Tungsten Corporation PLC Settlement of Tax (4601M)
October 13 2016 - 4:37AM
UK Regulatory
TIDMTUNG
RNS Number : 4601M
Tungsten Corporation PLC
13 October 2016
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
13 October 2016
For Immediate Release
Settlement of Tax
Tungsten notes the publication in the London Gazette on 10
October 2016 regarding an application for a winding-up order made
against a subsidiary, Tungsten Network Limited. This relates to a
dispute over tax due by the subsidiary to HMRC.
Based on correspondence with HMRC, Tungsten understood that the
outstanding amount was required to be paid by 12 October 2016. The
publication in the London Gazette was therefore made in error,
which HMRC accept. In any case, the outstanding sum has been
settled in full. Tungsten has received confirmation from HMRC that
it is in receipt of the funds. The application will be withdrawn in
due course.
Tungsten confirms that it remains on track to meet guidance for
its current financial year, as reiterated at the Annual General
Meeting on 16 September 2016.
Enquiries
Tungsten Corporation plc
Richard Hurwitz, Chief Executive
Officer
David Williams, Chief Financial +44 20 7280
Officer 7713
Panmure Gordon (Nominated
Advisor) +44 20 7886
Adam James/Peter Steel 2500
Canaccord Genuity Limited
(Broker)
Simon Bridges/Cameron Duncan/Emma +44 20 7523
Gabriel 8000
Neustria Partners
Robert Bailhache/Nick Henderson/Charles +44 20 3021
Gorman 2580
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 e-invoicing and purchase order
services platform that brings businesses and their suppliers closer
together with unique technology that revolutionises invoice
processing, maximises efficiency and improves cash flow management.
Delivering trusted connections and streamlined transactions, the
network also provides users with real-time spend analysis and
offers suppliers access to invoice financing through Tungsten
Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 70% of the FTSE 100 and
72% of the Fortune 500. It enables suppliers to submit tax
compliant e-invoices in 47 countries, and last year processed
transactions worth over GBP133bn for organisations such as Alliance
Data, Aviva, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal
Government.
Trusted, passionate and proven, Tungsten is making the
digitisation of global commerce between buyers and suppliers
faster, easier and smarter.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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