Tungsten Corporation PLC Update on Sale of Tungsten Bank (9277N)
November 01 2016 - 2:00AM
UK Regulatory
TIDMTUNG
RNS Number : 9277N
Tungsten Corporation PLC
01 November 2016
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
1 November 2016
Update on Sale of Tungsten Bank
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 (the "Bank").
The Company announced in September that the sale of the Bank was
advancing and it expected it to complete by the end of October
2016. The sale is in the final stages of the necessary regulatory
approvals and the planned separation of the Bank operations from
the Group is well advanced.
Tungsten will provide a further update on receipt of these
regulatory approvals and completion of the transaction.
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, Aviva, 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
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November 01, 2016 03:00 ET (07:00 GMT)
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