29 Jun 2018 16:32
29 June 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Notice of Requisition of General Meeting
Tungsten Corporation plc, a global electronic invoicing, analytics and financing company, announces it has received a letter from certain registered holders of Tungsten shares, each a nominee of and acting on the instructions of one or more funds managed by Odey Asset Management LLP, requisitioning a general meeting of the Company's shareholders (the "Requisition"). In aggregate, those registered holders hold approximately 14% of the issued share capital of the Company.
The Requisition proposes resolutions that seek the removal of certain Directors of the Board of Tungsten, being Nicholas Parker (Chairman), Richard Hurwitz (Chief Executive Officer), Ian Wheeler (Non-Executive Director) and David Benello (Non-Executive Director), and seek the appointment of Anthony Sebastian Bromovsky and Duncan Goldie-Morrison to the Board of the Company (the "Resolutions").
The Board of Directors regrets that this action has been taken at a time when Tungsten has reached an inflection point and considers the Requisition to be unwelcome and unnecessary. The Board is unanimously of the view that the Resolutions are not in the best interests of the Company and its shareholders as a whole and intends to unanimously recommend that shareholders vote against the Resolutions at any requisitioned general meeting.
The Board is required to call a general meeting within 21 days of receipt of the Requisition and to provide for such meeting to be held on a date not more than 28 days after the notice of such meeting.
Shareholders are advised to take no action at this time. Further announcements will be made in due course.
The information contained within this announcement is considered by Tungsten to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Patrick Clark, Company Secretary.
Enquiries:
Tungsten Corporation plc Richard Hurwitz, Chief Executive Officer David Williams, Chief Financial Officer
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+44 20 7280 7713
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Panmure Gordon (Nominated Advisor) Dominic Morley/Peter Steel | +44 20 7886 2500
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Canaccord Genuity Limited (Broker) Simon Bridges/Andrew Buchanan/Emma Gabriel | +44 20 7523 8000
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Neustria Partners Robert Bailhache/Nick Henderson/Charles Gorman | +44 20 3021 2580
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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 supply chain 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 customers access to financing through Tungsten Network Finance.
Tungsten Network processes invoices for 67% of the FTSE 100 and 76% of the Fortune 500. It enables tax compliant e-invoicing in 48 countries, and last year processed transactions worth over £160 billion 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 faster, easier and smarter.