Tungsten Corporation PLC Tungsten Launches Employee Matched Share Scheme (6722O)
08 August 2014 - 9:52PM
UK Regulatory
TIDMTUNG
RNS Number : 6722O
Tungsten Corporation PLC
08 August 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 8 August 2014
MARKET UPDATE
Tungsten Launches Employee Matched Share Scheme
London, 8 August - Tungsten Corporation plc ("Tungsten") is
pleased to announce the success of its new Employee Matched Share
Scheme (the "scheme"), with 38% of eligible UK employees choosing
to participate.
The scheme is part of Tungsten's plans to encourage share
ownership among its employees, and incentivise and align their
interests with existing shareholders. Rockhopper Investments
Limited, the family vehicle of Edmund Truell, Group Chief Executive
Officer of Tungsten, has offered to make available to the Tungsten
Corporation plc Employee Benefit Trust (the "EBT") a call option
over 439,992 ordinary shares of Tungsten at an option price of 336p
per share, a premium of 14.8% to the closing share price on 6
August 2014. This represents 2.96% of the ordinary shares held by
the interests of Edmund Truell and 0.4% of the total issued share
capital of Tungsten. The option is exercisable at any time between
8 February 2019 and 8 August 2019. Until these options are
exercised there are no changes to the holdings of Edmund
Truell.
The Tungsten board formally approved these options on 7 August
2014 and the options were granted on 8 August 2014.
As part of the scheme's terms, any participating employee is
required to acquire Tungsten shares in the market at an arm's
length price and hold them for the same period as the life of the
option. As a result, 412,436 shares have been acquired for
participating employees.
Lincoln Jopp, Group Chief Operating Officer and Executive
Director of Tungsten and the only Tungsten director eligible to
participate, has entered into the scheme and purchased 13,778
ordinary shares in the share capital of Tungsten in the market at
an average price of 301.8p per share, which brings his holding to
22,498 shares. He has also been granted options over 41,334 shares
at 336p per share, exercisable between 8 February 2019 and 8 August
2019.
No new shares are being issued by Tungsten under the scheme.
LONDON, 8 August 2014
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Sandra Higgison, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +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
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, built on OB10
e-Invoicing, can reduce their invoice-processing costs by 60%.
Suppliers benefit from efficiencies, greater visibility of their
invoice status and peace of mind. Tungsten offers supply chain
financing through Tungsten Bank to suppliers and helps buying
organisations profit by applying real-time spend analytics to its
vast repository of line-level invoice data.
Tungsten connects the world's largest companies and government
agencies to their thousands of suppliers around the globe. It is
compliant in 46 countries, and processes transactions worth over
$187bn per year for organisations such as Alliance Data, Aviva,
Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline,
Henkel, IBM, Kellogg's and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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