29th Apr 2014 12:40
LONDON (Alliance News) - Tungsten Corp PLC Tuesday said it has made a set of board changes and continues to make progress on its re-organisation and integration plans.
The electronic invoicing company said Lincoln Jopp will join its board as chief operating officer while Luke McKeever has left his role as executive director of the company.
The company said McKeever had already transferred the bulk of his executive responsibilities in order to focus on its ongoing integration programme and, as the first phase integration work is nearing completion, McKeever has left the business to seek other challenges.
Tungsten Corp said it continues to make further progress with integrating its financing and analytics capabilities into its e-Invoicing network, and in re-organising its combined Tungsten operations to be capable of large-scale growth.
The company said it has also began invoice discounting activity, with selected UK suppliers being invited to do so over its Tungsten Network. Invoice discounting involves lending secured against issued, but unpaid, invoices.
"Tungsten has this week started to offer suppliers access to trade and working capital finance on a transparent and simple to execute basis, which we intend to be the start of a very major financial transformation," Chief Executive Edmund Truell said in a statement.
Tungsten Corp shares were down 0.1% to 215.50 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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