Tungsten Corporation PLC Completion of Bank Sale (5449S)
December 22 2016 - 2:00AM
UK Regulatory
TIDMTUNG
RNS Number : 5449S
Tungsten Corporation PLC
22 December 2016
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
22 December 2016
Tungsten Completes Sale of Tungsten Bank
Tungsten Corporation plc (LSE: TUNG), the global e-invoicing,
purchase order services, analytics and financing company, announces
that the sale of Tungsten Bank plc, now renamed Wyelands Bank plc
(the "Bank") completed on 21 December 2016.
In completing the disposal of the Bank to Wyelands Holdings
Limited, Tungsten received GBP25.0 million in cash which, together
with GBP4.6 million of cash already received in connection with the
disposal, amounts to an aggregate cash consideration for the
business of GBP29.6 million.
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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