Tungsten Corporation PLC DIRECTORATE CHANGE (5078A)

TIDMTUNG

RNS Number : 5078A

Tungsten Corporation PLC

22 January 2020

TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")

22 January 2020

DIRECTORATE CHANGE

Tungsten Corporation PLC announces that after five years of financial leadership, David Williams, Chief Financial Officer, will be leaving the Group to pursue other opportunities and challenges. He has agreed to stay at Tungsten for a six-month transition period to ensure a smooth and seamless handover to his successor. He will step down as CFO and from the Board on Friday 28 February 2020. A search for a new CFO is underway and the Company plans for David's replacement as CFO to be in place early in the new financial year before his departure at the end of July.

Tungsten is appointing Ian Kelly FCA as interim Chief Financial Officer. Ian is currently Group Finance Director at Tungsten, having previously been the EMEA Finance Director at Octave Music Group INC; Finance Director at Blackhawk Network and International Finance Director at Axiomlaw.

Tony Bromovsky, Chairman of Tungsten said, "On behalf of the Board, I would like to take this opportunity to thank David for his leadership and significant contributions during his time at Tungsten. Completing his fifth year as CFO, David leaves the Group with a strong balance sheet to support our growth ambitions and has significantly rationalised the cost base. We wish David the very best for the future and look forward to engaging with Ian in his new role."

Andrew Lemonofides, Chief Executive of Tungsten said, "I would personally like to thank David for his strong contribution over the past five years. He strengthened the finance organisation and successfully stepped up as Interim CEO in the period prior to my arrival. I wish him every success for the future."

David Williams said, "I wish all the best to the talented and dedicated people who make Tungsten an exciting business with a bright future. I am proud of the turnaround that we have achieved over recent years and I leave Tungsten in a strong position as a market leader and well placed for future success."

Enquiries

Tungsten Corporation plc

Andrew Lemonofides, Chief Executive Officer [phone]

Panmure Gordon UK Limited (Nominated Advisor)

Dominic Morley [phone]

Canaccord Genuity Limited (Broker)

Simon Bridges/Andrew Potts [phone]

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENDS

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January 22, 2020 02:00 ET (07:00 GMT)