Tungsten Corporation PLC Result of AGM / Appointment of Deputy Chairman (6039B)

TIDMTUNG

RNS Number : 6039B

Tungsten Corporation PLC

21 September 2018

TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")

21 September 2018

For Immediate Release

Result of AGM and Appointment of Deputy Chairman

The Company announces the outcome of votes cast by means of a poll in respect of the resolutions put to the Annual General Meeting held at 2pm on 21 September 2018. The table below gives details of the results of the poll in respect of the ordinary resolutions (resolutions 1 to 9) and special resolutions (resolutions 10 to 12) set out in the Company's notice of AGM dated 28 August 2018.

 
                Resolution                   Total          %      Total         %    Total Votes 
                                              Votes                 Votes              Withheld 
                                              For *                 Against*           ** 
  1. To receive the Company's 
   financial statements 
   and Directors' and Auditors' 
   reports for the year 
   ended 30 April 2018                       79,170,500   100.00       0       0.00     50,000 
                                            -----------  -------  -----------  -----  ----------- 
  2. To approve the Directors' 
   Remuneration Report for 
   the year ending 30 April 
   2018                                      28,094,617   39.54    42,952,331  60.46   8,173,552 
                                            -----------  -------  -----------  -----  ----------- 
  3. To re-elect Richard 
   M Hurwitz as a Director 
   of the Company                            53,681,555   77.20    15,851,854  22.80   9,687.091 
                                            -----------  -------  -----------  -----  ----------- 
  4. To re-elect Peter 
   Kiernan as a Director 
   of the Company                            44,103,323   63.43    25,424,134  36.57   9,693,043 
                                            -----------  -------  -----------  -----  ----------- 
  5. To elect Anthony Bromovsky              67,739,185   85.58    11,417,763  14.42    63,552 
                                            -----------  -------  -----------  -----  ----------- 
  6. To elect Duncan Goldie-Morrison         67,739,185   85.58    11,417,763  14.42    63,552 
                                            -----------  -------  -----------  -----  ----------- 
  7. To re-appoint PricewaterhouseCoopers 
   LLP as auditors                           55,836,959   80.30    13,696,450  19.70   9,687,091 
                                            -----------  -------  -----------  -----  ----------- 
  8. To authorise the Directors 
   to set the auditors' 
   remuneration                              59,948,825   86.22    9,578,632   13.78   9,693,043 
                                            -----------  -------  -----------  -----  ----------- 
  9. Authority to allot 
   shares                                    79,156,303   100.00      645      0.00     63,552 
                                            -----------  -------  -----------  -----  ----------- 
  10. General authority 
   to disapply pre-emption 
   rights (special resolution)               58,004,610   73.28    21,152,338  26.72    63,552 
                                            -----------  -------  -----------  -----  ----------- 
  11. Additional authority 
   to disapply pre-emption 
   rights for purposes of 
   acquisitions or capital 
   investments (special 
   resolution)                               58,004,610   73.28    21,152,338  26.72    63,552 
                                            -----------  -------  -----------  -----  ----------- 
  12. Authority to purchase 
   own shares (special resolution)           69,518,757   99.99      9,050     0.01    9,692,693 
                                            -----------  -------  -----------  -----  ----------- 
 

* Includes discretionary votes.

** A vote withheld is not treated as a vote in law and would not be counted in the calculation of the proportion of the votes cast for or against a resolution

Defined terms used in this announcement shall have the meanings set out in the AGM Notice.

The Board acknowledges the number of shareholder votes cast against the resolutions to approve the Directors' Remuneration Report. Now that the turnaround of Tungsten is largely completed, the Board intends to review Directors' remuneration and consult shareholders further on the conclusions of that review.

As at the date of the AGM, the number of issued shares and total voting rights of the Company was 126,088,147 shares in issue. The Company's Articles of Association set out that every member who is present in person or by proxy shall have one vote for every share of which he is the holder on a poll. The scrutineer of the poll was Equiniti Limited.

Appointment of Deputy Chairman

The Board is also pleased to announce the appointment of Tony Bromovsky as Deputy Chairman of the Company with immediate effect.

Enquiries:

 
 Tungsten Corporation plc 
  Richard Hurwitz, Chief Executive Officer 
  David Williams, Chief Financial Officer        [phone] 
 Panmure Gordon (Nominated Advisor) 
  Dominic Morley                               [phone] 
 Canaccord Genuity Limited (Broker) 
  Simon Bridges/Emma Gabriel                   [phone] 
 Neustria Partners 
  Robert Bailhache/Nick Henderson/Charles 
  Gorman [email]                               [phone] 
 

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 business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers access to trade finance through Tungsten Network Finance.

Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over GBP164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.

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September 21, 2018 10:50 ET (14:50 GMT)