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ANGLE - Share price 86p broker target 165p - SIGNIFICANTLY UNDERVALUED (AGL)     

thorhildur - 29 Jan 2006 11:45

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

thorhildur - 29 Jan 2006 14:15 - 2 of 193

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 Provexis (PXS) - note the recent rise of PXS since the publication of results.
62m shares (24.8% of companys 250m is issue) 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.

thorhildur - 31 Jan 2006 20:56 - 3 of 193

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

thorhildur - 02 Feb 2006 22:04 - 4 of 193

.

Tonker - 03 Feb 2006 09:47 - 5 of 193

I agree with you mate... shares look attractive...

Tole - 04 Feb 2006 14:51 - 6 of 193

Likewise so that three of us :)

Copora (CP.) - (Angle have 10% of this company) looks ready for a move - new broker note due to be published over the next few days on that one I understand. Looks ready for an upwards move there.

Provexis (PXS) - plenty of interest and a nice upwards run - now looking to consolidate over the coming weeks before continuing its next run imo

Tonker - 05 Feb 2006 19:48 - 7 of 193

Am going to keep a good eye on these shares... Wait for the change, will be looking for two rises in a row or a large swing... Also keep eye on trades, company has had a positive interim results, read this [copied]
Financial Highlights

The value of investments (1) on the balance sheet increased by 83% to
5.2 million (2004: 2.9 million).

The flotation of Provexis in June 2005 delivered a gain in valuation
of 2.0 million at the placing price over the cost of investment. The
Provexis share price at close of business on 23 January 2006 values
ANGLE's investment at 6.3 million, a further gain in valuation of
3.2 million since the period end.

Operating costs to establish, develop and create value in Progeny(R)
companies were increased by 107% to 1.8 million (2004: 0.8 million).
This included expenditure on controlled investments (2) of 0.8
million (2004: nil).

Turnover for the half year increased 16% to 2.0 million (2004: 1.7
million).

Loss before tax reduced by 49% to 0.8 million (2004: 1.6 million).

Loss per share reduced by 51% to 4.7p (2004: 9.8p).

Consulting and Management entered the second half with a strong order
book of 8.7 million (2004: 2.8 million) as a result of major new
contracts.



Operational Highlights

Aberro Founded company with experienced management team. Developed
and launched automated software testing product. Revenues expected in
Q1 2006.

Acolyte Biomedica BacLite(R) Rapid MRSA product launched in May 2005
followed by the improved BacLite(R) flex product, launched in
January 2006.

Geomerics Prototype developed demonstrating dramatic speed and
capability improvements for computer games graphics. Building
relationships with major games industry players. High level
management team appointed.

Novocellus Successful development work lead to multi-site
clinical trials being launched in November 2005. Progressed
discussions with major medical diagnostics companies regarding trade
partnership.

Provexis Completed reverse acquisition of Nutrinnovator, flotation on
the Alternative Investment Market, negotiation of distribution
agreements, preparation of Sirco product with launch into the retail
stores of Sainsbury's and Waitrose in January 2006.

Synature Prototype customer classification technology delivered good
first stage results, moving the technology towards full scale
commercial software. Senior management appointed.

Negotiations in progress with major technology corporates, research
establishments and universities for commercialisation of their
intellectual property and several additional Progeny(R) companies
under development.

Tole - 11 Feb 2006 16:29 - 8 of 193

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

Tonker - 14 Feb 2006 10:54 - 9 of 193

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

Tonker - 18 Feb 2006 16:02 - 10 of 193

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

Technotamed - 18 Feb 2006 19:01 - 11 of 193

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.

Tole - 21 Feb 2006 20:46 - 12 of 193

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.

Tonker - 02 Mar 2006 08:36 - 13 of 193

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

hobbst - 03 Mar 2006 15:02 - 14 of 193

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.

Technotamed - 03 Mar 2006 16:14 - 15 of 193

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

Tonker - 06 Mar 2006 07:58 - 16 of 193

How will the placing announced today affect sp

Tonker - 06 Mar 2006 08:18 - 17 of 193

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....

Tonker - 06 Mar 2006 10:40 - 18 of 193

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

Tole - 07 Mar 2006 17:33 - 19 of 193

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 :)

Tole - 10 Mar 2006 10:10 - 20 of 193

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.

Tole - 15 Mar 2006 21:56 - 21 of 193

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.



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