http://www.angletechnology.com/

research note, acrobat reader needed

latest results 24/1/06

another interesting string to angle's bow.

"For Immediate Release 17 November 2005

ANGLE PLC

US VENTURE, ABERRO: PRODUCT IN BETA TRIALS


ANGLE is delighted to announce that it has officially launched Aberro, a
software testing company (formerly known as ContraSoft). Aberro is 57 per cent.
owned by ANGLE and is ANGLE's first US venture founded since ANGLE's flotation
in 2004.

Aberro has developed a beta release of its product, AberroTest, which is in use
at several companies. The product solves a number of issues in the software
industry and is expected to be released commercially later this year. Aberro is
previewing the technology at STARWEST, the world's largest software testing
event, which is being held this week in Anaheim, California.

A recent IDC report projected that in 2006, companies will spend over $1 billion
on tools to help improve their software testing capabilities. Aberro's Adaptive
Automated Testing delivers easy and rapid test creation, with no programming
skills required, coupled with low-cost execution that automatically adapts to
changes in the target application. With Aberro's technology, tests are
automatically created in a matter of minutes. This allows testers to find and
repair defects sooner and more easily, while reducing development costs and
improving overall software quality.

In developing Aberro, ANGLE has assembled an experienced management team headed
by CEO Douglas Smith and Vice President of Marketing Steve Lafferty. Smith
joined the company from ANGLE, where he served as an Entrepreneur in Residence.
He has over 20 years of management experience, including CEO and COO roles at
three start-up companies and senior management positions at Digital Equipment,
Compaq and EMC. Lafferty previously served as Business Unit Director with
Manugistics and has held senior-level marketing roles at Cadre, Iona, Sterling
Software and Green Hills Software.

Additionally, Aberro's Co-Founder and CTO William Rogers, Ph.D., brings over 20
years of research and development experience to the team. Rogers was the
originator of Aberro's revolutionary software testing technique, Adaptive
Automated Testing, which enables rigorous automated testing of software far
earlier than any other solution on the market.

Rob Kornblum, Managing Director of ANGLE Ventures (US) said:

'We are delighted with our progress at Aberro in delivering product to beta
users so rapidly. We already see a tremendous amount of interest in Aberro's
products from the software community."

New broker notes out on this one - Dont delay - share price 86p !!!!!!!

Collins Stewart gives it a buy rec and 156p price target based on a 26m combined entity valuation.

Edison Investments states the embedded valuation on Angle's Consulting & Management Business and the Venture Portfolio 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

Check it out chaps....looking very cheap at current levels..

not been keeping this thread up to date. no longer a holder but still interested. they've still got 25% of pxs which is starting to take off . from the last results .....

"
Provexis Following the flotation of Provexis during the half year,
ANGLE retains a holding of 24.8% in Provexis plc. Founded by ANGLE
in 2000, Provexis is a product development and licensing company
developing a range of scientifically proven products based on
naturally occurring food bioactive ingredients to help prevent major
killers such as cardiovascular disease and cancer. Its first product a
heart health drink named Sirco was launched in Sainsbury's in January
2006. During the half year, Provexis completed the reverse
acquisition of Nutrinnovator Holdings plc bringing retail expertise to
the company to support the launch of products in the market. This
was followed by flotation on the Alternative Investment Market
delivering ANGLE a gain in valuation of 2.0 million at the placing
price compared to the cost of investment. ANGLE also invested at
pre-IPO and in the flotation itself. The share price at close of
business on 23 January 2006 values ANGLE's original Progeny(R)
investment at in excess of 8.5x cost. At close of business on 23
January 2006 the share price had risen 105% since the half year end
increasing the value of ANGLE's investment by a further 3.2 million
to 6.3 million. "

angle results

Worth reading the new broker notes if you have them.
Edison note is listed on their website.

A good play as you say with its 25% of PXS - note the recent rise of PXS since the publication of results.
62m shares (24.8% of company 250m) based at mid price on Friday (11.625p) adds close to a 1m gain to the 6.3m mentioned in the results...

Share price shows shows the start of a reversal -
The last two candlesticks formed a Bullish Harami Pattern . This is a bullish reversal pattern that marks a potential change in trend.

thorlidur, if you post the links to broker notes i will put them in the header.

Edison Research note link below, historic research notes can also be found on Angles website http://www.angletechnology.com/

http://miranda.hemscott.com/ir/agl/pdf/05EdisonResearch25jan06.pdf

Have the Collins Stewart note - but no link to it unfortunately.

ok, done. chart also added. good luck .

Likewise. If you want the cs note can always send it on to you.

Bit of info off the cs note on potential of the progency companies...note the market size and angle holding figures....

Table 1: Progeny Venture Company Portfolio
Company, Market, Market size, ANGLE holding, Status

Novocellus Human fertility treatment $1bn 63% [1]
- Clinical trials to complete in Q2 2006
- Engaging with commercial partners

Acolyte Bacteria identification $1.3bn 11%
- MRSA diagnostic product launched
- Sales to UK hospitals

NeuroTargets Neuropathic pain treatment $7bn 25%
- Co-development arrangements with several large pharmaceutical companies

Provexis Foods with proven health benefits Rapidly growing 25%
- AIM listed
- Drink launched Jan 06
- Multiple currently 8.5x

Aberro Software testing $1bn+ 57%
- Product launched in Jan 06
- Strong interest

Synature Effective market segmentation of internet users $700m 55% [1]
- Top industry hire secured as CEO
- Product in development

Geomerics Accelerated computer graphics $700m 60% [1]
- Game industry deal expected 2006
- Top game industry hire secured as CEO

Exago Data discovery, summarisation and expertise location $1bn+ 10% of Corpora
- Trade sale for shares to Corpora plc in 2004
- Multiple currently 3x

Angle to raise 8.1 mln stg from 79p/share placing

Angle PLC, the management and consulting firm, said it is placing up to 10.205 mln new shares at 79 pence each to raise up to 8.1 mln stg. The new shares will represent 37.6 pct of Angle's enlarged share capital.

The company said it will use the placing proceeds to develop its existing Progeny company portfolio and establish new Progeny companies from the pipeline of opportunities under development.

Broker Mulier Capital, which has assisted in the fundraising process, is taking a 2.23 pct stake in Angle, subscribing for 605,749 placing shares

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 :)

Will I'm in on these ones... 1,300 at 88p each yesterday

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.

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"

more new stuff. who would have thought that Vibration White Finger was such a problem !!


Angle PLC
29 March 2006


For Immediate Release 29 March 2006

ANGLE plc

('ANGLE' or 'the Company')

New Venture Company: InnoMatica Ltd



ANGLE plc ('ANGLE'), the venture management and consulting company specialising
in the commercialisation of technology, is pleased to announce the launch of its
latest venture company, InnoMatica Ltd ('InnoMatica').



In accordance with ANGLE's Progeny(R) process for creating new ventures,
InnoMatica has secured intellectual property that is set to revolutionise the
US$1.2bn per annum global market for percussive power tools by reducing operator
exposure to vibration, the principal cause of medical conditions such as
Vibration White Finger (VWF). The technology has been developed over ten years
by a team of leading engineers, academics from the University of Cambridge and
members of the power tools industry.



The scale of the vibration problem is substantial. In 2001, over 35% of
employer's liability insurance claims were for Hand Arm Vibration Syndrome
(HAVS), a debilitating condition caused by exposure to hand transmitted
vibration. The Health and Safety Executive (HSE) estimates that there are around
300,000 sufferers of VWF, the most common form of HAVS, in the UK, with around 2
million people regularly exposed to high levels of vibration. Costs of settling
a single VWF claim can exceed 200,000.



Since the implementation throughout Europe of the Physical Agents (Vibration)
Directive (approved by the UK Parliament as The Control of Vibration at Work
Regulations, July 2005), employers have been bound to adhere to specific limits
on employee exposure to vibration in the workplace. The only method of
significantly reducing the vibrations generated by percussive power tools, such
as road breakers, is by increasing the mass of the tool; yet practical and
regulatory issues prevent the movement of such heavy tools. As a result,
employers have had to either limit the time a single employee may use a tool or
use deliberately underpowered tools in order to comply with the regulations.



InnoMatica holds the solution to this problem in the form of its Variable Mass
Technology (VMtechnologyTM). This technology reduces tool vibration to a level
that allows a single operator to use a powerful percussive power tool for up to
four times longer than existing products. This not only removes the need for
time limits or power reduction, but also provides the operator with a much safer
and easier to use tool.


In accordance with ANGLE's Progeny(R) process for creating new ventures, ANGLE's
plan is to build a strong commercial offering, seeking a return on its
investment in the medium term. ANGLE expects to invest up to 400,000 in the
Progeny(R) venture, which is presently wholly owned by ANGLE. Once InnoMatica
has exercised its option to acquire the technology, ANGLE's equity stake in the
Company will be 61%.


ANGLE's Chief Executive, Andrew Newland, said:



'The power tools and construction industries are worth US$1.2bn per annum, and
they have long awaited a solution to the injuries caused from vibration power
tools. We are delighted to be at the forefront of a technology that dramatically
enhances productivity, not only solving the financial and legislative issues but
also addressing human safety.'



Chief Technology Officer of InnoMatica, Dott. Giovanni Bisutti, said:



'InnoMatica's technology provides a genuine new standard for health, safety,
productivity and operator comfort in percussive power tools. We intend to
address the major legislative and productivity issues currently facing the
industry.'

Another research note out -

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....

And the Edison Research update from the 8th March....

http://miranda.hemscott.com/ir/agl/pdf/06EdisonResearchNote08mar06.pdf

"Based on the enlarged market cap following the placing, the implied value placed on the six non-exited ventures is just 6 million, equivalent to an exit multiple of 1.7x"

"Factoring in the 6.8x exit multiple, we calculate Angles embedded value at 41.6m, an uplift of 80% from the profroma market cap of 23m"

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%

Why 2 threads?

The mind boffles!

Admittedly the title could be a bit more sexy than just:

Angel(epic)

KD.

Gets people thinking doesnt it....Actually like the charts here - but the other thread title is a bit more catchy lol

Okay consensus to keep this one and ditch the other one frpm now on.