Tungsten Share Discussion Threads

[largeronald] 07/7/2018 10:37

I should imagine he wants to take it private.

[andrewdbl] 07/7/2018 09:24

$£

I am pro change that makes things better.
What is it that et wants to do?
Will whatever that is make things better?

[edwardt] 06/7/2018 16:12

lot of volume going through....

[dollarzpounds] 06/7/2018 13:51

As previously stated but for clarity - I'm wanting to change and bring in a new boss. We are going nowhere slowly at the moment.

[dollarzpounds] 06/7/2018 13:50

Interested to see what people's preferred outcome is on here to the EGM?Do you want to stick with Hurwitz or twist with a new CEO ???

[dollarzpounds] 03/7/2018 15:34

I want the new faces in !!The monetisation of network invoice flow has remained at pathetic levels if there are people with more experience at unlocking the potential they MUST be given a chance. Hurwitz has done a decent job at building a base but we have suffered long enough. If the likes of Odey have head hunted proven experts in this field we need them to get to work NOW!

[andrewdbl] 01/7/2018 15:27

hxxp://www.tungsten-network.com/uk/about/investor-relations/significant-shareholders/

Mr Edmund Truell 1 17.23 (he has 4.76% in cfds here - can he vote them?)
Odey Asset Management 14.86
Indus Capital Partners 9.73
Artemis Investment Management 6.43
Hadron Capital 5.69
AXA Investment Management (London + Paris) 5.58
TBF Global Asset Management 3.91
Invesco Perpetual Asset Management 3.69
Majedie Asset Management 3.19

Others 29.69

... so Odey + ET need the support of most of the significant holders...

[zinzanno8] 01/7/2018 10:37

Odey speaks....hxxps://www.thetimes.co.uk/edition/business/crispin-odey-pushes-for-boardroom-purge-at-tungsten-whm6rnlcz

[dollarzpounds] 29/6/2018 19:56

It's show time! Surely only a matter of time now until we have a new CEO. This time next year Rodney..............?

[andrewdbl] 29/6/2018 16:48

Time to buy popcorn.
Anyone intend to go?

[andrewdbl] 29/6/2018 16:47

RNS :
Tungsten Corporation plc, a global electronic invoicing, analytics and financing company, announces it has received a letter from certain registered holders of Tungsten shares, each a nominee of and acting on the instructions of one or more funds managed by Odey Asset Management LLP, requisitioning a general meeting of the Company's shareholders (the "Requisition"). In aggregate, those registered holders hold approximately 14% of the issued share capital of the Company.

The Requisition proposes resolutions that seek the removal of certain Directors of the Board of Tungsten, being Nicholas Parker (Chairman), Richard Hurwitz (Chief Executive Officer), Ian Wheeler (Non-Executive Director) and David Benello (Non-Executive Director), and seek the appointment of Anthony Sebastian Bromovsky and Duncan Goldie-Morrison to the Board of the Company (the "Resolutions").

The Board of Directors regrets that this action has been taken at a time when Tungsten has reached an inflection point and considers the Requisition to be unwelcome and unnecessary. The Board is unanimously of the view that the Resolutions are not in the best interests of the Company and its shareholders as a whole and intends to unanimously recommend that shareholders vote against the Resolutions at any requisitioned general meeting.

The Board is required to call a general meeting within 21 days of receipt of the Requisition and to provide for such meeting to be held on a date not more than 28 days after the notice of such meeting.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

[ejcj] 27/6/2018 18:18

The first thing is to take stock of the position, take a harsh look at the business and go back to basics.

They aren't selling e-invoicing and they need to. For those of you who quote "accounts payable service" sales, open your eyes. These are a mix of Workflow, IDC and Invoice status. They don't make any real money. The revenue they have generated has been in re-negotiating deals.

They have to sell e-invoicing. By selling the product you open up the sales pipeline to the suppliers. By getting them you get the transaction revenue and a potential for invoice discounting (for what it is worth).

OB10 never succeeded because they always struggled with the cost of doing business. They were resource heavy and didn't have the money to update the systems to address it.

To be fair to Mr Profitt he identified this and and to be fair to My Hurwitz, he gave him the money to do it. The trouble is, the plan had no substance, wasn't managed and they've spent millions on different contracting teams and are literally no further forward.

They have at least cut costs where they can. It isn't enough but they are running out of cash so I'd imagine options right now are limited. They need to bring in new e-invoicing deals before they start losing their existing ones.

[andrewdbl] 27/6/2018 17:28

Mr Market seems to have judged this to be 'meh'.

If the rate of progress is such that tung performs materially better than expected then fine, rns away, but then wouldn't they have said that if it was the case?

All this 'orf with his head' stuff is good fun but no-one
- not you / i / truell / profitt / bloke down the pub or even htoast -
has punted an idea of what tung should be doing differently / as well as or instead of.

[pkarnezis] 27/6/2018 16:38

Off with his head, and set it on York gates!

[edwardt] 27/6/2018 12:23

lawyers will be instructed - they always win.

[manics] 27/6/2018 12:04

What happens to BOD options on termination, in Tungsten's case?

If the BOD believe or have visibility that a turnaround is imminent, it might sting the nostrils to realise (having sat on them for some years at next to no value) that benefit swiped away.

[dollarzpounds] 27/6/2018 11:15

This sticks in the throat a little this convenient update?! Where have they been these last 2 years ?? Kept us in the dark most of the time but now it suits the BOD they start getting all chatty?? Poor form.

[dollarzpounds] 27/6/2018 11:13

Questions are - is he right ? AND HOW?????!

[edwardt] 27/6/2018 10:40

mr truell would have us believe no doubt they should be doing nearer £300m a month by now!

[manics] 27/6/2018 10:36

Great minds edwardt...

[manics] 27/6/2018 10:36

I wonder if we might see many more 'defense' RNS's in light of apparently pending proceedings involving Odey & Edi..?

[edwardt] 27/6/2018 10:35

looks like defensive posturing. given the revenue to tung on this will not have been huge, it begs the question why post this now!

[andrewdbl] 22/6/2018 09:36

@htoast

You said (7316)
What a load of tosh, you have no idea what you’re talking about! Previous CTO is top calibre, acutely smart with big picture vision and knew exactly what Tungsten needed to succeed; certainly more than just a CTO. He just so happened to continually embarrass RH it was clear RH was out of his depth and didn’t appreciate his ego being bruised.

I said (7317)
My memory is bad.
Beyond 'standardise platform' and 'implement salesforce' please remind me what the strategy that was so good mr profit had to go was.

Thank you for the correction.
I knew Mr Profitt left, but not why, and as he was the CTO assumed he ran or had a position on all the IT projects, and did not know there was a significant one that completely failed that was run by DW alone.

Please tell us the full story, you clearly have much more knowledge to share - many here would be interested, I like stories.

Also would very much like to know what his big picture vision was - what should TUNG be doing _now_ that RH and the current BOD currently arent doing or cant do.

Thanks