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Tungsten Corp PLC - Appointment of Non Executive Director

RNS Number : 2520I
Tungsten Corporation PLC
31 March 2020



("Tungsten" or the "Company")


31 March 2020


Appointment of Non Executive Director


Tungsten Corporation (AIM: TUNG) today announces that it has appointed Nicholas Wells to the board of directors of the Company as a non executive director with immediate effect.


Nick has over 30 years' experience of investment banking, and is Co-head of Corporate Finance at Cenkos Securities which he joined in 2005. Prior to joining Cenkos Securities, he was, for five years, Global Head of M&A at WestLB. Nick is also a Chartered Accountant and qualified in 1979.


Further details in respect of Nicholas Wells, as required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, are as set out below.



Tungsten Corporation plc

Andrew Lemonofides, Chief Executive Officer


+44 20 7280 6980

Canaccord Genuity Limited (Nominated Adviser & Broker)
Simon Bridges/Andrew Potts


+44 20 7523 8000




About Tungsten Corporation plc


Tungsten Corporation (AIM: TUNG) aims to be the leading global electronic invoicing and purchase order transactions network.


Digital invoicing processes enable large businesses to reduce costs and effectively manage their businesses. They can improve business agility by creating scalable and repeatable growth processes, managing their cash effectively and making better decisions based on a comprehensive analysis of their data.


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 50 countries, and last year processed transactions worth over £173bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.


Forward looking statements

This document contains forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tungsten as of the date of this statement. All written or oral forward-looking statements attributable to Tungsten are qualified by this caution. Tungsten does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Tungsten's expectations


Additional Information


Nicholas Weston Wells, age 65, is currently or has been a director of the following companies within the past five years:


Current Directorships

Previous directorships


Cenkos Securities plc


Green Biofuels Limited



The Company is required to make the following statement in accordance with Schedule Two paragraph (g) (viii) of the AIM Rules for Companies:

In July 1989, Mr Wells was criticised in the Department of Trade & Industry report into County Natwest's activities regarding the Blue Arrow rights issue in 1987. Mr Wells was subject to a criminal prosecution but was acquitted of all charges.


There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

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Quick facts: Tungsten Corp PLC

Price: 34

Market: AIM
Market Cap: £42.87 m

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