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$£, i get the same thing, but of course, I follow them too. They are def starting to tweet more and the Oracle accreditation has to help.

Hmmm "Whenever I see a phrase like digital command centre I smell BS." They have to have some name or other for what they are selling. If that triggers some prejudicial sentiment, that's unfortunate. "As for systems not being good enough, it is one of those difficult things to prove." I'm not trying to prove anything. I simply repeat what I was told at the CMD and the AGM. Believe it or not, as you will. "The research and prospectus all said that the OB10 system was the bespoke Rolls Royce of the e-invoice world. It did eveything you wanted. Perhaps too slowly?" Perhaps it did. I have not read the prospectus. Perhaps the prospectus was trying to make the float look attractive? " But why cannot Tungsten use its own system to send out bills? No idea. I presume Tungsten Network is on Tungsten Network, but to be honest, I never thought to ask. " Why not discoount its own invoices?" Clearly, that makes no sense. "Cannot undersatnd why the unpaid bills keep mounting up. Mr Williams?" What unpaid bills are mounting up? If you have some dirt to dish up, I'm happy to consider your evidence. I won't be holding my breath though. Sounds like typical TWaddle.

Excellent e-invoicing article. http://www.thecsuite.co.uk/cfo/information-technology-cfo/the-future-of-payments/

Hmmmm "What's so difficult that we need a hugely expensive digital command centre to make that happen?" The short answer is, we don't! The difficulty was that the old system evolved over time, was fragmented, inconsistent and served different customers on different platforms with different service level agreements. The answer was to take all the requirements of the old system and rebuild on a consistent platform in an efficient and more productive way. We needed to upgrade the system, so we can market it, get the new business and scale up revenue, without the corresponding rise in expense that we previously needed to take on new business. It just so happens that the digital command centre is one of the products of the whole exercise, not the only product. That's my view anyway.

Agreed Chem. Funding the supply chain surprised me. Another cherry go pick. Tung is very much on the right track. There are very few get rich quick schemes in life. Get rich slowly, but get very, very rich.

chem, three more mouths to feed. Looks like they are budgeting for a massive uptake! Thanks for posting that.

@BS76 Thank you for re-posting. Always good to read your views. @BPSF Not had any problems accessing reports. @Shortsupply Consistently negative. Anyone interested in your opinions should read back over all your posts. I got as far as September 2015 when you said you were out. The one after that was in November 2015, when you said you were"glad you put this one down".i won't be paying much attention to you from now on. GLA

Burnt, thank you for setting me straight. Maybe I was thinking of £1m for the half year, but I should have checked out that figure. :)

Have you noticed this? First, they get the products into shape. Next, they start spreading the news. Building up some momentum, I suggest.

I apologise to the bb for the sarcastic tone of my previous post. I think we are all familiar with new posters, who start off with a negative post. I let that obvious prejudice influence my reply, so I will follow p with a slightly less sarcastic one Hmmmm, the information you seek is in the latest RNS. "Why did Gupta not complete on the bank sale?" Because both parties agreed to delay it. "Tungsten has agreed a staged completion with the purchaser, Wyelands Holdings Limited, on behalf of Mr Sanjeev Gupta and his family." "Either there's some more conditionality," There is none. "All regulatory approvals from the Prudential Regulation Authority and Financial Conduct Authority required for the change in control of the Bank have been received and there are no further conditions to be satisfied prior to the completion of the transaction." "or he doesn't have the wonga." This is not a payday loan. I'm sure Mr Gupta does not keep £25m sitting in a high street bank account. It is probably being used to make some profit between now and then. He won't be paying over millions, then pulling out, if that is your inference. "Mr Gupta's interests, which include the Liberty House Group, are part of the Gupta Family Alliance. The final completion date for the transaction is 21 December 2016." "As previously announced, Tungsten will receive a consideration of approximately £30 million, representing net assets of approximately £25 million plus a premium. Tungsten has received from the purchaser a cash consideration of £3.95 million in part payment of the premium, with the outstanding consideration to be paid in cash at final completion." A £5m premium is going to lood very good on the balance sheet, PLUS they lose the £1m/month in bank overheads going forward. Under the terms of the agreement, the purchaser will cover all ongoing expenses of the Bank during the period to final completion.

Hmmmmmm "Why did Gupta not complete on the bank sale? Either there's some more conditionality, or he doesn't have the wonga." No idea. I'm having a wild guess, that you have sold as many banks as I have, which is zero. Am I right? I'm guessing that selling a bank is a little more complicated than selling a second hand Reliant Robin, but I'm always willing to learn.

Shortsupply, you make a good point there. Why not take it up with David Williams or Rick Hurwitz? I'm holding out way past December. They've spent millions on getting the system to the stage where they can increase revenue without increasing costs as before, so I think they can spring the ebitda positive news at will now.

EBITDA+ next.

Ah, Spikeyj, give me a break. 1 Dyslexic. 2 Rubbish eyesight. 3 Rubbish reading specs from Tesco. Sat on the prescription ones. 4 On holiday, so a little relaxed. 5 Posting on an iPhone. 6 If we aren't making big money in 2027, I'll expect a ticking off.

Shortsupply "You've become too emotionally attached, you're ignoring all the warning signs and only pay attention to anything that supports your positive hypothesis. One way ticket to getting burnt." I don't think I am. I spent my working life designing and writing financial IT systems, most of it running my own software firm. OB10 was way ahead of its time. I understand why and where it went wrong technically and in terms of sales and marketing. I understand why it wasn't scaleable, why global brands wanted to use its services and why it was loss making. It needed Mr Hurwitz to come in and restructure the company, its service platform, pricing structure and customer relations. All in place now, so time to sell, sell, sell. I see and understand all this. I don't expect many others to do the same. "Did you see a retraction statement from HMRC for their 'erroneous' computer error that could potentially destroy a company's reputation? Or a very rapid rescinding of the winding up order?" A retraction from HMRC? You expected that? Tung argued a tax position, now paid. A mild breeze in a herb infused receptacle. "It's hard to respect a group of people who have failed epically and cost me and many other so much money in the process. New management. Old management lose you money? Maybe just get over it. Don't like what the new management has done with the business? I can't imagine how you can fault that, but I'm sure you will give it a good go. "Its their cash position not full year liabilities. So if the bank sale hasn't gone through by reporting time they will want to show they've got plenty in the bank." They have a fallback position of £10m revolving credit. More than enough to see them break through to profit. "The company is soon to have half its market cap value as cash in the bank and the share price is still dropping. There must be a good reason for this." The old shorters maxim. Trotting that out confirms anything one can assume from your handle. "Apart from the paid analyst, there's not a single article that has been positive about this company for over 18 months." Really? Mr Hurwitz got column inches when he started the business turnaround. You can hardly expect a regular newsflash that he is still doing the same thing. That is not news. "There comes a time when we all have to stop doubling down, accept our losses and that we got it wrong." My average is 57p. I started buying about 70p and bought all the way down to 46p. When it gets shorted to mid fifties, I buy a few to trade late 50s, early 60s. May as well make a few quid while the shorters fiddle around. Big money will arrive in H1 2027, IMO. Very happy with my core holding. ATB

Shortsupply "I'm inclined to agree or go one further and speculate that they were deliberately putting off paying until the half year close to make the books look better?" You obviously have little respect for the bod, since you ascribe barrow-boy mentality to their accounting practices. Even if they had changed their names from Derrick and Rodney by deed poll, this makes little sense, since the tax liability must be accounted for as "Creditors due within 12 months". "It back fired and the FD could have been lent on to make a public display of confidence?" No. Seriously, these are adults, running an international business serving the biggest brands on the planet. "It can't be of inside knowledge of the bank sale as that would be insider trading." Everyone knows the bank is being sold. The only thing we don't know is the date that the BOE signs it off. I'm inclined to use Occam's razor. They said that they disputed the amount of tax. I dispute my tax EVERY year. They then agreed the amount of tax and a date by which it should be paid.HMRC got the date wrong and jumped the gun. No need for a more complicated explanation. As for your conclusion, whether based on poor accounting knowledge or not, that's your prerogative. Best of luck.

I'll have some. My view is that shorters are there to get stuff cheap. May as well take advantage of their sterling work. Tung can flip to ebitda at a time of their choice. Happy to buy low and wait.

I'll have some. My view is that shorters are there to get stuff cheap. May as well take advantage of their sterling work. Tung can flip to ebitda at a time of their choice. Happy to buy low and wait.

thom, I'm the absolute last person you should ask about selling. Buying, I can do, but not selling. When we get to 90-95p, I may sell half, depending on what else catches my eye, but I may not. I'm sure David Williams would forgive me for saying that I think he is more of the conservative accountant, than the cavalier gambler. That's just my impression of him after a few conversations at CMD and AGMs. I'm not saying that he wouldn't take a few risks, but he waited a long time before making a big buy. If he is buying in quantity at >60p, then there is plenty more to come here. Maybe a slow ramp up until they choose to go ebitda positive, but then a step-change, post FY2017 results in April. Just my view. ATB

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