Tungsten Corporation PLC Requisition Update & Proposed Board Appointments (3483V)
July 20 2018 - 10:22AM
UK Regulatory
TIDMTUNG
RNS Number : 3483V
Tungsten Corporation PLC
20 July 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
20 July 2018
Withdrawal of Shareholder Requisition
and
Proposed Board Appointments
Tungsten Corporation plc, a global business transaction network,
provides a further update to the announcement made on 29 June 2018
relating to the Company's receipt of a notice requisitioning a
general meeting of the Company (the "Requisition") from Odey Asset
Management LLP ("Odey").
Following constructive discussions between Odey and
representatives of the Board, Odey has agreed to withdraw the
Requisition and also agreed not to call a general meeting of the
Company under section 305 of the Companies Act 2006. Accordingly, a
general meeting will not be convened.
The Board of Tungsten is pleased to invite Anthony Bromovsky and
Duncan Goldie-Morrison to join the Board as Non-Executive
Directors. Their formal appointments will be confirmed as soon as
possible, subject to satisfactory completion of regulatory checks.
A further announcement, including relevant details for Tony and
Duncan, will be made at that time.
The existing Board of Tungsten looks forward to welcoming Tony
and Duncan as colleagues and to working with them to capitalise on
the exciting opportunities Tungsten enjoys for profitable
growth.
Odey commented: "We have long been excited by the potential
value available to Tungsten's shareholders from the scale of its
e-invoicing network and its impressive client register. We
appreciate the constructive discussions we have held with the Board
to address our concerns. We are pleased to have agreed Tony's and
Duncan's admission to the Board as an important step in the process
towards maximising Tungsten's potential value on behalf of all
shareholders in the future."
The Company's results will be released on 23 July 2018.
This announcement has been reviewed by Odey and its advisers,
and released with their approval.
The information contained within this announcement is considered
by Tungsten to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain. The person responsible for
arranging the release of this announcement on behalf of the Company
is Patrick Clark, Company Secretary.
Unless otherwise defined, defined terms in this announcement
shall have the same meaning as in the announcement of 29 June
2018.
Enquiries:
Tungsten Corporation plc
Richard Hurwitz, Chief Executive Officer
David Williams, Chief Financial Officer +44 20 7280 7713
Panmure Gordon (Nominated Advisor)
Dominic Morley/Peter Steel +44 20 7886 2500
Canaccord Genuity Limited (Broker)
Simon Bridges/Andrew Buchanan/Emma
Gabriel +44 20 7523 8000
Neustria Partners
Robert Bailhache/Nick Henderson/Charles
Gorman +44 20 3021 2580
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 suppliers access to invoice
financing through Tungsten Network Finance, a form of alternative
finance for businesses.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBSGDRRBDBGIG
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July 20, 2018 10:22 ET (14:22 GMT)
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