Tungsten Corporation PLC Sale of Tungsten Bank Receives Regulatory Approval (2726P)
November 16 2016 - 1:00AM
UK Regulatory
TIDMTUNG
RNS Number : 2726P
Tungsten Corporation PLC
16 November 2016
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 GBP30 million, representing net assets of
approximately GBP25 million plus a premium. Tungsten has received
from the purchaser a cash consideration of GBP3.95 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 +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
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November 16, 2016 02:00 ET (07:00 GMT)
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