Further to our announcement last week, the UK's Prudential Regulation Authority has accepted as complete the formal change of control request to finalise the acquisition of FIBI Bank (UK) Plc (the "Bank") and has initiated the formal 60 business day period for assessment and approval. The Board remains hopeful of having the required approval to commence the Bank's operations by the end of May 2014. The Bank is now moving into the new Tungsten Group headquarters in Pountney Hill House, Laurence Pountney Hill, London, EC4R 0BL.

To bolster our resources in Financing, we have hired senior personnel as follows:
• Chief Operating Officer, Financing
• Head of Financing Operations
• Head of Credit Analytics
• Head of Compliance

We have also attracted the significant talents of Rick Hurwitz to lead Tungsten's overall efforts in the Americas. Rick recently sold his stake in Pictometry, having helped build that technology business over the last decade, and previously founded Bancorp Services and Bridge Information Systems. He is joined by Peter Schiff-Smith, former Director at Citibank Treasury and Trade Solutions, to complement Paul Frederick and the Atlanta-based team.
Results for the full year to 30th April 2014 will be announced in July.