Truell departs Tungsten board as proposals are dismissed

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City financier Edi Truell was snubbed by the board of the digital invoicing firm he founded today as his attempts to merge the struggling Tungsten business with his other interests were dismissed as “universally without merit”.

Truell, an adviser to London Mayor Boris Johnson, owns a 16% stake in Tungsten — a business which claims to be able to save its customers millions of pounds in more efficient procurement.

But Truell quit as chief executive last July after “a very difficult period” for the company and Tungsten shares have fallen by three-quarters in the last year.

He resigned from the board altogether today after it rejected his proposals to combine Tungsten operations with other Truell companies, including Tantalum, which is focused on “black box” telematics for cars.

But the financier did not make an offer for the shares and the board said Tungsten would end up with “a minority stake in an enlarged group of disparate, illiquid assets controlled by Truell”.

The board found them “to be universally without merit for shareholders”. It added that “distractions” risked hitting shareholder value.

Truell declined to comment.

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March 22, 2016 |
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