16 Nov 2016 07:00
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
16 November 2016
Sale of Tungsten Bank Receives Regulatory Approval
Tungsten Corporation plc (LSE: TUNG), the global e-invoicing, purchase order services, analytics and financing company, today provides an update on the sale of Tungsten Bank plc (the "Bank").
All regulatory approvals from the Prudential Regulation Authority and Financial Conduct Authority required for the change in control of the Bank have been received and there are no further conditions to be satisfied prior to the completion of the transaction. Tungsten has agreed a staged completion with the purchaser, Wyelands Holdings Limited, on behalf of Mr Sanjeev Gupta and his family. Mr Gupta's interests, which include the Liberty House Group, are part of the Gupta Family Alliance. The final completion date for the transaction is 21 December 2016.
As previously announced, Tungsten will receive a consideration of approximately £30 million, representing net assets of approximately £25 million plus a premium. Tungsten has received from the purchaser a cash consideration of £3.95 million in part payment of the premium, with the outstanding consideration to be paid in cash at final completion.
Under the terms of the agreement, the purchaser will cover all ongoing expenses of the Bank during the period to final completion.
Tungsten expects to provide the next update on its financial and operating performance with the announcement of its Interim Results for the six months ended 31 October 2016, which it intends to disclose a day earlier than previously indicated on 14 December 2016.
Enquiries
Tungsten Corporation plc Richard Hurwitz, Chief Executive Officer David Williams, Chief Financial Officer |
+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/Cameron Duncan/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 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.