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Completion of Bank Sale

22 Dec 2016 07:00

RNS Number : 5449S
Tungsten Corporation PLC
22 December 2016
 

TUNGSTEN CORPORATION PLC 

 

("Tungsten" or the "Company")

 

 

For Immediate Release

 

22 December 2016

 

Tungsten Completes Sale of Tungsten Bank

 

Tungsten Corporation plc (LSE: TUNG), the global e-invoicing, purchase order services, analytics and financing company, announces that the sale of Tungsten Bank plc, now renamed Wyelands Bank plc (the "Bank") completed on 21 December 2016.

 

In completing the disposal of the Bank to Wyelands Holdings Limited, Tungsten received £25.0 million in cash which, together with £4.6 million of cash already received in connection with the disposal, amounts to an aggregate cash consideration for the business of £29.6 million.

 

Enquiries

 

Tungsten Corporation plc

Richard Hurwitz, Chief Executive Officer

David Williams, Chief Financial Officer

 

+44 20 7280 7713

 

Panmure Gordon (Nominated Advisor)

Dominic Morley/Peter Steel

+44 20 7886 2500

 

 

Canaccord Genuity Limited (Broker)

Simon Bridges/Cameron Duncan/Emma Gabriel

+44 20 7523 8000

 

 

Neustria Partners

Robert Bailhache/Nick Henderson/Charles Gorman

+44 20 3021 2580

 

 

 

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.

 

Tungsten Network is a secure e-invoicing and purchase order services platform that brings businesses and their Suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers Suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.

 

Tungsten Network processes invoices for 70% of the FTSE 100 and 72% of the Fortune 500. It enables Suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over £133bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.

 

Trusted, passionate and proven, Tungsten is making the digitisation of global commerce between Buyers and Suppliers faster, easier and smarter.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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