Tungsten Corporation PLC Directorate Change (9497P)
14 Febbraio 2019 - 08:01AM
UK Regulatory
TIDMTUNG
RNS Number : 9497P
Tungsten Corporation PLC
14 February 2019
FOR IMMEDIATE RELEASE
14 February 2019
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Resignation of CEO
Tungsten Corporation (AIM: TUNG) announces that Richard Hurwitz,
Chief Executive Officer, has informed the Board of his resignation
from the Board with immediate effect. He will leave the Company on
15 February 2019.
Tungsten has appointed headhunters to identify a new CEO and
expects to make an appointment in March 2019. In the meantime, Tony
Bromovsky has moved from Non-Executive to Executive Chairman on an
interim basis and David Williams, Chief Financial Officer, will
oversee day-to-day operations. As announced on 11 February 2019,
Vivienne Maclachlan has also joined the Board as a Non-Executive
Director.
Trading for November and December 2018 was in line with
expectations and demonstrates the progress being made through the
Operating Review. Unaudited revenue for the two months was
approximately GBP6.3 million and EBITDA was positive. Net cash at
31 December 2018 was GBP1.8 million, growing to GBP2.5 million at
31 January 2019. The Company is planning to release details of its
third quarter trading to 31 January 2019 on 25 February 2019.
Tungsten reiterates its full-year FY19 outlook, including revenue
expectation of GBP36 million to GBP36.5 million, EBITDA profit for
the full financial year and sufficient capital to deliver current
plans.
As reported in Tungsten's Interim Results on 13 December 2018,
the new and refreshed Board, together with senior management, are
currently undertaking an operating review addressing all aspects of
Tungsten's business (the "Operating Review"). The Operating Review
has already substantiated many of Tungsten's strengths. It has also
clearly identified a number of growth inhibitors and demonstrated
how they can be rapidly and effectively addressed. The review is
now focused on the steps required to accelerate near-term revenue
and profitability growth. Significant progress has already been
made towards this and more is currently being done. The Board of
Tungsten expects to complete the Operating Review by April 2019 and
thereafter implement the recommended outcomes in close
collaboration with the new CEO.
Tony Bromovsky, Chairman, commented:
"The Board wishes to thank Rick for his valuable contribution to
the Company since his appointment as CEO in 2015 and we wish him
well in his future endeavours."
This announcement contains inside information for the purposes
of the Market Abuse Regulation No. 596/2014. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
For further information please contact:
Tungsten Corporation plc
Tony Bromovsky, Chairman
David Williams, Chief Financial Officer +44 20 7280 7713
Panmure Gordon (Nominated Adviser)
Dominic Morley +44 20 7886 2500
Canaccord Genuity Limited (Financial Adviser
and Broker)
Simon Bridges/Miles Cox/Emma Gabriel +44 20 7523 8000
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) aims to be the world's most
trusted business transaction network by using data intelligently to
strengthen the global supply chain.
Tungsten Network is a secure business transaction network that
brings businesses and their suppliers closer together with unique
technology that revolutionises invoice processing, maximises
efficiency and improves cash flow. Delivering trusted connections
and streamlined transactions, the network also provides users with
real-time spend analysis and offers access to trade finance through
Tungsten Network Finance.
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 48 countries, and last year
processed transactions worth over GBP164bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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