17th Jun 2019 08:56
(Alliance News) - Disruptive Capital Finance LLP on Monday confirmed it previously made an approach to Tungsten Corp PLC for a possible offer but now does not intend to make a bid for the e-invoicing network company.
The private equity firm is headed by Edmund Truell, who also co-founded Tungsten Corp and served as its chief executive officer until July 2015.
Disruptive Capital in December made an approach to Tungsten's board in connection with a possible offer for the company. The approach was rejected by Tungsten board; however a possible offer remained under active consideration by Disruptive Capital until June 10.
Disruptive said it now does not intend to make an offer for Tungsten.
"We acknowledge that making this announcement subjects us to certain restrictions including prohibiting us from announcing an offer or a possible offer for the next 6 months. We are more than happy with that given the faith we now have in Interim Chair Tony Bromovsky and the board of Tungsten and the strategic direction they are taking the business in and their constructive and engaging approach to shareholders," said Truell.
Shares in Tungsten were trading 5.4% lower at 47.53 pence each on Monday morning.
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TUNG.L