Tungsten Corporation PLC Tungsten Launches Employee Matched Share Scheme (6722O)

TIDMTUNG

RNS Number : 6722O

Tungsten Corporation PLC

08 August 2014

TUNGSTEN CORPORATION PLC

("Tungsten")

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For Immediate Release 8 August 2014

MARKET UPDATE

Tungsten Launches Employee Matched Share Scheme

London, 8 August - Tungsten Corporation plc ("Tungsten") is pleased to announce the success of its new Employee Matched Share Scheme (the "scheme"), with 38% of eligible UK employees choosing to participate.

The scheme is part of Tungsten's plans to encourage share ownership among its employees, and incentivise and align their interests with existing shareholders. Rockhopper Investments Limited, the family vehicle of Edmund Truell, Group Chief Executive Officer of Tungsten, has offered to make available to the Tungsten Corporation plc Employee Benefit Trust (the "EBT") a call option over 439,992 ordinary shares of Tungsten at an option price of 336p per share, a premium of 14.8% to the closing share price on 6 August 2014. This represents 2.96% of the ordinary shares held by the interests of Edmund Truell and 0.4% of the total issued share capital of Tungsten. The option is exercisable at any time between 8 February 2019 and 8 August 2019. Until these options are exercised there are no changes to the holdings of Edmund Truell.

The Tungsten board formally approved these options on 7 August 2014 and the options were granted on 8 August 2014.

As part of the scheme's terms, any participating employee is required to acquire Tungsten shares in the market at an arm's length price and hold them for the same period as the life of the option. As a result, 412,436 shares have been acquired for participating employees.

Lincoln Jopp, Group Chief Operating Officer and Executive Director of Tungsten and the only Tungsten director eligible to participate, has entered into the scheme and purchased 13,778 ordinary shares in the share capital of Tungsten in the market at an average price of 301.8p per share, which brings his holding to 22,498 shares. He has also been granted options over 41,334 shares at 336p per share, exercisable between 8 February 2019 and 8 August 2019.

No new shares are being issued by Tungsten under the scheme.

LONDON, 8 August 2014

Enquiries:

Tungsten Corporation plc

   Edmund Truell, Chief Executive Officer                                            [phone] 
   Sandra Higgison, Head of Global Communications                           [phone] 

Charles Stanley Securities

(Nominated Adviser and Joint Broker)

Marc Milmo/Dugald Carlean [phone]

Canaccord Genuity Limited

(Joint Broker)

   Simon Bridges/Peter Stewart/Cameron Duncan                               [phone] 

Equus Group (Communications)

Piers Hooper / Sam Barton [phone]

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.

Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.

Tungsten connects the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and processes transactions worth over $187bn per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and US Federal Government.

Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

This information is provided by RNS

The company news service from the London Stock Exchange

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