TIDMTUNG
RNS Number : 6039B
Tungsten Corporation PLC
21 September 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
21 September 2018
For Immediate Release
Result of AGM and Appointment of Deputy Chairman
The Company announces the outcome of votes cast by means of a
poll in respect of the resolutions put to the Annual General
Meeting held at 2pm on 21 September 2018. The table below gives
details of the results of the poll in respect of the ordinary
resolutions (resolutions 1 to 9) and special resolutions
(resolutions 10 to 12) set out in the Company's notice of AGM dated
28 August 2018.
Resolution Total % Total % Total Votes
Votes Votes Withheld
For * Against* **
1. To receive the Company's
financial statements
and Directors' and Auditors'
reports for the year
ended 30 April 2018 79,170,500 100.00 0 0.00 50,000
----------- ------- ----------- ----- -----------
2. To approve the Directors'
Remuneration Report for
the year ending 30 April
2018 28,094,617 39.54 42,952,331 60.46 8,173,552
----------- ------- ----------- ----- -----------
3. To re-elect Richard
M Hurwitz as a Director
of the Company 53,681,555 77.20 15,851,854 22.80 9,687.091
----------- ------- ----------- ----- -----------
4. To re-elect Peter
Kiernan as a Director
of the Company 44,103,323 63.43 25,424,134 36.57 9,693,043
----------- ------- ----------- ----- -----------
5. To elect Anthony Bromovsky 67,739,185 85.58 11,417,763 14.42 63,552
----------- ------- ----------- ----- -----------
6. To elect Duncan Goldie-Morrison 67,739,185 85.58 11,417,763 14.42 63,552
----------- ------- ----------- ----- -----------
7. To re-appoint PricewaterhouseCoopers
LLP as auditors 55,836,959 80.30 13,696,450 19.70 9,687,091
----------- ------- ----------- ----- -----------
8. To authorise the Directors
to set the auditors'
remuneration 59,948,825 86.22 9,578,632 13.78 9,693,043
----------- ------- ----------- ----- -----------
9. Authority to allot
shares 79,156,303 100.00 645 0.00 63,552
----------- ------- ----------- ----- -----------
10. General authority
to disapply pre-emption
rights (special resolution) 58,004,610 73.28 21,152,338 26.72 63,552
----------- ------- ----------- ----- -----------
11. Additional authority
to disapply pre-emption
rights for purposes of
acquisitions or capital
investments (special
resolution) 58,004,610 73.28 21,152,338 26.72 63,552
----------- ------- ----------- ----- -----------
12. Authority to purchase
own shares (special resolution) 69,518,757 99.99 9,050 0.01 9,692,693
----------- ------- ----------- ----- -----------
* Includes discretionary votes.
** A vote withheld is not treated as a vote in law and would not
be counted in the calculation of the proportion of the votes cast
for or against a resolution
Defined terms used in this announcement shall have the meanings
set out in the AGM Notice.
The Board acknowledges the number of shareholder votes cast
against the resolutions to approve the Directors' Remuneration
Report. Now that the turnaround of Tungsten is largely completed,
the Board intends to review Directors' remuneration and consult
shareholders further on the conclusions of that review.
As at the date of the AGM, the number of issued shares and total
voting rights of the Company was 126,088,147 shares in issue. The
Company's Articles of Association set out that every member who is
present in person or by proxy shall have one vote for every share
of which he is the holder on a poll. The scrutineer of the poll was
Equiniti Limited.
Appointment of Deputy Chairman
The Board is also pleased to announce the appointment of Tony
Bromovsky as Deputy Chairman of the Company with immediate
effect.
Enquiries:
Tungsten Corporation plc
Richard Hurwitz, Chief Executive Officer
David Williams, Chief Financial Officer +44 20 7280 7713
Panmure Gordon (Nominated Advisor)
Dominic Morley +44 20 7886 2500
Canaccord Genuity Limited (Broker)
Simon Bridges/Emma Gabriel +44 20 7523 8000
Neustria Partners
Robert Bailhache/Nick Henderson/Charles
Gorman [email] +44 20 3021 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 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 access to trade finance through
Tungsten Network Finance.
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 GBP164bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and
the US Federal Government.
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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