TUNG.L Regulatory News (TUNG)

TUNGSTEN CORPORATION PLC 

("Tungsten" or the "Company")

For Immediate Release

20 July 2018

Withdrawal of Shareholder Requisition

and

Proposed Board Appointments

Tungsten Corporation plc, a global business transaction network, provides a further update to the announcement made on 29 June 2018 relating to the Company's receipt of a notice requisitioning a general meeting of the Company (the "Requisition") from Odey Asset Management LLP ("Odey").

Following constructive discussions between Odey and representatives of the Board, Odey has agreed to withdraw the Requisition and also agreed not to call a general meeting of the Company under section 305 of the Companies Act 2006. Accordingly, a general meeting will not be convened.

The Board of Tungsten is pleased to invite Anthony Bromovsky and Duncan Goldie-Morrison to join the Board as Non-Executive Directors. Their formal appointments will be confirmed as soon as possible, subject to satisfactory completion of regulatory checks. A further announcement, including relevant details for Tony and Duncan, will be made at that time.

The existing Board of Tungsten looks forward to welcoming Tony and Duncan as colleagues and to working with them to capitalise on the exciting opportunities Tungsten enjoys for profitable growth.

Odey commented: "We have long been excited by the potential value available to Tungsten's shareholders from the scale of its e-invoicing network and its impressive client register. We appreciate the constructive discussions we have held with the Board to address our concerns. We are pleased to have agreed Tony's and Duncan's admission to the Board as an important step in the process towards maximising Tungsten's potential value on behalf of all shareholders in the future."

The Company's results will be released on 23 July 2018.

This announcement has been reviewed by Odey and its advisers, and released with their approval.

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.

Unless otherwise defined, defined terms in this announcement shall have the same meaning as in the announcement of 29 June 2018.

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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 business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. 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 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.