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Tungsten Corporation intends to acquire one or more complementary companies, business or assets that has or have significant operations in the financial services sector. Tungsten Corporation aims to identify and acquire interests in such opportunities leveraging the expertise and experience of the Founders, Edmund Truell and Danny Truell, and Tungsten Corporation's Board, focusing primarily on operating businesses or assets that are located in the UK and/or North-West Europe. Tungsten intends to focus on opportunities within asset management, payment and asset servicers, life insurance, general insurance  and banking.

+44 (0)20 3435 5680
Vestry House, Laurence Pountney Hill, London EC4R 0EH.
Super Sector:
Software & Computer Services
Financial Services
Specialty Finance
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Tungsten Corporation RNS Press Releases

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Tungsten Corporation Articles, News, and Media Files

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Tungsten Corporation Related Media

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  • 14/05/2015

    Stocktube video - Tungsten Corporation’s Truell explains decision to step down as CEO

    Edi Truell of Tungsten Corporation (LON:TUNG) discusses why he is moving to the newly-created role of vice chairman, allowing Rick Hurwitz to take the reins as chief executive.

    In a pre-close trading statement today, the electronic invoicing and financing group revealed performance topped expectations in the second half of its financial year. This was accompanied by news of Truell’s new role.

    Truell says its new analytics tool is proving popular, adding that it is pleasing more and more buyers are giving the company worldwide access to their suppliers.

Broker press

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  • 14/01/15

    14.01.15 :Canaccord Genuity reiterates its "buy" rating but cut its price target to 369p from 405p.

  • 22/09/14

    22.09.14 :Canaccord Genuity reiterates its "buy" rating and raised its price target to 405p from 330p.

  • 25/11/13

    25.11.13 :Canaccord Genuity initiates coverage with a "buy" rating and 292p target price.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
31/03/15 E.G.I.F. Truell BUY 70,000 ORD 200.90 140,630 17,521,123 16.92
30/03/15 E.G.I.F. Truell BUY 128,697 ORD 192.91 248,269 17,451,123 16.86
11/03/15 E.G.I.F. Truell BUY 390,000 ORD 186.00 725,400 17,322,426 16.73
10/03/15 E.G.I.F. Truell BUY 300,000 ORD 178.80 536,400 16,932,426 16.36
09/03/15 E.G.I.F. Truell BUY 200,000 ORD 174.42 348,840 16,632,426 16.07


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/10/14 Interim 10.23 -14.82 -14.52 0.00 GBX
30/04/14 Full year 10.77 -11.14 -18.60 0.00 GBX
31/10/13 Interim 0.00 -5.54 -28.97 0.00 GBX

Company Statement

Tungsten Corporation was founded in February 2012 by Edmund Truell and Danny Truell to identify and acquire a company, business or asset within the financial services sector which could grow into a business with a significant market presence in a segment with potential for sustainable long-term cash generation, return on equity and growth. They have been joined on the Board in a Non-Executive capacity by Arnold Hoevenaars (Chairman), Peter Kiernan, and Michael Spencer and the Company has been advised by Disruptive Capital Finance LLP. The founders of the Company and management team have to date invested £9.6 million into the Company to provide it with the funds required to undertake the identification and acquisition process.


The Tungsten Board, through its experience in the financial services sector, believed that the financial crisis of the last five years created an opportunity to acquire and/or build a presence in undervalued segments of the financial market where better management and improved use of technology could deliver enhanced returns. Disruptive Capital was exclusively engaged by the Tungsten Board for the purposes of identifying and recommending investment opportunities to the Company.


Tungsten’s strategic vision 

The strategic vision of Tungsten is to create a leading cloud based global trading network, monetising the existing OB10 e-invoicing platform with the addition of value added services such as seamless electronically secure encrypted invoice discounting against “approved for pay” invoices, substantially reducing fraud and dilutions risks so evident in traditional “old model” supply chain finance; and the provision of spend analytics technology across OB10’s established network.

Current Operations



Founded in 2000, OB10 is a leading global e-invoicing network headquartered in London, UK, with offices in Europe, North America and Asia Pacific. The network hosts 122 large corporate and governmental buyer groups on its global network, servicing over 140,000 suppliers. OB10 works with 61 per cent. of the FTSE 100 and 53 per cent. of the Fortune 500 and processed over £100 billion in invoice transaction value in the 12 months to 30 April 2013.


A sample of existing OB10 customers is set out below:

OB10 customers

Since 2000, approximately £50 million has been invested in developing OB10’s trusted, flexible and scalable hosted cloud network. OB10 is partnered with seven of the top 10 finance and accounting business process outsourcing leaders as rated by Gartner1. OB10 enters into agreements with both buyers and suppliers to provide an e-invoicing platform and earns revenues from the initial set-up fee, annual subscription fees and per transaction fees.


For more information on OB10, please visit: www.ob10.com


Arnold Hoevenaars, Chairman and Non-Executive Director

Arnold is Chairman of the Internal Supervisory Committee for Pensioenfonds Zorg & Welzijn (PFZW), which had over €135 billion of assets as at the end of Q1 2013. Arnold is also a member of the Supervisory Board of the Unilever Pension Fund. Previously Arnold held the  following positions: from 2003 to 2004 Chief Financial Officer of Royal Boskalis Westminster; from 2002 to 2003 Chief Executive Officer and Chairman of Eureko B.V.; from 1992 to 2000 various roles to become Executive Chairman of Achmea.


Edmund Truell, Chief Executive Officer

Edmund has over 30 years of financial services experience including leadership positions in banking, private equity, pensions, insurance and debt investment. He trained at Bankers Trust Co in New York, following which he was appointed a Director of Hambros Bank in 1991; Chief Executive of Hambro European Ventures in 1994; led the 1998 buyout and formation of Duke Street Capital (“DSC”); and was responsible in 2000 for creating and building DSC Debt Management. He was Chairman of the British Venture Capital Association from 2001 to 2002. After selling out of DSC in March 2007, he co-founded a regulated insurance company, Pension Insurance Corporation, which now has over £9 billion in assets under management and has insured some 90,000 pension fund members. He was appointed as Chairman of the London Pension Fund Authority, with £4.8 billion of assets, inJanuary 2013. He is qualified as a Chartered Financial Analyst and is a Trustee of The Truell Charitable Foundation and the Charles Darwin Foundation.


Peter Kiernan, Non-Executive Director

Peter has over 30 years’ experience in financial services and 27 years’ investment banking experience and is currently Chairman of European Investment Banking at Canaccord Genuity. Previously, Peter was Head of UK Investment Banking at Lazard from 2004 to 2006, having joined from Goldman Sachs in 2004. Before Goldman Sachs, Peter was a Managing Director at UBS Warburg. Peter qualified as a Chartered Accountant with Peat, Marwick, Mitchell & Co and read Natural Sciences (Chemistry) at Cambridge.


Danny Truell, Non-Executive Director

Danny has over 25 years’ of experience in financial services having held leadership positions in asset management, pensions and long term investment. Commencing his career at CIN and then Chief Asian Strategist for SBC Warburg in Hong Kong, Danny was formerly a Managing Director at Goldman Sachs. He is Co-founder and Chair of the Asset / Liability Committee at Pension Insurance Corporation. Danny is currently Chair and the only UK member of the World Economic Forum Long term Investment Council and has been Chief Investment Officer of the Wellcome Trust since 2006, where he has overseen some £15 billion of assets at the UK’s largest medical charity. Danny is Co-Chairman of the G20 / B20 Investment Group. He read PPE at Oxford and is a Trustee of The Truell Charitable Foundation and of DebateMate.



Michael Spencer, Non-Executive Director

Michael has been Chairman and Group Chief Executive Officer of ICAP since 1998 following the ExcoI / Intercapital merger. Over this period Michael took ICAP from start-up to FTSE 100 as a leading inter-dealer broker. Michael was Non-Executive Chairman of Numis Securities from April 2003 to May 2009 and Treasurer of the Conservative Party from 2006 until October 2010. He was named Entrepreneur of the Year at the European Business Leader Awards and Ernst & Young World Entrepreneur of the year in 2010. He read Physics at Oxford.


Philip Ashdown, Executive Director

Philip has over 30 years’ diverse experience gained within commercial banking and leverage finance, M&A advisory, restructuring and hedge fund management businesses. Highly skilled in project and risk management with substantial presentation, negotiation and transaction closing experience across diverse transactions and sectors, globally. He trained as a corporate banker at Midland Bank. He has been a Director at Hill Samuel Bank, Managing Director and Head of Leverage Finance and Sponsor Coverage at ING Barings and Fund Manager at Altima Partners LLP. Philip is an Honorary Professor at Warwick University Business School and Founding Partner of Silvermine Partners LLP. He became an Associate of Chartered Institute of Bankers (ACIB) in 1987. He has an MBA with distinction.


Jeffrey Belkin, Chief Financial Officer

Jeffrey has over 30 years’ experience in the financial services industry and was Group Finance Partner at DSC from 2001 to 2009, where he was responsible for reporting to investors and stakeholders. Jeffrey previously had responsibility for group reporting in various roles at HSBC and then at Schroders, where he was head of management reporting for the Investment Banking Group and for the consolidated Schroders plc group. Since 2009 Jeffrey has worked for Edmund Truell and Disruptive Capital LLP on all aspects of family and professional asset management. Jeffrey qualified as a Chartered Accountant with Peat, Marwick, Mitchell & Co. in 1986. Jeffrey studied Economics and History at Cambridge.


Luke McKeever, Executive Director

Luke has 20 years’ experience in software, data analytics and services markets with a background in international sales, marketing and corporate development. Luke joined OB10 in April 2011, where he was responsible for driving the growth and strategic direction of the business. Previously, Luke was CEO of Portrait Software, a publicly listed company, where he oversaw a strong period of growth before its acquisition by Pitney Bowes in 2010. Luke has held senior commercial positions in software and services organisations, including Alterian plc and Experian plc.


Lincoln Jopp, Cheif Operating Officer

Lincoln Jopp is responsible for ensuring the stability and security of the OB10 e-Invoicing network, and integrating it with Tungsten’s supply chain finance and analytics operations. A former career soldier, Lincoln has a wealth of experience in running international operations across the globe and led the 1st Battalion Scots Guards in Afghanistan. After command he became Assistant Head of the UK Ministry of Defence’s Strategy Unit. Lincoln joins Tungsten from Truell International Permit Systems where he was CEO.  He is also a Non-Executive Director of Impellam plc.


David Newbury, Chief Marketing Officer

David Newberry comes to Tungsten from Pitney Bowes, where he was Chief Marketing Officer for its $800million software division. His resume includes 20 years at British American Tobacco in various business development roles; co-founder of a marketing procurement software firm; and CMO leadership positions in the B2B technology space.


John Hall, Head of Major Accounts

John Hall has extensive industry experience in rolling out shared services and outsourcing programmes for organisations such as DHL, DSM and American Standard. He brings with him skills in change management and leadership, and is responsible for managing and expanding the team of strategic account relationship owners who help customers achieve their long-term e-Invoicing goals.

Major Shareholders

As at 16 October 2013, the number of ordinary shares in issue was 100,000,000 and, insofar as the company is aware, the percentage of shares that are not in public hands is 17.7%.


As at 16 October 2013, the Company is aware of the following shareholders holding over 3% of the ordinary share capital of the Company.




* The aggregate number of ordinary shares in which Edmund Truell is interested, directly or indirectly, includes shares registered in the name of Rockhopper Investments Limited.


  • Additional Information
    Share Price
    103.53 m
    Mkt Cap
    £94.99 m
  • Latest Stocktube

    Tungsten Corporation’s Truell explains decision to step down as CEO

    View full size
  • Contact Information

    Tungsten Corporation

    Vestry House

    Laurence Pountney Hill

    London EC4R 0EH



    T+44 20 3435 5680

    Corporate Information

    Nominated Adviser & Joint Broker

    Charles Stanley Securities

    131 Finsbury Pavement


    EC2A 1NT


    Joint Broker

    Canaccord Genuity Limited

    88 Wood Street


    EC2V 7QR




    Aspect House

    Spencer Road


    West Sussex

    BN99 6DA

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