21st Mar 2016 07:44
LONDON (Alliance News) - Payments invoicer Tungsten Corp PLC on Monday confirmed financier Edi Truell has stepped down from the company and that he tabled a proposal to buy certain assets owned by the business.
Truell, the former chief executive of Tungsten who stepped down in July last year, made an offer to the Tungsten board over the weekend which did not involve an offer for Tungsten shares but instead suggested the company's network business and the cash it expects to get from the sale of its bank assets be combined with assets in which Truell has a majority stake.
Tungsten said the effect of his proposals would be Tungsten's primary asset would be a minority stake in an enlarged group of "disparate, illiquid assets" controlled by Truell, with Tungsten becoming an investment vehicle.
"The board of Tungsten has spent considerable time reviewing these suggestions, including the most recent proposal, and found them to date to be universally without merit for shareholders," Tungsten said.
Tungsten said Truell has now resigned from the board, where he had been vice-chairman, and said its main priority will be focusing on its strategy under Chief Executive Richard Hurwitz, adding "distractions from that risk destroying value".
By Sam Unsted; [email protected]; @SamUAtAlliance
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