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 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.

Market Update

RNS


RNS Number : 1671I

Tungsten Corporation PLC

27 May 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 27th May, 2014





MARKET UPDATE



The Board of Tungsten notes the recent rise in the share price.



Tungsten announced on 25th March, 2014 that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) plc ("Bank") had been submitted to the UK's Prudential Regulation Authority ("PRA") and to the Financial Conduct Authority.



Tungsten confirms that the change of control request is progressing well with the PRA. Following extensive discussions, the Board is confident of obtaining the required approval for Tungsten shortly so that Tungsten can complete the acquisition and the mobilisation of the Bank in the coming weeks.







LONDON, 27 May 2014

Very encouraging, moving ahead.

Tungsten Corporation confident PRA approval of bank acquisition is imminent

By John Harrington

May 28 2014, 7:24am
Tungsten announced on 25 March that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) had been submitted to the UK's PRA and to the FCA
Tungsten announced on 25 March that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) had been submitted to the UK's PRA and to the FCA


Tungsten (LON:TUNG), the electronic invoice specialist, revealed that it expects to get regulatory approval soon for its acquisition of FIBI bank (UK).

The company released a statement in response to a sharp gain in the share price on Tuesday, saying that the change of control request is “progressing well” at the Prudential Regulation Authority.

Shares in Tungsten rose to 270.25p on Tuesday from 242p the day before.

Following extensive discussions, the board of Tungsten is confident of obtaining the required approval so that it can complete the acquisition and the mobilisation of the bank in the coming weeks.

Tungsten’s business model involves marrying the electronic business invoicing business to a bank, so it can offer, among other things, invoice discounting services.

The European Banking Association says 10% of invoices are currently discounted – though other research suggests a figure closer to 15% - and the service is popular with some businesses as it irons out cash flow.

Nice full page write-up in Shares mag today.

Here we go - approval recieved from UK's Prudential Regulation. No info yet, just headline.

For Immediate Release 29th May, 2014





MARKET UPDATE



The Board of Tungsten is delighted to announce that it has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc ("Bank").



The fully UK authorised Bank will be re-named Tungsten Bank and commence offering supply chain finance.



Moreover, Tungsten has today begun providing invoice discounting services to selected US customers.



Edmund Truell, Chairman of the Bank, said : "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network."





LONDON, 29 May 2014

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 :-)