logo
Plus   Neg
Share
Email
Comment

Tungsten Plans To Float In LSE; To Buy OB10 Limited - Quick Facts

Tungsten Corporation plc. said that it plans to seek admission to trading on the AIM market of the London Stock Exchange. Tungsten announced the conditional acquisition of OB10 Limited, a global business-to-business or "B2B" e-invoicing network, for 99 million pounds in cash and shares.

Tungsten also noted that it has signed a 5 year rolling licence agreement with @UK PLC to deploy its analytic software technology to enable TungstenAnalytics to be delivered across Tungsten's global e-invoicing network following the acquisition of OB10.

Tungsten also announced its agreement to acquire an identified duly authorised UK bank, whose assets solely comprise short term UK gilts and / or certificates of deposit to specialise in the provision of supply chain financing.

Tungsten is proposing to raise gross proceeds of up to 160 million pounds pursuant to a placing of new ordinary shares. The company said that it will use the proceeds of 73 million pounds to finance the cash element of the OB10 consideration, payable to OB10's Shareholders. The company also said it will use 50 million pounds - 58 million pounds to finance the completion of the acquisition of the Bank for 30 million pounds and provide solvency capital to Tungsten to support its invoice discounting activities.

It is expected that completion of each of the acquisition of OB10, the Placing and Admission will take place in October 2013.

Tungsten will be led by Edmund Truell as Group CEO, overseen by a highly regarded Non-Executive Board of Arnold Hoevenaars (Chairman), Peter Kiernan, Michael Spencer and Danny Truell; and supported by the executive management team of Luke McKeever, Philip Ashdown and Jeffrey Belkin.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Google plans to commission three underwater cables in 2019 as part of efforts to expand its cloud business amid stiff competition from rivals Microsoft and Amazon. The three fiber-optic subsea cables will run across different routes. Google noted that it has spent $30 billion to improve its infrastructure over three years. McDonald's Corp. said Tuesday that all of its packaging worldwide will come from renewable, recycled or certified sources by 2025, up from the current figure of 50 percent. The fast food giant also aims to recycle guest packaging in all its restaurants by then, compared with only 10 percent of its restaurants currently. General Electric Co. (GE) will take an after-tax charge of $6.2 billion in its fourth quarter results as part of comprehensive review of its finance arm's insurance portfolio. The after-tax charge will be $7.5 billion when adjusted to the rate following the recent U.S. tax overhaul.
comments powered by Disqus
Follow RTT