Tungsten Corporation PLC Completion of Bank Sale (5449S)

TIDMTUNG

RNS Number : 5449S

Tungsten Corporation PLC

22 December 2016

TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")

For Immediate Release

22 December 2016

Tungsten Completes Sale of Tungsten Bank

Tungsten Corporation plc (LSE: TUNG), the global e-invoicing, purchase order services, analytics and financing company, announces that the sale of Tungsten Bank plc, now renamed Wyelands Bank plc (the "Bank") completed on 21 December 2016.

In completing the disposal of the Bank to Wyelands Holdings Limited, Tungsten received GBP25.0 million in cash which, together with GBP4.6 million of cash already received in connection with the disposal, amounts to an aggregate cash consideration for the business of GBP29.6 million.

Enquiries

 
 Tungsten Corporation plc 
  Richard Hurwitz, Chief Executive 
  Officer 
  David Williams, Chief Financial               +44 20 7280 
  Officer                                       7713 
 
 Panmure Gordon (Nominated 
  Advisor)                                    +44 20 7886 
  Dominic Morley/Peter Steel                   2500 
 Canaccord Genuity Limited 
  (Broker) 
  Simon Bridges/Cameron Duncan/Emma           +44 20 7523 
  Gabriel                                      8000 
 Neustria Partners 
  Robert Bailhache/Nick Henderson/Charles     +44 20 3021 
  Gorman                                       2580

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 GBP133bn 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISTBBLTMBITBRF

(END) Dow Jones Newswires

December 22, 2016 02:00 ET (07:00 GMT)

Tungsten (LSE:TUNG)
過去株価チャート
から 6 2024 まで 7 2024