Friday 11th October, 2013

As reported in The Telegraph today, City legend Edmund Truell is set to make £160 with his new venture, Tungsten Corporation. Set up with the sole aim of buying an existing financial services company in a high-growth industry. Mr Truell opted to acquire electronic invoicing company OB10, which processed £100bn worth of transactions last year alone and boasts GSK, Unilever and Centrica among its clients.

He and a consortium of other investors, including Michael Spencer of Icap fame, made a significant investment up front, and proposed a flotation on AIM to raise £160m. Out of this sum, the directors are paying OB10’s 140 existing shareholders £70m and giving them “a second bite at the cherry” with a 13pc stake in Tungsten, said Mr Truell. New investors on the stock market will have 70pc for £160m, while he and his colleagues will own 17pc.