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Any one attend the company update yesterday? I could not attend so wondered if anything material on forecasts for the Amazon tie-up. Also on how they came to require such a large settlement for an HR matter in the US
something stupid probably happened in the US. Looks like one of the early investors wants out, to think he brought this originally at £2 a share
The RNS today says a lot - offers of 40 pence per share for the company! Having bought in at the start of the Tungsten journey at £2.25 it sounds like the journey s nearly over
i didnt realise it was that high, but to me the fact that this investor who already has a lot of money after all he used to own icap wants to sell up says it all.
Frustrating. It seemed like at last they had got their act together. Really think it’s worth more than this.
May the bidding begin...
Interesting to see Michael Spencer, former director, buy 1.53%. I think he controls Demica, a supply chain finance co.
he already holds a lot of the stock he said he would buy further, he wants the current deal on the table to go through.
This from 8th Feb:
"Whilst the Board believes that the price of 40 pence per share significantly undervalues the Company discussions between the parties remain ongoing and, in accordance with Rule 2.6(c) of the Code, the Company has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the deadline by which Kofax is required either to announce a firm intention to make an offer for Tungsten in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 22 February 2022. This deadline can be extended by the Board of Tungsten, with the consent of the Takeover Panel.
There can be no certainty that a firm offer will be made nor as to the terms of any such offer. A further announcement will be made in due course."
According to this the next deadline is a week today. Does anyone know further?
Still frustrated. I lost money here before, now it seems to have got its act together and have real prospects.
For example this news from the company website that they didn't seem to think was worth an RNS (!!):
"London, 5 January 2022: Tungsten Corporation plc, a leading provider of digital financial management and software solutions is collaborating with Amazon Business to deliver global e-invoicing in Europe and the U.S.A.
Amazon Business is an online store and procurement solution that helps millions of customers worldwide—from small businesses, schools, hospitals, non-profit organisations, and government agencies, to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. This integration will allow Amazon Business customers to automate invoice processing via the Tungsten e-invoicing network."