Tungsten Corporation PLC Tungsten launches SAYE share option scheme (2319O)

TIDMTUNG

RNS Number : 2319O

Tungsten Corporation PLC

05 August 2014

TUNGSTEN CORPORATION PLC

("Tungsten")

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For Immediate Release 5th August, 2014

MARKET UPDATE

Tungsten launches SAYE share option scheme

London, 5 August - Tungsten Corporation Plc ("Tungsten") is delighted to announce the success of the company's new Save As You Earn (SAYE) share option scheme (the "scheme"), with 52 employees choosing to participate.

Eligible employees have been granted 261,344 options, which represent 0.3% of Tungsten's existing issued share capital of 100,000,000 ordinary shares. Under the terms of the scheme, the options were granted at an exercise price of GBP2.25, which represents a 20% discount on the mid-market price at close of business on 14(th) July 2014. The board formally approved and granted these options on 4(th) August 2014.

Eligible employees participating in the scheme have committed to contribute between GBP5 and GBP500 per month over a three-year period. At the end of that contracted period, their accumulated funds can then be withdrawn from the scheme as cash or used to exercise the options at the contracted price.

Three of Tungsten's directors, Edmund Truell (Group Chief Executive Officer), Jeffrey Belkin (Group Chief Financial Officer) and Lincoln Jopp (Group Chief Operating Officer), have entered into this scheme, as follows:

 
Director        No. of options   Monthly  Term of          Option 
                 granted          Saving   SAYE savings     price 
                                           contract 
Edmund Truell   8,000           GBP500    3 years          GBP2.25 
Jeffrey Belkin  8,000           GBP500    3 years          GBP2.25 
Lincoln Jopp    8,000           GBP500    3 years          GBP2.25 
 

LONDON, 5 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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