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Tungsten Corp PLC - Appointment of Chief Financial Officer

RNS Number : 9484J
Tungsten Corporation PLC
17 April 2020






("Tungsten" or the "Company")


17 April 2020


Appointment of Chief Financial Officer


Tungsten Corporation (AIM: TUNG) aims to be the leading global electronic invoicing and purchase order transactions network and is pleased to announce that Chris Allen will be joining the Board as Chief Financial Officer on 27th April 2020.


As CFO, UK & Europe at Worldpay plc Chris provided finance leadership of the market leading UK business unit.  His role was expanded to a wider European brief following the acquisition of Worldpay by Vantiv Inc in January 2018. During this period he ran a complex turnaround of a now profitable £1.3bn revenue business within Worldpay.  Prior to this, he was Finance Director at NOW TV; Finance Director at LoveFilm International and Investor Relations and Corporate Finance Manager at BSKYB plc.


Through his career he has focused on executing change delivery and business transformation, debt funding, investor management and acquisitions all within dynamic, consumer technology environments.  Chris is an ACA and read Modern History at Oxford.


Following Chris's appointment, Ian Kelly, Interim CFO, will revert to his role as Group Financial Director.


Further details in respect of Chris Allen, as required pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies, are as set out below.


Tony Bromovsky, Chairman of Tungsten said, "On behalf of the Board I would like to welcome Chris to Tungsten.  We are delighted to have attracted someone of Chris's calibre who will be an excellent long-term addition to the management team.  We look forward to welcoming Chris onto the Board."


Andrew Lemonofides, CEO of Tungsten said, "On behalf of the company I am delighted that Chris is taking on this role at a critical time for Tungsten, as we complete our "year of transformation".  I am  confident that Chris will make a very positive impact on the business and our Finance organisation.  I look forward to working closely with him."


Commenting on his appointment, Chris Allen added "I am very excited to become CFO at this important time for the company.  As a leader in global electronic invoicing Tungsten has plentiful long-term growth opportunities.  I am looking forward to working closely with the Board and management team as the electronic invoicing market continues to go from strength-to-strength.








Tungsten Corporation plc

Andrew Lemonofides, Chief Executive Officer



+44 20 7280 6980




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



+44 20 7523 8000



The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


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


Christiaan Thomas Allen, age 42, is currently or has been a director of the following companies within the past five years:


Current directorships

Previous directorships


Yes-Secure.Com Limited


YESpay International Limited


Tayvin 346 Limited


Worldpay (UK) Limited


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: 31.2

Market: AIM
Market Cap: £39.34 m

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