Michael Spencer, the founder of money broker ICAP, and major backer of Tungsten (LON:TUNG), has topped up his stake in the trade finance group following Wednesday’s half-year results.
Spencer bought 750,000 ordinary shares at 253p per share at a total cost of nearly £1.9mln and to take his stake in Tungsten to 1.83mln shares, equal to 1.83% of shares in issue.
Tungsten floated in October at 225p per share. Yesterday’s interim figures showed its invoice processing arm OB10 has traded strongly in the past year with a 12% increase in the value of invoices processed.
Tungsten is aiming to acquire the UK arm of the First International Bank of Israel to create an invoice discounting business. Last month Tungsten revealed the purchase has been put back to April.