Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thom, I suppose that can only happen with Odey's support. Ed truell can't do anything on his owm IMO.
Odey got his friend as chairman and all the old guys are gone. So this has become Odey's company. He can take this private and reduce 3-4m cost of listing and corporate head office.
It seems unlikely as he is not a private equity guy. IMO he would like to improve the numbers and sell at high price to some private equity company.
https://www.ft.com/content/a86d10f6-2afa-11e9-a5ab-ff8ef2b976c7
"Tradeshift is well funded global company with a vibrant ecosystem" :(
I doubt anybody is making money in this invoice business excpet Ariba as they sell their products as part of SAP products suite.
Tradeshift have been losing money like Tungsten. They have raised cash few times in last 3-4 years. They have raised around $430m in total. Basware cash offer is funded by their latest raise and joint venture with a chinese company. I'm not sure how they making money as it's free for supplier's They claim to have 500,000 Supplier's which is hard to believe. Tung has got 300,000 suppliers and half of their revenue is from Suppliers. Tradeshift has so many Joint ventures, How many of those are making money? You must be aware how much Tung made of finance joint venture- not able to cover the cost of running Tungsten finance.
Basware is burining cash. Their share price has recovered just because of bid.
Taulia has been talking about IPO for long time:) and as been raising cash.
Coupa share price has done well because of revenue growth. They are able to beat guidance consistently. May be they can sustain revenue growth but their yearly sales and marketing expense is around $80m.
stock lending has gone up in oct 2017 by half million shares. So must be shorts from "< 0.5%" as not reported in fca short report Jan-17 4,700,961 3.81 Feb-17 3,401,654 2.75 Mar-17 4,100,801 3.32 Apr-17 4,055,134 3.28 May-17 3,098,772 2.50 Jun-17 2,725,495 2.20 Jul-17 2,358,186 1.91 Aug-17 1,942,445 1.57 Sep-17 2,105,666 1.70 Oct-17 2,693,981 2.18 share price is not impacted much by half million short in Oct 30th Sept Share price - 65.50 31st Oct Share price - 64 And odey also sold 2% (2.5m shares)in Oct who bought 3m shares in Oct ??
BPSF, I can't help it if you don't want to understand. I have quoted facts/numbers and you don't want to believe the numbers? If you don't like this company and don't trust the current management- why bother posting message's here? I hope you have better things to do If nothing has been delivered in IT, how come Tung is able to enrol 38k suppliers in 6 months. OB10 was only able to add 168k in 13 years and then after takeover- Tung was able to add 45k in 3 years which was better than OB10 management but not great. Rick has turned around in his 2 years tenure which is now showing progress. OB10 guys has left big mess with the buyer contract's which current management is sorting out. 50% of existing buyers has already agreed for 45-55% increase and remaining might as well as they come to renewal in their 3 year contract. It's good OB10 guys are leaving because they might be expert in e-invoicing but had no business sense. When Tung took over OB10 three years back, revenue was 18m and expenses were over 35m. OB10 guys were lucky to fool Ed Truell. Now revenue is 31.3m (FY17) with outlook of 15% increase in FY18. You keep on asking stupid questions- "How many of their suppliers are actually transacting"? it's all in their half yearly and full year reports. It's very easy to find out the revenue from supplier's with break down bewwen web and integrated suppliers. And similarly nothing is hidden about the fees charged to workflow and e-invoicing buyer.
Current management efforts has improved outlook. One fact is Supplier's which contributes around 55% of total revenue ) ( FY17- £17.4m out of total £31.3m) Increase of supplier's number by 48K from 203k to 251K in FY17 and That's a big jump compare to 22k in FY16. These will give boost to revenue in FY18 Supplier enrolment has only improved because of IT investment and additional services provided to them. Tung was never able to enrol more than 20k in year. From previous last reports - In Jan 2015 (half yearly update till oct 2014) number was 171K and in Dec 2017 (Half yearly update till oct 2016) was 213K, that was 42K in 2 years and in last half year - 38k And since 1st may 2017 - another 9k
Fees has been increased only for 40% of the buyers. It still have to increase for remaining one's as their contract comes for renewal. 10 new buyers added last year at increased fee which will fully account in this year. Around 50-55% of tungsten revenue is from supplier and they have increased from 203k to 251k in last year. Increase of 20%
India Demonetization has changed the economy in big way. One Indian company Paytm has got maximum benefit. People can buy vegetable from street side vendor's using mobile payment. https://www.bloomberg.com/news/articles/2016-11-23/cash-ban-the-best-thing-to-happen-to-indian-digital-payments http://www.businessinsider.in/Thanks-to-demonetization-Paytm-is-making-Rs-120-crore-per-day-achieves-target-before-deadline-crosses-5-billion-GMV/articleshow/55541691.cms btw 120 crore = £15m (rate of GBPINR around 80) Now Modi is after in-direct taxes. From the tungsten article "The introduction of the Goods and Services Tax regulations (GST) in India, expected later in 2017, will help to provide a consistent set of tax rules and open up the possibilities of e-invoicing to businesses in the country." GST change is a massive change- about to happen around June 2017. You can imagine doing business in India now which consists of 29 states where each state has own tax rules for indirect taxes. Moving goods or providing services inter-state is a nightmare. Country wide GST will be a game changing reform for the Indian economy by creating a common Indian market. It's almost similar to free trade across 29 countries. Modi still got two more years to go. Can expect few more surprises :)
declared shorts > 0.5% has been reduced but still lot of funds with short position below 0.5% Highest declared shorts (> 0.5%) were 9.53% in Apr -2015 and at that time euroclear stock lending data was showing around 10m shares and Last month (Nov 2016) declared shorts (> 0.5%) were 0.69% and euroclear stock lending data was showing around 6.5m shares So still lot shorted :)
:) change your internet then. It will help to pay extra to get good connection ;)
Not sure what you looking at :) https://www.tungsten-network.com/uk/about/investor-relations/downloads-reports/
I seriously suggest read last 2 years half yearly and full-yearly update's. You have to go to Capital market day or AGM to get answers to any specific questions About transparency - I have never seen any other company admitting as Tung (Under new management) did on Analytics "at the initial pricing levels quoted none agreed to purchase the product" About 11 buyers => Tung mentioned - "11 new buyers signed for contract value of at least £1.9 million" "We added 11 new buyers to Tungsten Network, including Duracell and Sanofi" "Eleven new buyers contracted to join Tungsten Network in FY16. Total buyers as at 30 April 2016 amounted to 175, of which 124 take e-invoicing and other associated solutions, and 51 take Tungsten Network Workflow services." I suppose you can check previous statement to figure out e-invoicing/worklow of previous year to find the difference About "there was £33K from analytics"- Rick mentioned in Capital market day about one -off data sale of analytics data. About "'active' supplier as part of the 203K"- you can get an estimate from the below statement and using pricing info from the website ""Suppliers· Revenue of £15.8 million (FY15: £13.1 million), split 80% Integrated suppliers and 20% Web Form suppliers (FY15: split of 86%/14%)."" About "We all need to know if we are still backing Tungsten and its mix of complimentary services, or Tungsten the e-invoicing company." Tung is still mix of complimentary services => Invoice finance is still going on. Bank is replaced by Insight funding. Hired an expert to lead TEP => Limited functionality Analytics is given free to existing buyers but able to get 60% increase in buyer fees => Adjacent services added- Rick mentioned about FX in Feb 2016 and it went live in 6 months. First time in history of this company some thing got released in time.
I will post this again for these 2-3 post new posters :) "@Shortsupply You should start reading half-yearly and full-yearly reports. I suppose those are bit more informative than the website. I wasn't talking about IDC service. First from 2015 full year update "During the year, 28,000 suppliers were added to the Network, while 18,000 suppliers that transact mostly in paper invoices ceased transacting over the Network, as we focused on transitioning the Network away from non e-I Invoicing suppliers. As a result, at the end of the financial year the Network had 181,000 suppliers, an increase of 7.7% over the previous year." from 2016 full year update "A total of 1,000 new Integrated and 24,500 new Web Form suppliers were added to the network during the period. Around 3,500 supplier accounts were closed, the majority of which had stopped trading with our buyer customers. The net impact of these changes was that the total number of suppliers increased 12% to 203,000." Supplier numbers FY14: 171,000 FY15: 181,000 Fy16: 203,000 Net added in 2 years => 32000 (New one => 53500 and left=> 21500) If I believe your assumption that paid supplier's has cancelled, revenue should have gone down from 2016 full year update "Suppliers· Revenue of £15.8 million (FY15: £13.1 million), split 80% Integrated suppliers and 20% Web Form suppliers (FY15: split of 86%/14%)." Supplier revenue numbers FY15: £13.1m FY16: £15.8m And bit more for your info:- Tungsten got two types of supplier's - Web Form suppliers (receives 52 free transactions per year, with a higher per-transaction fee charged above that level) Integrated Suppliers (pays around 1000usd or 1000gbp based on region) Tungsten has around 12,500 integrated supplier's. Integrated Suppliers revenue is about 50% of total(even more than buyers) One good news In 2015 half yearly report " Signed nearly 500 new integrated supplier customers worth c.£0.5m in first year revenues and a further 13,000 web form suppliers" and in latest update in September 2016 " Suppliers were added to Tungsten Network at an encouraging pace, including adding double the number of Integrated Solution suppliers compared with the same period in the prior year. " So we are expecting around 1000 in 6 months compare to 1000 in the last financial year. And Last thing- Tungsten can go Tradeshift way and keep inactive suppliers. Tradeshift in last 3 years has gone from 500,000 suppliers to 800,000 suppliers and Tungsten has gone from 171,000 to 203,000 In Alexa's supplier portal world ranking- Tungsten has over taken Tradeshift Ranking on 31st Dec 2015 Ariba - 25,143 Tradeshift - 129,113 Tungsten-network - 152,855 Taulia - 187,495 Basware - 321,161 and on 30th June 2016 Ariba => 14,500 Tungsten-network => 103,868 Tradeshift => 117,998 Taulia => 127,659 Basware =
@Shortsupply You should start reading half-yearly and full-yearly reports. I suppose those are bit more informative than the website. I wasn't talking about IDC service. First from 2015 full year update "During the year, 28,000 suppliers were added to the Network, while 18,000 suppliers that transact mostly in paper invoices ceased transacting over the Network, as we focused on transitioning the Network away from non e-I Invoicing suppliers. As a result, at the end of the financial year the Network had 181,000 suppliers, an increase of 7.7% over the previous year." from 2016 full year update "A total of 1,000 new Integrated and 24,500 new Web Form suppliers were added to the network during the period. Around 3,500 supplier accounts were closed, the majority of which had stopped trading with our buyer customers. The net impact of these changes was that the total number of suppliers increased 12% to 203,000." Supplier numbers FY14: 171,000 FY15: 181,000 Fy16: 203,000 Net added in 2 years => 32000 (New one => 53500 and left=> 21500) If I believe your assumption that paid supplier's has cancelled, revenue should have gone down from 2016 full year update "Suppliers· Revenue of £15.8 million (FY15: £13.1 million), split 80% Integrated suppliers and 20% Web Form suppliers (FY15: split of 86%/14%)." Supplier revenue numbers FY15: £13.1m FY16: £15.8m And bit more for your info:- Tungsten got two types of supplier's - Web Form suppliers (receives 52 free transactions per year, with a higher per-transaction fee charged above that level) Integrated Suppliers (pays around 1000usd or 1000gbp based on region) Tungsten has around 12,500 integrated supplier's. Integrated Suppliers revenue is about 50% of total(even more than buyers) One good news In 2015 half yearly report " Signed nearly 500 new integrated supplier customers worth c.£0.5m in first year revenues and a further 13,000 web form suppliers" and in latest update in September 2016 " Suppliers were added to Tungsten Network at an encouraging pace, including adding double the number of Integrated Solution suppliers compared with the same period in the prior year. " So we are expecting around 1000 in 6 months compare to 1000 in the last financial year. And Last thing- Tungsten can go Tradeshift way and keep inactive suppliers. Tradeshift in last 3 years has gone from 500,000 suppliers to 800,000 suppliers and Tungsten has gone from 171,000 to 203,000 In Alexa's supplier portal world ranking- Tungsten has over taken Tradeshift Ranking on 31st Dec 2015 Ariba - 25,143 Tradeshift - 129,113 Tungsten-network - 152,855 Taulia - 187,495 Basware - 321,161 and on 30th June 2016 Ariba => 14,500 Tungsten-network => 103,868 Tradeshift => 117,998 Taulia => 127,659 Basware => 179,242
"After reading the annual report I'm giving up on TUNG. Net number of buyers hasn’t gone up. 3,500 suppliers canceled, you have to assume they are subscription ones as the other service is free, therefore nothing to cancel? They reported adding 1,000 subscription suppliers in the same period." If you have read any Tung's half yearly or full result you would have known that they are been moving away from paper based invoices for the last 3 years. Most of supplier's using paper invoices are either moved to e-invoicing or account closed.
http://www.libertyhousegroup.com/company/management/sanjeev-gupta/ In a bid to further support industry, in late 2015 he also acquired London-based Tungsten Bank and is relaunching it under the name of Wyelands Bank as a specialist provider of financial solutions to commodities, steel and engineering enterprises.
this is the official register https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000Mf9utAAB So it wouldn't be updated until some sort of interim or final approval
Wyelands is the official company buying Tungsten bank as per companies house document. FCA site is updated now. So hopefully official announcement is on the way.
First from filing history of Tungsten bank in companies house https://beta.companieshouse.gov.uk/company/01536428/filing-history open full accounts - page 4 => mentions tungsten bank sold to SKG Financial services Limited page 8 => Read under "Sale of Bank" Second check https://beta.companieshouse.gov.uk/company/09913535 SKG Financial services Limited changed to WYELANDS HOLDINGS LIMITED And finally FCA site Updated- check in "Trading/brand names" section Tungsten bank will be trading as Wyelands from 14/10/2016 hxxps://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000Mf9utAAB So almost there !!!!!!
Good luck to you. I will be buying more now (below 50p) as the cash burn rate is going down and no chance of cash raise