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Started: ripley94, 23 May 2022 12:51
Last post: ripley94, 16 Nov 2022 20:15
Looking at this thread 23rd May 2022 .
"On checking accounts never held ( D )" That remark was wrong......... "just the one purchase in ISA 9/10/2018 @ 41.88p."
Now think must of sold out ( D ) and bought back later in SVS ISA , two months after .
Just seen this was in fact the first share I purchased on ( D ) at 57p on 22nd June 2015.
14 trades showing on ( D ) to 2nd August 2018. ( when I must of been all out there )
Highest sell ( D ) 20th July 2015 @ 80p ( a small amount ,must of been all of ones left before buying back, trading and then selling out August 2018 )
The lows were around March 2020 ( Covid ) @ 20p ( must of been time of arguing the toss with Krypes )
Paid out today ( W both )
ChartStill up on ( D ) high was 58.3p through 28th and 30th May 2022.
54p bid best seen on trade history on here 15/6/22 .
Not as good as the offer at 55p ( the 57p on 2/6/22 might of been better spared ?? )
17 mill,just there?
Sadly, I will lose on my (relatively) small amount of shares. I have already written this off.
Finally a cash offer at 48p. Happy days.
Started: voteleave, 29 Mar 2022 10:41
Last post: voteleave, 29 Mar 2022 10:41
As the price is well above the bid + indicative bid
Started: Troajan, 24 Mar 2022 10:13
Last post: Troajan, 24 Mar 2022 10:13
Started: dab808, 24 Mar 2022 08:48
Last post: dab808, 24 Mar 2022 08:48
Well that's nice to see logging on. Downside seems to have minimal risk from here, two serious parties at a minimum of 42p, some volume going through at 46p in the first 45 minutes seems to suggest some are happy to move on but someone must be buying and one would hope there is another 20% upside in the price. So that's my position - hold for the possibility of a bidding war.
Started: Warthog4, 22 Mar 2022 14:35
Last post: Warthog4, 22 Mar 2022 17:14
spotmark.
Us SI's ALWAYS get screwed!!!
I was part of a group in a training session many years ago when we were asked, by Prof Walter Reed of the LBS, what was uppermost in a company director's mind. After we had all come up with the usual commercial twaddle he said "Gentlemen- you disappoint me!! The answer is himself"!!
Some decades later I see nothing to justify me saying he was wrong.
My simplistic prediction
No more extensions
Reason:
Directors are holding out
Purchases want it done today
Purchasers haven't already walked away
Purchasers raised offer from 40 to 42p previously; therefore I think it can only more than 42
That said, I don't have enough confidence to have bought anymore, and my intuition says I'm going to get screwed either way.
Just under 2.5 hours before they must make an announcement. As the last extension announcement came via a 07.00
RNS could be a final decision is imminent. The Directors may think the company is worth more than 40p but the prospective
buyer is in the driving seat.
Started: Burnt, 14 Dec 2021 15:14
Last post: Qd22, 15 Feb 2022 16:30
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."
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.
Interesting to see Michael Spencer, former director, buy 1.53%. I think he controls Demica, a supply chain finance co.
May the bidding begin...
Frustrating. It seemed like at last they had got their act together. Really think it’s worth more than this.
Started: Warthog4, 20 Jan 2022 11:05
Last post: Warthog4, 20 Jan 2022 11:05
.......takeover fever subsiding???
This is great news, however those who clearly knew and purchased early along with this statement being issued as "This is a Reach announcement and the information contained is not considered to have a significant impact on management's expectations of the Group's performance." ought to be investigated. There is definitely something wrong here - if it is immaterial as the management state then why the price move? Something stinks and worse the company seem complicit. But I will take the rise.
Started: arsenal58, 3 Dec 2021 08:29
Last post: arsenal58, 3 Dec 2021 08:29
They always know before you
Lol
Started: Investor85, 26 Nov 2021 13:31
Last post: voteleave, 2 Dec 2021 13:35
Chances of Bromovsky DOING anything strategic are minimal. He has presided over the changes of management you cite, has picked the new ones, and all the time just looks out for his own interests.
I'm interested as to why there is so much volume.
It is amazing how Tungsten can get away every quarter, every year, with so much vapour, smoke and mirrors, and not deliver anything they claim.
I have been following this company for over a few years, and although they always blamed CEOs before, one has to take notice of their forecast promises and lies about the numbers. Last year’s RNS promised £4m savings due to restructure, where is it this year? With their promised growth (double digit), EBIDA should be double by now. For the past two years their promised double digit growth that never materialised, it was barely 1% on average.
There is no one there who knows the business, their Sales team has been restructured numerous times, while the FInance team dropped 3 CFOs due to incompetence. But only to get back one of those completely lost CFOs (currently “in charge”) when last CEO was fired. The incompetence of the CFO is very clear with fake promises to the public and investor meetings, and us investors.
This cannot go on anymore, consequences need to be paid for, and unless there is another reshuffle especially in Finance, this share price and the company will collapse.
Hopefully the Board and Tony Bromovsky will action this asap.
Started: arsenal58, 25 Nov 2021 08:23
Last post: arsenal58, 25 Nov 2021 08:23
Here ???!!
Is it a takeout ??
I’m in for a squeak
Started: Qd22, 18 Nov 2021 18:57
Last post: spotmark, 22 Nov 2021 17:16
Similar stuff at the end of today as well.
RNS has Archon Capital going from 6% to 10.5%
Topped up a bit this morning.
Then this afternoon there's major buying: 2 lots of 810k shares, and 2 of 405k shares ie 3 lots of 810k - so rising £600k worth of shares, all at 24p.
Any thoughts as to what is going on anyone? Is this some kind of admin? Or have I been fortunate?? :)(
SP hasn't moved.
Started: Warthog4, 14 Jul 2021 16:41
Last post: PaulP559, 16 Oct 2021 23:08
So no answers, just 25% of shareholders disillusioned by the performance of the Chairman, Tony Bromovsky voting against his reappointment. Humiliating for him and where to from here …
Disappointing performance continues. Seeing little evidence of any form of Chairman/CEO plan. Latest employee reviews in Glassdoor makes uncomfortable reading with CEO labelled ineffective and Chairman labelled overbearing. Company won I think 8 new customers last year, what has gone wrong this year? Maybe answers coming at Friday's AGM ...
I've been with this dodo of a company for 6 sodding years during which time its SP has halved and has had more changes of management than Nelson's trousers at Trafalgar.
"....relatively new NEDs and new CEO must have a cunning plan?" If the past is anything to go by I doubt it-probably just along for an easy ride like their predecessors.
Started: voteleave, 13 Jul 2021 17:56
Last post: voteleave, 13 Jul 2021 17:56
I am intrigued by Tung. Looks very undervalued vs its peers like Coupa, has a great customer base, etc, etc. Why is it not being snapped up? Management and board have been very underwhelming in the past, but relatively new NEDs and new CEO must have a cunning plan?
Started: Vamoso, 9 Jun 2021 12:29
Last post: Vamoso, 15 Jun 2021 13:34
Almost certainly with a golden handshake. Lets not forget a CFO left after 6 months earlier in 2020 so clearly indicates internal instability. Worrying sign is that the current CFO is the one that was replaced back in April - so clearly didnt show enough to get the job then and is now in charge. What's needed is some clear guidance in the next RNS instead of the usual waffle - latest guidance is pointing to reduction in revenues etc so clearly something not adding up if the recent transformation and foundation for growth lines are to be believed
".......having overseen the recent transformation of the Company,....."
Is this the transformation which has seen the SP fall from 40p last July to its present level and along the way lose a major client??????????????????
With a golden handshake perhaps????????
Hot off the press in the latest RNS - looks like the CEO has left. Clearly no doubt due to poor performance etc. Queue the usual excuses and another 12-18 months on transition and 'foundation for growth' comms
Started: Qd22, 13 Apr 2021 21:14
Last post: Warthog4, 7 Jun 2021 09:53
Let's hope they can hang on to this one!!
"Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce that NTT Ltd., a leading global technology services company, has selected Tungsten, the leader in invoice digitisation, to support its goal of 90% invoice digitisation.
NTT will be the first Tungsten customer to implement Total AR, Total AP, and the Tungsten Workflow together. The combined solutions will solve de-centralised and paper-based financial challenges and speed consolidation of 15 in-country based finance operations teams into one Global Shared Service Centre. Anticipated benefits include information acceleration, resource efficiencies, streamlined processes, resulting in productivity gains.
As with all customers, Tungsten will provide NTT with ongoing and global compliance for 15 countries, including Germany, a key NTT market impacted by recent regulatory changes concerning electronic invoicing."
Started: Vamoso, 25 Mar 2021 13:18
Last post: Vamoso, 25 Mar 2021 13:18
The problem with this company is constant smoke and mirrors and evidently very incompetent management. Especially over the last year.
Constant profit warnings (this is pure CFO numbers and business incompetence which is probably backed up if not lead by the CEO who has never run a company before). I expect flat if not negative growth this year for Tungsten based on my research.
If you refer back to anything related over last year and compare to what they promised, nothing was delivered. Last RNS they promised £4m cost reduction for FY22? I would love to see their internal budgets for next year and see that £4m dip in costs!
I don’t think they even understand the fundamentals of the business and how it works. Simple google search for reviews shows fundamental issues about the product and how it works - this will all come to the fore soon I expect and this customer loss RNS i believe was the start of more like this
I am glad I never invested in this circus act (and only considered on account of the stature of current shareholders like ODEY and Truell ), I think I've saved my money and health by not following this pile of poop as someone put it.
Last post: Warthog4, 24 Mar 2021 09:05
Oink! Oink!
My initial reaction too, Warthog4. I’ve been invested in this company for several years and am now down 73% on my investment. I have hung in there because I like the business model and the quality of the major shareholders with Truell (one of the founders) and Odey having had great business success in the past.
I just wish this latest RNS would explain why the business has been lost. I am hoping (and it is a very faint hope!) that this business is unprofitable because the customer refuses to pay a fair price, believing TUNG cannot afford to lose a big chunk of turnover. But now the Directors have realised turnover is vanity and profit is sanity and refuse to accept this business on unfavourable price terms. So the customer goes to a gullible cheaper source where the same problem will surface at a later date. Whatever, for TUNG to get into this situation does not reflect well on the Management.
I also hold shares in QTX who decided to gradually phase out a rapidly growing market sector that refused to pay a fair price for the service value offered. So, over a period of time and before the situation got out of hand, turnover reduced but has been gradually replaced by more profitable business. A brave decision publicly announced with progress updates, giving shareholders confidence in the Company which is performing very well.
Could a similar situation be happening at Tung or is it more likely I will see a pig fly past my window in the morning.
Whatever the bosses of this pile of poo are being paid it is too much. How on earth did they get to be in charge of a company?
Started: voteleave, 18 Feb 2021 11:39
Last post: voteleave, 18 Feb 2021 11:39
Any gossip?
Started: Sah36, 20 Jan 2021 09:11
Last post: NurseRatched, 13 Feb 2021 13:34
Here's Edison Research's view (commissioned by Tungsten)
https://www.edisongroup.com/publication/foundations-for-growth-in-place/28814/
Run rate EBITDA expected to be >£4.8m per annum. Puts it on an EV/EBITDA of less than 7. I guess ODEY see a 50% upside...
"Topping up!"
You must be joking!!!!!!!! Blatantly obvious the BoD is grossly incompetent just sitting on their patooties and collecting fat salaries.
I notice over 60% of the shares are held by well known Institutions, including 15% by Odey!!! They must all be licking their wounds big time as must the Directors who piled in at prices well above the present level.
There was a £23m impairment charge booked against the 2013 OB10 Ltd acquisition. It isn't money "disappearing". Very clearly stated in the FY20 annual report.
I don't know one end of an accounts report from the other, but I would dearly love to know WHAT THAT "GOODWILL IMPAIRMENT" WAS ABOUT. £25m is a lot of money to just disappear into thin air. Explanation needed.
Without it, if I understand things right (probably not) the loss would have been £2.5m: less than half the 5.21 from the year before, and continuing a steady progression towards profitability.
Unless it's changed the half year ends on 31st October. I suppose it's too much from this blank wall to expect a trading update next week, but last year the interim results RNS was mid-December.
If I wasn't too far in already I would be topping up. We may even be in the black.
I preferred it when nothing ever happened. I have been in this for years hoping it would turn around, basic premise is a good idea, their execution must simply be awful.
"Operating loss of £25.5 million predominantly reflects a non-cash goodwill impairment of £23.0 million relating to a legacy acquisition".
Against revenue of £36.8m, and EBITDA of £2.7m this is MASSIVE.
Does anyone know what it is??? Anything at all about it?
Started: GarryParry, 27 Nov 2020 07:30
Last post: voteleave, 27 Nov 2020 11:08
Unbelieveable. All the competitors have doubled volumes
Grossly overpaid incompetent management - it's been the same old story here for the last 5 years!
Funny company this. In the age of COVID and being a digital financial management products and software solutions provider - it reports difficult trading conditions!!