http://www.angletechnology.com/

research note, acrobat reader needed

latest results 24/1/06

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.

For Immediate Release 4 May 2006


ANGLE plc

('ANGLE' or 'the Company')

New Venture Company: Parsortix Inc

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, Parsortix Inc, which was agreed on 28 April but for
reasons of commercial confidentiality was embargoed until now.

In accordance with ANGLE's Progeny(R) process for creating new ventures,
Parsortix has secured intellectual property that has the potential to change the
$600 million global market for prenatal diagnostics by eliminating the need for
maternal invasive procedures. The technology, developed in private laboratories
in both the US and Europe, is also applicable to bone marrow transplant
procedures used in the therapeutic regimen for the treatment of cancer.

Approximately 6.5 million pregnancies occur in the United States alone each
year. Parsortix's technology enables the determination of chromosomal
abnormalities in the first trimester of pregnancy without the need for invasive
diagnostic procedures. Early definitive diagnosis for chromosomal abnormalities
associated with spina bifida, Down's, Turner, and Klinefelter syndromes, as well
as other disorders due to genetic abnormalities, can help physicians better care
for both the mother and the foetus during pregnancy. It also gives families
earlier information with respect to the health of the unborn child and avoids
the risk to mother and foetus of the maternal invasive procedures currently
used.

This technology should also help provide better care for chemotherapy and
radiation treated patients who have to undergo bone marrow transplants. In
addition, it should help ensure the safety of marrow transplants for the
patients receiving their own bone marrow (autologous transplants) and may also
be used in preventing immune rejection during bone marrow transplant from
another donor.

The technology will fit into current medical practice enabling less expensive
procedures, and more timely diagnosis adding value to both prenatal care and
cancer therapeutics.

In accordance with its process for new venture creation, ANGLE will provide
management and initial funding to Parsortix, creating a business plan, initial
management, IP protection, regulatory guidance, and product planning. This
company is being formed in accordance with the strategic relationship between
the Ben Franklin Technology Partners of Southeastern Pennsylvania and ANGLE.
The agreement provides that ANGLE will work with BFTP to form companies in the
South Eastern Pennsylvania region to promote economic development in the region
through the formation of technology based enterprises.

Commenting on the formation of Parsortix, ANGLE's Chief Executive, Andrew
Newland said:

'We are delighted to have launched Parsortix Inc. The prenatal diagnostic
market is one that is ready for a new approach and the benefits of early
diagnosis without the risk of maternal invasive procedures is enormous.

This is the first company resulting from our preferred commercialisation partner
agreement with Ben Franklin Technology Partners of Southeastern Pennsylvania
(BFTP/SEP), which provides ANGLE access to commercialisation opportunities from
more than $1 billion of research funding per annum in the Greater Philadelphia
region.'

annuver new venture for angle ......

Angle PLC
17 May 2006



For Immediate Release 17 May 2006


ANGLE plc
('ANGLE' or 'the Company')

New Venture Company: Kaloptics, Inc.

ANGLE plc ('ANGLE'), the venture management and consulting company specialising
in the commercialisation of technology, is pleased to announce that it has signed
an agreement with New York University (NYU) to commercialise innovative technology
developed at the Media Research Lab in the Computer Science Department of NYU's
Courant Institute of Mathematical Sciences. The agreement was effective on 30
April but for reasons of commercial confidentiality was embargoed until now.


Researchers Ken Perlin, PhD and Jeff Han have developed a patent-pending
kaleidoscope and software system that enables the rapid capture and recreation
of photo-realistic surface images. The technology has a wide range of commercial
applications in multi-billion dollar industries, including special effects,
animation, computer gaming and medical devices.


As part of its normal model for venture creation, ANGLE has formed and will
incubate Kaloptics, Inc. to lead the technology commercialisation, market and IP
assessment, and business strategy. ANGLE will contribute the initial management
of Kaloptics and lead a seed financing round for the company.


Ken Perlin is a professor in the Department of Computer Science at NYU and was
founding director of its Media Research Lab. His research interests include
graphics, animation, user interfaces and multimedia. He also received an Academy
Award for Technical Achievement from the Academy of Motion Picture Arts and
Sciences.


Jeff Han, a computer science researcher at NYU, has been working in the fields
of real-time computer graphics, computer vision, human-computer interfaces and
machine learning for over ten years.



ANGLE's Chief Executive, Andrew Newland, said:


'We are delighted to be working with New York University and its Media Research
Lab. These are world-class researchers who have produced numerous contributions
to their fields. We believe that the Kaleidoscope system can address a major
issue in multiple markets - the cost effective acquisition of data that can be
used for the creation of realistic surface images.'