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21 May 2015 11:04
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Trading Update
Further to its announcement on 14 May 2015, the Company provides the following update.
The Company is currently in discussions with respect to a proposed joint venture ("JV") arrangement with a global financial institution, which would be complementary to its current funding arrangements and which could, if concluded, involve both Tungsten Early Payment and some of the global financial institution's customers being channelled through the JV. There is no certainty that any such JV arrangement will be consummated and further announcements will be made in due course.
The Company is also actively exploring its strategic options for Tungsten Bank and is in discussions with the Prudential Regulation Authority in relation to the nature of the Bank's operations and governance. The Company does not believe that these discussions will have any impact on Tungsten's ability to operate its invoice financing operations.
As previously announced, the Company is reviewing various options to fund the Company's growth strategy and will update the market as these materialise.
Enquiries:
Tungsten Corporation plc Edmund Truell, Group CEO Juliana Wheeler, Head of Global Communications |
+44 20 7280 7901 +44 20 7280 7973 | |
Charles Stanley Securities (Nominated Adviser and Joint Broker) Marc Milmo/Dugald Carlean |
+44 20 7149 6000 | |
Canaccord Genuity Limited (Bookrunner and Joint Broker) Simon Bridges/Peter Stewart/Andrew Beswick |
+44 20 7523 8000 | |
Neustria Partners (Investors and Analysts) Robert Bailhache/Nick Henderson/Charles Gorman |
+44 20 3021 2580 | |
Equus Group (Media) Piers Hooper/Sam Barton/James Culverhouse |
+44 20 7223 1100 |
About Tungsten Corporation plc
Tungsten 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 invoice 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 supply chain financing through Tungsten Bank*; 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 £121 billion for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network; and acquired DocuSphere in September 2014, a provider of accounts payable automation solutions
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