TUNGSTEN BANK

16 December 2015

Tungsten Corporation plc (LSE: TUNG), the global electronic invoicing, analytics and financing company, today announces it has reached an agreement for a sale of Tungsten Bank (the "Bank") following the conclusion of a previously announced strategic review, and subsequent to the exclusivity agreement announced with our Interim Results earlier this morning, for approximately £30m in cash.

The consideration represents net assets of £25.4m plus a premium. Completion is expected within six to 12 months.

The change in control agreement comes as Tungsten's Board concluded that operating a regulated deposit-taking banking license is incompatible with the pursuit of profitable growth from the foreseeable invoice financing opportunity. The development of its invoice financing offering remains a key component of Tungsten's strategy.

The transaction is subject to approval by the UK's Prudential Regulatory Authority and the Financial Conduct Authority ("FCA"). This process is expected to take between six to 12 months, although approval may be received sooner.

This announcement should be read in conjunction with the disclosure today of Tungsten's interim financial report for the six months ended 31 October 2015 for more details about Tungsten Corporation's invoice financing strategy.

StockMarketWire.com
Tungsten has materially improved its H1 pretax loss to £3.08m, from a loss of £12.04m.

Revenue was £15.54m, from £12.98m.

"I am very encouraged by the emerging momentum across our business, notably in the areas where we have been investing," said CEO Richard Hurwitz.

"We are making good progress toward our strategic goals, repairing operational efficiency while positioning the business for profitable growth. The benefits of the changes we are making are starting to show in our reported results.

"We have been executing to plan and ensuring cost discipline as we take needed steps on the path to profitability. I am especially encouraged by our customers' response to the new products we have launched.

"Completing the sale of Tungsten Bank is an important component in the reshaping of our business. With a stronger customer proposition, improved funding structure and the right leaders, our expectations for developing a successful invoice financing business are high."