Two new broker notes out last week on this one -

Collins Stewart gives a target valuation for the combined entity of 26 million or 156p per share

Edison Investments embedded valuation is 31m - Indicating a 100% gain in share price from current levels. They suggest that using the current embedded valuation model, the current value of Angles six non-exited ventures is only 5.5m - suggesting Angle to be SIGNIFICANTLY UNDERVALUED

Have a look

How will the placing announced today affect sp

Just made a buy at 88p 1300shares.... made a market move because bread price move up 1p each after.... could this be the start of a rally....

Large buy of 25,000 at 8.37.. only just came through. they paid a high price 91p.

Angle had a nice write up in the Mail this weekend - focusing on Novocellus.

"The prsospect of its Novocellus offshoot, which aims to improve the success rate of fertility treatment looks enticing and have the potential to reverse teh decline in Angles shares which have drifted to 83.5p."

A few points mentioned on Novocellus -

1. Huge demand for IVF treatments
2. Recent first results showed 34% improvement in patients, larger studies currently underway.
3. If these confirm the findings - submited EU approval - on the market 2007
4. Unclear as yet what Novocellus would charge for its treatment, however 200-250 looks feasible. Equating global market worth 140m a year. If won 10% of this - revenues would be 14m, (assuming 25% margin) pretax of 3.5m. Valuing this at 16x earnings would price Novocellus at 40m with Angles 63% at 27m.
5. This 27m is nearly double Angles current stock market value of 14m


Also goes on to point out the other progency companies - highlighting their potential....

Sums up with what we all know -
"One big winner could change the picture. Its backers are now crossing their fingers that Novocellus will be the one."

Have to say I still personally fancy Geomerics myself - But obviuosuly will be happy with Novocellus being the jewel in the crown here :)

Investors Chronicle
10 March 2006
Share placing to widen angle appeal

Angle, which commercialises technology, has raised 8.1m in a placing at 79p a share. On completion, the new shares will represent 38 per cent of the total shares in issue. The proceeds will be used to develop the existing portfolio of companies and to establish new companies.

Angle's shares have performed poorly, but the placing should help to secure the future pipeline of developments. At 83p, the shares are good value.

IVF test promises new life for Angle
Brian O'Connor, Daily Mail
6 March 2006

SIGNS of life are appearing at Angle, the backer of young technology companies which has been an underperformer since first tipped here 13 months ago at 126p.

The prospects of its Novocellus offshoot, which aims to improve the success rate of fertility treatment, look enticing, and have the potential to reverse the decline in Angle's shares, which have drifted to 83p.

This spotlights the potential of the Angle portfolio,which also includes Geomerics, whose technology could enhance computer games graphics.

Novocellus is working on in-vitro fertilisation (IVF) the technique on which many childless couples spend thousands of pounds. There is huge demand for IVF treatment, but success rates can be low.

Based on the work of a professor at the University of York, Novocellus has developed a test which, on first indications, may improve success rates by up to one-third.

Basically, IVF fertilises several eggs outside the womb and selects one or two to reinsert. Selecting the strongest is crucial but tricky. Novocellus analyses the amino acids around the embryo, which signal how healthy it is.

The results of a first test on 53 women gave a 34% improvement. A bigger study of 400 is under way in the Midlands.

It is early days, but if this confirms the findings of the first study, the test can be submitted for EU approval. If all goes well, it could be on the market in 2007.

This is where the sums get exciting. IVF is expensive - a successful birth can take up to five attempts, costing as much as 10,000. Cutting this to four would save 2,000.

It remains to be seen what Novocellus could charge for its test, but 200 to 250 looks feasible. At 250, the potential global market would be worth 140m a year. If it won 10% of this, its revenues would be 14m, with pretax profits, assuming a 25% margin, of 3.5m. Valuing this at 16 times earnings would price Novocellus at 40m and Angle's 63% at 27m.

This is nearly double Angle's present stock market value of 14m - though the need to finance its development programme means that a further share issue is on the cards.

Many things could go wrong. The current study may prove disappointing. Bringing such diagnostic tests to market can be slow. Competition could arrive - though at present Novocellus seems to be ahead.

Angle boss Andrew Newland has several other projects in his pipeline. Neurotargets is seeking relief for chronic nerve pain. Acolyte Biomedica aims to cut diagnosis times to speed up the effectiveness of antibiotics.

Provexis has its Sirco healthy fruit juice on sale in supermarkets. Its shares have been a slow burner, but Angle's 25% is worth 6.5m.

Angle's consultants earn a regular flow of fee income, which keep it funded while it nurtures its portfolio of hopefuls. One big winner could change the picture. Its backers are now crossing their fingers that Novocellus will be the one.

Tanks for the info Tole.. I am a holder and can not wait for the price to rise... LCP is another good investment company... I have started a thread

Quote from Shares mag pg 11

Angle reaps Fruit of Provexis's labours

Specialist intellectual property investment firm AGL could be in for a bumper pay day thanks to the success of Fruitflow, a compount which helps cut the threat of heart attacks, blood clots and strokes....

No change in the share price though....

I know... what will get these buggers to move up north... fustrating

An updated research note out earlier this month. Free to view the full article.

http://www.brokerlink.co.uk/angle.pdf

Profile -

The share placing announced by ANGLE to raise up to 8.1m will enable it to further develop its Ventures business, which has enjoyed considerable success to date.

This can be demonstrated by the flotation of one of its Venture companies, Provexis, last June. At the time of flotation, ANGLE's stake in the company was worth 3.5m, giving the group a profit of 2.0m and by the end of January, due to the rise in the Provexis share price, this stake was worth 6.4m.

The group's Consulting and Management business entered the second half with a strong order book, meaning that the outlook for the company is very encouraging and the shares could recover strongly over the next few months.

Another new research note out this month (21st March 06) from Fyshe Horton - available through the investors section on Angles website. Ive posted the link below.

http://miranda.hemscott.com/ir/agl/pdf/FysheHortonFinneyANGLEResearchNotemar06.pdf

A nice summary here -

"Our calculations point to aconsiderable uplift in price and we suspect that the recent fundraising could be the catalyst to trigger a change in sentiment and appreciation in price. What is clear is that the potential of the six un-exited progency companies is not fully reflected. Indeed our calculations suggest that at the current price, the implied value of these investments is only 1.5 million. A fair assessment of the underlying business reveals that this is inadeqaute. If ANGLE can further develop its C&M business whilst continuing to demonstrate the ability to realise value from its Progency companies, the potential exists for a significant re-rating of the shares. BUY"

And more importantly announced today - good to see Fidelity here and nice of them to pick up 10% :)

FMR Corp and Fidelity International Limited (FIL) and their direct and indirect
subsidiaries

Number of shares / amount of stock acquired: 2,658,227

Percentage of issued class 9.80%

http://www.e4engineering.com/Articles/294235/Taking+a+new+angle.htm

Taking a new angle against power tool vibration
Published: 20 April 2006 02:00 PM
Source: The Engineer

Angle, a venture management business specialising in the commercialisation of technology, has signalled its intention to enter the power tool industry with the launch of a new company called Innomatica.

The new business has secured intellectual property which it claimed could revolutionise the global market for percussive power tools by reducing operator exposure to vibration the principal cause of medical conditions such as vibration white finger (VWF).

Last year new legislation known as the Physical Agents (Vibration) Directive was implemented throughout Europe, and was approved by the UK Parliament as The Control of Vibration at Work Regulations.

This will enforce specific limits on employee exposure to vibration in the workplace.

According to Innomatica, the only current method to reduce the vibrations generated by percussive power tools such as road drills is through increasing the mass of the tool, which in turn raises further regulatory and practical issues. The result is that employees either spend a limited time using the tool or use equipment specifically underpowered to comply with the regulations.

The company believes the solution to this problem is variable mass technology, developed over 10 years at Cambridge University and power tool companies. This reduces vibration to a level that enables an operator to use a power tool up to four times as long as existing products, it is claimed.

Angle's chief executive Andrew Newland said: 'The power tools and construction industries are worth $1.2bn (680m) a year and they have long awaited a solution to injuries caused by vibration power tools.'

In 2001, over 35 per cent of employer's liability in insurance claims were for Hand Arm Vibration Syndrome (HAVS), a condition caused by exposure to hand-transmitted vibration. The Health and Safety Executive estimates there are approximately 300,000 sufferers of VWF, the most common form of HAVS in the UK, with two million people regularly exposed to high levels of vibration.

oops wrong thread

Tipped as a buy in HL's 'In the City' publication this month - highlight the potential in their progency companies.....

Well, here we are nearly one year later...and there is little interest from Punters - the Co website is a bit flakey and all these technologies are "could do's" - OR - "might be's" - there being little definate progression....something that many IP co's will suffer and the more diverse the IP the greater the risks that few will understand exactly what is at stake.
Meanwhile, the money drains and fear of a dilution/cash calls etc. This co did manage to sell one business to 3M - quite a good deal, but one wonders who got the better deal as it's made little difference to the sp. Further cash should come in 2008 but meanwhile folk think they can leave this one until someone explains it. . . . . Anyone?
I have some money in BTG[BGC] which is now almost completely medical IP - - - because of the risks associated with physical (and software) companies:- it's just too easy for execs to fall in love with their efforts until suddenly they find someone else has beaten them to Market - at which point they might as well stop.
Years of cash and effort might be protected by a Patent, but if the Market is satisfied by another technology (often better!) then having a piece of paper - has no value......I wonder of Angle Execs are really up to the job of promoting their various businesses - I can't recall One (until I read their website) and even now they are easily forgotten.
The sp is slipping and I suspect it will continue to fall until the cash is nearer to the Mkt Cap.....at present there is some way to go.

Looks like the Daily Mail has suckered a few people into this dog.

SP abt 35pence - wow! [EDIT: 4April-08 - 26p !)

Looks like things are sliding....due mainly to nothing positive to excite the punters - OK that's not what a company should be doing - but after this length of time you'd think there would be something to say.....rather than the usual dry RNS.
. . . . . . . . . . . . . . . . . . . . . . . . . . Does anyone know their cash-position ?
(yes, I know the 3M-cash is yet to flow...that Won't help this year, the way I read it. Furthermore does anyone know if this is in Dollars ( and therefore sliding, itself!). Arrgh. I don't hold yet....don't like "promises" and don't like situations where they set-up their own businesses ( which is in-part the way I see Angle)

Investing in Start-ups is OK as these are run by people with "passion" and presumably some expertise in their target area.

What do others think of this Co????

(( SP rises to 40p ))
Gulp! - a 60p bid is suggested ( DYOR _ read RNS).

Odd this, as the Market let this fall to 26p (4 April"08, - see my earlier Post)
AND yet this thread suggested 1.65 (probably Jan06) - so I expect the Board will reject anything that's not "close" to this figure....