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Tungsten's bosses invest

Five of Tungsten's board members have spent a total of £2.36m buying up shares issued as part of a placing
September 17, 2014

There are few clearer signs of confidence in a company’s prospects than management’s willingness to invest its own cash. Tungsten Corporation (TUNG) is a good example: earlier this month, five board members spent a total of £2.26m buying shares that were issued at 340p each as part of a placing.

IC TIP: Buy at 374p

The placing raised £12m to fund the acquisition and integration of DocuSphere. That company provides accounts-payable automation services, which should support the development of Tungsten’s e-invoicing platform. Management was sufficiently impressed by the virtues of the deal for chief executive Edmund Truell to snap up a further 524,742 shares - worth a hefty £1.78m - bringing his stake in the company to nearly 15 per cent. Moreover, three non-executive directors also put up money: Michael Spencer bought about £379,000-worth of shares, while Peter Kiernan and Daniel Truell invested nearly £70,000 in total. Executive director Phil Ashdown spent about £24,000 on stock, too.

Investors would be wise to follow their lead. As companies and governments increasingly embrace e-invoicing to pay suppliers, Tungsten’s growth should be stellar. The group’s transaction flow volumes have nearly doubled to over £100bn since 2011, yet it’s estimated that a mere 3 per cent of invoices are currently settled electronically. Broker Canaccord Genuity expects the company to turn profitable in the current financial year (to end-April 2015), with earnings rising five-fold in 2016 to 23.2p a share.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
AFH Financial Group PLCML Chambers05-Sep-14            20,000 150.00              30,000             20,000 0.10
Amara Mining PLCJ McGloin (ch & ceo)09-Sep-14          130,639 22.75              29,720         1,002,599 0.30
Amara Mining PLCMr. PAS Gardner (cfo)09-Sep-14          100,000 22.92              22,920           855,109 0.26
Amara Mining PLCThe Right Honourable P G Hain MP04-Sep-14            28,726 24.19                6,949           141,806 0.04
Anpario PLCKaren L Prior (gfd & cs)10-Sep-14            12,000 257.00              30,840             64,751 0.33
Baron Oil PLCR Berends (ch)10-Sep-14        2,000,000 1.85              37,000       40,333,335 2.93
Biofrontera AGMr. T Schaffer (cfo)04-Sep-14              2,000 185.35                3,707             10,088 0.05
Biofrontera AGMr. T Schaffer (cfo)04-Sep-14              1,500 187.50                2,813             11,588 0.05
BP PLCB Gilvary (cfo)05-Sep-14            50,000 466.64            233,318           544,931 0.00
Brewin Dolphin Holdings PLCMs. Caroline Taylor09-Sep-14              2,500 275.68                6,892               2,500 0.00
bwin.party digital entertainment PLCSylvia Coleman04-Sep-14            75,000 94.59              70,943             75,000 0.01
Canaccord Genuity Group IncMr. MD Harris08-Sep-14                 500 745.34                3,727             79,700 0.08
Carr's Milling Industries PLCT Davies (ceo)05-Sep-14              1,000        1,617.00               16,170               2,000 0.02
CLS Holdings PLCMr. L Sten10-Sep-14              2,971        1,329.00               39,485               2,971 0.01
CRH PLCN Hartery (ch)08-Sep-14            10,800        1,461.33             157,824             12,253 0.00
Daily Internet PLCMr. JM Edelson (ch)09-Sep-14      13,698,630 1.83            250,000       21,265,296 4.73
Dart Group PLCMAS Laurence08-Sep-14            25,000 219.83              54,957           200,000 0.14
Diploma PLCI Henderson (coo)08-Sep-14              9,000 656.00              59,040           559,727 0.49
Dods Group PLCMs. Cheryl C Jones09-Sep-14          500,000 5.00              25,000         2,100,000 0.62
ECR Minerals PLCR A Watts08-Sep-14        1,000,000 0.24                2,380       14,250,000 0.44
ECR Minerals PLCMr. P Johnson (ch)08-Sep-14        1,000,000 0.23                2,314       28,947,810 0.89
ECR Minerals PLCMr. S J Clayson (ceo)05-Sep-14          500,000 0.23                1,150       18,734,890 0.57
Edinburgh Investment Trust (The) PLCG Suarez09-Sep-14              5,000 604.50              30,225               7,000 0.00
Helius Energy PLC*AEH Salvesen CBE04-Sep-14        4,500,000 7.00            315,000       51,654,045 26.45
Helius Energy PLC*AF Macdonald OBE04-Sep-14        2,857,143 7.00            200,000       35,214,917 18.03
Helius Energy PLC*CM Corner04-Sep-14          357,143 7.00              25,000         5,915,385 3.03
Helius Energy PLC*JM Seed (ch)04-Sep-14          357,143 7.00              25,000         3,634,616 1.86
Helius Energy PLC*WJI Hill (coo & cs)04-Sep-14          142,857 7.00              10,000         1,027,857 0.53
Helius Energy PLC*Dr AC Bowles (ceo)04-Sep-14          107,143 7.00                7,500         2,134,616 1.09
Helius Energy PLC*A G Lyons (fd)04-Sep-14          100,000 7.00                7,000           103,000 0.05
Intu Properties PLC♥RM Gordon08-Sep-14              5,000 343.00              17,150         6,994,818 0.53
ITM Power PLCSir Roger Bone KCMG05-Sep-14            38,250 25.90                9,907             38,250 0.02
Latham (James) PLCMr. Meryl A Bushell09-Sep-14              1,000 499.00                4,990               4,400 0.02
Lenta LtdJ Oliver (ch)08-Sep-14            15,000        1,195.00             179,250           625,000 0.73
Lenta LtdJ Oliver (ch)04-Sep-14            10,000        1,173.00             117,300           610,000 0.71
McKay Securities PLCMr. DO Thomas (ch)10-Sep-14            13,523 206.44              27,917           136,536 0.15
Menzies (John) PLCIJG Napier (ch)08-Sep-14              2,000 598.02              11,960               7,000 0.01
Nature Group PLCP Snell10-Sep-14            25,000 22.40                5,600           700,000 0.88
Nature Group PLCNDA Sandy (ch)10-Sep-14            25,000 21.50                5,375           375,500 0.47
NetPlay TV PLCAC Lapping10-Sep-14          200,000 10.86              21,725         2,693,684 0.91
NetPlay TV PLC♥AC Lapping10-Sep-14          200,000 10.86              21,725         2,893,684 0.98
Nostrum Oil & Gas PLCSir Christopher Codrington Bt09-Sep-14              1,292 766.91                9,908               1,292 0.00
RSA Insurance Group PLCSAM Hester (ceo)08-Sep-14            21,500 466.40            100,276             21,500 0.00
SafeCharge International Group LtdTS Mickley (cfo)10-Sep-14            11,100 224.75              24,947             11,100 0.01
Scholium Group PLCMr. CAL Sebag-Montefiore05-Sep-14            10,000 81.00                8,100             20,000 0.15
Smart Metering Systems PLC♥PB Dollman (ch)09-Sep-14            10,000 377.00              37,700             10,000 0.01
Smart Metering Systems PLC♥Miriam V Greenwood OBE DL09-Sep-14            10,000 372.50              37,250             10,000 0.01
Stadium Group PLCC Peppiatt (ceo)10-Sep-14            30,000 100.00              30,000             45,000 0.14
Stadium Group PLCJoanne E Estell (fd &cs)10-Sep-14              5,500 100.00                5,500             15,500 0.05
Standard Life PLCP Danon04-Sep-14            16,400 409.00              67,076             54,627 0.00
Standard Life PLCJGH Paynter08-Sep-14              5,000 401.70              20,085             50,000 0.00
Synety Group PLCMr. PJ Williams (cfo)09-Sep-14              2,283 218.45                4,987             39,514 0.47
Synety Group PLCMJK Seemann (ceo)09-Sep-14                 524 219.00                1,148           876,077 10.40
Tracsis PLCMr. C Cole (ch)10-Sep-14              7,000 364.00              25,480               7,000 0.03
Tungsten Corp PLC*♥E Truell (ceo)09-Sep-14          524,742          34,000       178,412,280       15,392,426 14.87
Tungsten Corp PLC*Mr. MA Spencer09-Sep-14          111,400          34,000         37,876,000         1,941,885 1.88
Tungsten Corp PLC*D Truell09-Sep-14            14,118          34,000          4,800,120           414,118 0.40
Tungsten Corp PLC*P Ashdown09-Sep-14              7,059          34,000          2,400,060           207,059 0.20
Tungsten Corp PLC*P Kiernan09-Sep-14              6,212          34,000          2,112,080           182,199 0.18

Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
AFH Financial Group PLCMr. A Hudson (ceo)05-Sep-14            20,000 150.00              30,000         7,555,700 39.12
Bank of Georgia Holdings PLCS Gvalia08-Sep-14              7,654        2,551.00             195,254           135,522 0.39
Bankers Petroleum LtdMr. R Cross (ch)09-Sep-14          100,000 362.25            362,252           200,000 0.08
Cambria Automobiles PLCSir Peter Burt08-Sep-14          850,000 51.00            433,500         1,046,950 1.05
Diploma PLCI Henderson (coo)08-Sep-14              9,000 656.00              59,040           550,727 0.49
Euromoney Institutional Investor PLCDiane E Alfano08-Sep-14              5,000        1,117.00               55,850             78,006 0.06
Hays PLCMr. AR Cox (ceo)09-Sep-14          178,793 129.21            231,018         2,946,979 0.21
Hays PLCP Venables (gfd)09-Sep-14          130,511 129.21            168,633         1,968,151 0.14
Hyder Consulting PLC†♥I Catto (ceo)05-Sep-14          156,435 730.00         1,141,976             14,170 0.04
Hyder Consulting PLC†R Down (fd)05-Sep-14            41,884 730.00            305,753               3,116 0.01
Hyder Consulting PLC†J Hume (ch)05-Sep-14            10,000 730.00              73,000                    -   0.00
Hyder Consulting PLC†Mr. K Taylor05-Sep-14              7,490 730.00              54,677                    -   0.00
Park Group PLCPR Johnson (ch)10-Sep-14          175,000 60.00            105,000       50,546,066 25.92
Young & Co's Brewery PLCP Dardis05-Sep-14              7,395 972.89              71,945         1,165,900 4.00
Young & Co's Brewery PLC♥TCF Sligo-Young09-Sep-14              2,000 720.00              14,400         1,419,778 4.85
Young & Co's Brewery PLCTCF Sligo-Young09-Sep-14              2,000 720.00              14,400         1,421,778 4.85
*Placing/tender/open offer ♥Spouse/connected party †In respect of voting rights held indirectly by ARCADIS N.V