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Tungsten to lease London office space, cut executive pay in savings drive

Tuesday, 30th April 2019
Invoicing service provider Tungsten Corporation said it would cut costs by reducing its London office footprint and lower executive remuneration, as part of a strategic review.

The company said it would sublet two floors of its London office to save around £0.5m a year.

The remuneration package for the company's next chief executive would no longer include 'generous expatriate benefits' and would be based on AIM best practice guidelines for the position, it added.

A new remuneration plan would change the focus predominately from cash payments to include deferred shares, thereby aligning senior executives more with shareholders.

Tungsten said it hoped to make an announcement about a new CEO in the coming months.

As part of the broad restructure, memorandums of understanding had been signed with potential partners in the procure-to-pay and supplier AR e-invoicing sectors.

'Demand for our pure high quality e-Invoicing services remains strong, as our competition focuses on all purpose commoditised procure-to-pay solutions that are weak on e-Invoice process and full legal/tax compliance,' the company said.

'We believe that our existing strategy to become the de-facto e-Invoicing standard is within our grasp.'

'Nonetheless, the present appraisal of our strengths and weaknesses has led to a number of major new initiatives in the way we position ourselves in the P2P market and the manner in which we capture the global flow of invoices.'

'These will have the effect of enlarging our footprint and maximising our product flexibility - without diminishing our core mission.'

At 9:47am: (LON:TUNG) Tungsten Corporation share price was +3.55p at 44p

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