Tungsten Corp founder Edmund Truell increases stake to 13.07% - report
09 AUG 2018
Tungsten Corp [LON:TUNG] founder Edmund Truell has increased his stake in the UK-based invoicing services company from 12.4% to 13.07%, The Times reported. Truell is expected to disclose the increased stake on Thursday, 9 August, the report said, without citing a source for the information.
The stake is held by Disruptive Capital Finance, a private equity group co-founded by Truell, the report said. The article went on to quote Truell, who said Disruptive’s recent share purchase represents the firm’s confidence in Tungsten’s potential, rather than in Tungsten’s management.
Tungsten shareholder Odey Asset Management had recently proposed the removal of the company’s chairman, CEO and two board members. Odey’s proposals had Truell’s support, as announced by Tungsten on 14 June.
However, Tungsten announced on 23 July that Odey had agreed to withdraw its requisition of a general meeting and that it had appointed two of Odey’s nominees to its board.
Tungsten’s share price closed 2.1p down at 55.0p in London on Wednesday, 8 August, giving the company a market capitalisation of GBP 69.3m (EUR 76.8m).
The report appeared in the Banking & Finance column on page 41 of the print edition of The Times on Thursday, 9 August.