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/

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.

I can only think institutions are building positions and RNS to follow.

Impressive rise...(not in)....

All the news coming after hours today. TUNG to buy DocuSphere, provider of accounts payable automation servies, to bring additional strength to the Tungsten offering. The annoucement states DocuSphere adds certified integration tools that cover 80% of the ERP software used by Fortune 2000 companies. Also provides increased control over speed, cost and quality of implementation with no need to rely on third parties.

TUNG to raise c. £12m in placing but don't see the price yet...

Book to open immediately and closes 9am tomorrow. Funds already raised possibly?? - they've not asked me!

Thanks Greyhound.

Tungsten Corp strengthens offering with DocuSphere acquisition; announces £12mln placing

By Giles Gwinnett

September 02 2014, 5:32pm
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.


Tungsten Corp (LON:TUNG), the e-invoicing specialist, is to strengthen its offering with the acquisition of DocuSphere, it told investors, as it unveiled plans to raise around £12mln throgh a share offer.

DocuSphere provides accounts payable automation services and by integrating its technology, Tungsten Network customers will benefit from quicker reliable connection to the Tungsten e-Invoicing network, it said.

For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.

The placing will finance the acquisition for up to US$6.5mln in total cash, or around £4mln.

Canaccord Genuity has been appointed sole bookrunner, broker and agent to the placing, whose price will later be determined.

Chief executive of Tungsten said of the purchase:

"This addition to our service portfolio will allow us to take greater control of the results we deliver to our customers by eliminating any reliance on third-party middleware providers. This adds another building block to our to our already powerful e-Invoicing services.

"We are launching Tungsten Bank's offer of early payment to suppliers and the innovative Tungsten Network Analytics technology to give real-time spending insights for our buyers. Combined, we continue to work towards becoming the world's largest electronic trading network."

The acquisition looks a good add-on. Placing looks like a done deal, pretty small when you look at market cap, not necessary to underwrite and strong interest shown by management - so little in the way of discount to current price??

On our way again - market waking up to the potential of latest add-ons despite small placing.