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/

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.

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.......................