City financier Edi Truell to step down from board of Tungsten
Venture capitalist Edi Truell is due to step down from the board of e-invoicing group Tungsten Corporation, after offering to buy its assets.
Truell will relinquish his role as vice-chairman, having informed the Aim-listed group's board that he wants to take the company private, City PM understands.
It's expected to be announced in a statement to the London Stock Exchange tomorrow, as was first reported by Sky News.
Shares in Tungsten have lost around 75 per cent of their value since a stock market float three years ago.
This will be the second time that Truell has made an offer for the digital invoicing company, having become discouraged by the public market's understanding of it.
Tungsten made a loss after tax of £17.6m in the six months ended 31 October, up from £14.7m during the first half of 2015.