Tungsten Corporation PLC Notice of Requisition of General Meeting (1385T)
June 29 2018 - 10:32AM
UK Regulatory
TIDMTUNG
RNS Number : 1385T
Tungsten Corporation PLC
29 June 2018
29 June 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Notice of Requisition of General Meeting
Tungsten Corporation plc, a global electronic invoicing,
analytics and financing company, announces it has received a letter
from certain registered holders of Tungsten shares, each a nominee
of and acting on the instructions of one or more funds managed by
Odey Asset Management LLP, requisitioning a general meeting of the
Company's shareholders (the "Requisition"). In aggregate, those
registered holders hold approximately 14% of the issued share
capital of the Company.
The Requisition proposes resolutions that seek the removal of
certain Directors of the Board of Tungsten, being Nicholas Parker
(Chairman), Richard Hurwitz (Chief Executive Officer), Ian Wheeler
(Non-Executive Director) and David Benello (Non-Executive
Director), and seek the appointment of Anthony Sebastian Bromovsky
and Duncan Goldie-Morrison to the Board of the Company (the
"Resolutions").
The Board of Directors regrets that this action has been taken
at a time when Tungsten has reached an inflection point and
considers the Requisition to be unwelcome and unnecessary. The
Board is unanimously of the view that the Resolutions are not in
the best interests of the Company and its shareholders as a whole
and intends to unanimously recommend that shareholders vote against
the Resolutions at any requisitioned general meeting.
The Board is required to call a general meeting within 21 days
of receipt of the Requisition and to provide for such meeting to be
held on a date not more than 28 days after the notice of such
meeting.
Shareholders are advised to take no action at this time. Further
announcements will be made in due course.
The information contained within this announcement is considered
by Tungsten to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain. The person responsible for
arranging the release of this announcement on behalf of the Company
is Patrick Clark, Company Secretary.
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/Andrew Buchanan/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 supply chain
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 customers access to financing through Tungsten Network
Finance.
Tungsten Network processes invoices for 67% of the FTSE 100 and
76% of the Fortune 500. It enables tax compliant e-invoicing in 48
countries, and last year processed transactions worth over GBP160
billion 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 faster, easier and smarter.
This information is provided by RNS, the news service of the
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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(END) Dow Jones Newswires
June 29, 2018 11:32 ET (15:32 GMT)
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