Tungsten Corporation PLC Sale of Tungsten Bank Receives Regulatory Approval (2726P)

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               [phone] 
  Officer                                       7713 
 
 Panmure Gordon (Nominated 
  Advisor)                                    [phone] 
  Dominic Morley/Peter Steel                   2500 
 Canaccord Genuity Limited 
  (Broker) 
  Simon Bridges/Cameron Duncan/Emma           [phone] 
  Gabriel                                      8000 
 Neustria Partners 
  Robert Bailhache/Nick Henderson/Charles     [phone] 
  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

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November 16, 2016 02:00 ET (07:00 GMT)