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

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

These shares are still flat am getting ready to jump in there..

still flat... would be nice to see some upward movement... hink they have hit rock botttom...

This will be the 5th time these shares have gone flat, the previous times it has kept dropping. I will watch and let the market decide which way it goes this time.

Well a small tick down - still feel this is the bottom - 50% odd retrace from high.
A bit of old news - but nice to see some coverage of the upcoming games devolpment conference next month where Geomeric (angle have 57%) will be unveiling there new technology....which inevitably should lead to a new games company take up :)

Geomerics and FreestyleGames hire Lincoln Beasley
Ellie Gibson 12:16 08/02/2006
PR firm adds two new clients to roster

Geomerics, which is based in Cambridge, was founded last year and recently hired ex-Kuju director Julian Davis as CTO. The company is set to unveil a new technology based on Geometric Algebra at the Games Development Conference in March. Warwickshire-based FreestyleGames, which was founded by David Osbourn and Jamie Jackson, will announce its first title shortly.

Lincoln Beasley already manages PR for a wide range of companies including Blitz Games, Frontier Developments, Kuju Entertainment and Relentless Software.

MD Alison Beasley commented: "Im extremely pleased to be working for Freestyle and Geomerics and delighted to add them to my small but highly creative stable of talented and savvy game developers."

"Each studio has its own philosophy, strategy, technology and personalities. PR is directly related to sales and, now more than ever, developers need to raise their profiles and shout about what they do.

Geomerics' Julian Davis commented: "Having worked with Lincoln Beasley at Kuju, Im extremely pleased that we can continue to work together now that Ive joined Geomerics. Her industry experience and enthusiasm are invaluable.

FreestyleGames commercial director Chris Lee added: Weve known Alison for a while and have always been impressed with the work that Lincoln Beasley has done for other developers. She has great awareness and knowledge of the industry, understands the requirements of independent developers and shares our passion for what we do.

These shares are looking steady at the mo. not sure if i should buy now... i need a crystal ball

Been watching these shares since this thread appeared.

They are now at an all time low but I am buggered if I can work out why. Have done all the research and Angle appear to have a cracking pipeline of business' and they also appear to have turned around the consultancy arm.

Could not resist such an undervalued stock (imho) and have taken a maiden stake.

These have been on my watch list since Nov, having sold some eme to buy these today.

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"