Tungsten Corporation PLC Market Update (3456I)
29 May 2014 - 8:00PM
UK Regulatory
TIDMTUNG
RNS Number : 3456I
Tungsten Corporation PLC
29 May 2014
TUNGSTEN CORPORATION PLC
("Tungsten")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 29th May, 2014
MARKET UPDATE
The Board of Tungsten is delighted to announce that it has
received approval from the UK's Prudential Regulation Authority for
the formal change of control in relation to the acquisition of FIBI
Bank (UK) plc ("Bank").
The fully UK authorised Bank will be re-named Tungsten Bank and
commence offering supply chain finance.
Moreover, Tungsten has today begun providing invoice discounting
services to selected US customers.
Edmund Truell, Chairman of the Bank, said : "We look forward to
an exciting future, as Tungsten Corporation builds up a disruptive
force in supply chain finance on a global basis. The combination of
enormous flows of invoices; simple and transparent finance offers;
and high grade credit risks should enable us to advance billions of
pounds, dollars, euros and francs to suppliers on the Tungsten
Network."
LONDON, 29 May 2014
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean/Laura White +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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