7 Jan 2016 15:21
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
7 January 2016
Director's Shareholding and Issue of Equity
Tungsten has today issued and allotted 664,000 ordinary shares of 0.438 pence each in the capital of the Company ("Ordinary Shares") to Richard Hurwitz, the Company's Chief Executive Officer. Mr Hurwitz was awarded the new Ordinary Shares pursuant to the terms of his service agreement put in place following his appointment as the Company's Chief Executive Officer in July 2015. Mr Hurwitz's beneficial interest following this transaction is now in 664,000 Ordinary Shares, representing 0.5% of the Company's issued share capital.
The Company has also been informed that Nicholas Parker, Chairman, has today purchased 100,000 Ordinary Shares into his SIPP at a price of 39.75 pence per share. Mr Parker's resultant beneficial interest is now in 221,250 Ordinary Shares, representing 0.2% of the Company's issued share capital.
Application will be made for the admission of 664,000 new Ordinary Shares to trading on AIM. It is expected that admission will become effective and dealings will commence in the new Ordinary Shares on 13 January 2016.
On admission to trading of the 664,000 new Ordinary Shares, the Company will have 126,068,397 Ordinary Shares in issue with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
Enquiries:
Tungsten Corporation plc Chaz Sarathchandra, Communications Manager | +44 20 7280 6983 | |
Panmure Gordon (Nominated Adviser) Fred Walsh / Dugald J. Carlean | +44 20 7886 2500
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Canaccord Genuity Limited (Broker) Simon Bridges/Emma Gabriel/Cameron Duncan | +44 20 7523 8000
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Neustria Partners (Investors and Analysts) Robert Bailhache/Nick Henderson/Charles Gorman | +44 20 3021 2580
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About Tungsten Corporation plcTungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, the world's largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers options for supply chain financing and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.