TIDMTUNG
RNS Number : 7782X
Tungsten Corporation PLC
02 September 2015
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release
2 September 2015
Changes to Tungsten Corporation's Board of Directors
Amendment of Notice of Annual General Meeting
Tungsten today announces it has strengthened its corporate
governance with proposed changes to its Board as part of the
leadership transition and operational review that began with
Richard M. Hurwitz's appointment as CEO on 13 July 2015. The
proposed changes will rebalance the Board to give it greater
independence and enable it to support the strategy being developed
by Mr. Hurwitz and his Executive team by adding Directors with
complementary business and industry experience.
David Benello and Ian Wheeler are proposed to be appointed to
the Board as Independent Non-Executive Directors ahead of
Tungsten's Annual General Meeting ("AGM") on 24 September 2015,
when they will stand for election. The Board will also appoint Nick
Parker, currently Non-Executive Director and Non-Executive Chairman
of Tungsten Bank plc, as Chairman of Tungsten Corporation plc,
effective 24 September 2015.
Arnold Hoevenaars, Tungsten's Non-Executive Chairman, will
retire by rotation from the Board at the AGM and not offer himself
for re-election. In addition, Lincoln Jopp, currently an Executive
Director, will retire from the Board at the AGM.
Rick Hurwitz, Tungsten CEO, commented:
"As we seek to upgrade many aspects of our business, the changes
to our Board of Directors are representative of this
transformation. Evident of our intent is the experience of our new
Non-Executive Directors. David and Ian bring substantial
technology, financial services and network experience which will be
invaluable to the Company as it embarks on the next phase of its
evolution."
A revised Notice of Annual General Meeting reflecting the above
changes has been sent to shareholders and will shortly be available
on the Company's website.
The Annual General Meeting of Tungsten Corporation plc is to be
held at the offices of Ashurst LLP, Broadwalk House, 5 Appold
Street, London EC2A 2HA on Thursday, 24 September 2015 at 2pm.
Notes to editors:
David Benello, 61, is a Non-Executive Director of Telecom Italia
and Telekom Malaysia. He is also a partner of Oxford Investments
Consultants LLP, which advises the Oxford Technology and
Innovations EIS Fund. In addition David serves as a Trustee of
King's College London Mathematics School and of the American Air
Museum in Britain. A Director Emeritus of McKinsey & Company,
he led the firm's UK Industrial and High Tech/Telecom Sectors and
the European Strategy Practice. During his thirty years with
McKinsey he served European, North American and Asian clients in
telecom, high tech, insurance, and various industrial sectors.
Ian Wheeler, 48, has over 25 years' industry experience
including 12 years at Amadeus, the leading transaction processor
and network for the global travel industry, where he was most
recently Group Vice President of Marketing and Distribution. He is
currently Non-Executive Board Director of a number of travel
technology firms and an Industry Advisor to Vitruvian Partners, the
independent private equity firm that specialises in middle-market
buyouts, growth buyouts and growth capital investment.
Enquiries:
Tungsten Corporation plc.
Richard Hurwitz, Chief Executive Officer
Juliana Wheeler, Head of Global Communications +44 20 7280 7713
(Media) +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Emma Gabriel +44 20 7523 8000
Neustria Partners (Investors and Analysts)
Robert Bailhache/Nick Henderson/Charles
Gorman +44 20 3021 2580
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoicing network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers options for supply chain financing and
helps buying organisations profit by applying real-time spend
analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Contact: Juliana Wheeler, Head of Global Communications, +44 20
7280 7973.
juliana.wheeler@tungsten-network.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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