Disruptive Capital has bought additional shares in Tungsten Corporation on the same day that another institutional buyer, Majedie Asset Management, acquired a 5.2 per cent stake in the company.
The small acquisition by Disruptive takes its holding to 13.07 per cent.
Edi Truell, the Founder of Disruptive, says: “We were disappointed that Odey Asset Management’s attempts to remove the grossly overpaid CEO (and the ineffectual chairman and non-executive directors that have presided over his pay packet) have so far come to nothing. Nevertheless, we were pleased to read in their latest trading update that the Board of Tungsten have finally acknowledged that the vision we set when we founded Tungsten is the right one.
“Tungsten is now finally claiming to be ready to deliver upon that vision. Our recent purchase of shares is a vote of confidence in the potential of the company given the market conditions, rather than in the performance or competence of management.”