5th Jul 2007 07:01
Angle PLC05 July 2007 For immediate release 5 July 2007 ANGLE plc ('ANGLE' or the 'Company') Preliminary Results for the year ended 30 April 2007 ANGLE plc, the intellectual property and technology commercialisation company,announces preliminary results for the year ended 30 April 2007. Operational highlights • Significant further investment into existing portfolio of controlled investments bringing total investment to date to £12.5 million to establish, develop and create value in these portfolio companies. None of this is shown on the balance sheet. • Exit capability demonstrated through the trade sale of Acolyte Biomedica to 3M Corporation, returning an initial £0.9 million and a further earn-out of up to £4.7 million, a multiple of up to 8x on ANGLE's investment (see Note 8). • Six other Progeny(R) companies progressed during the year, all of which are controlled investments, with their value not on the balance sheet. Operational progress towards exit made in a number of the underlying companies, including Aberro, Geomerics, Novocellus and Parsortix, creating further unrealised value for shareholders. Financial performance • Planned expenditure on controlled investments of £3.1 million (2006: £2.2 million) and on ventures operating costs of £3.0 million (2006: £2.5 million). Adverse movement on quoted investments of £3.0 million (2006: gain of £2.5 million). • Loss before tax after this expenditure of £9.3 million (2006: £2.7 million). • Cash balance at 30 April 2007 of £2.6 million (2006: £8.2 million). Key developments post the year end • Full business review completed. Plan now in place to drive the business into profit during the current financial year. • Third party investment into Progeny(R) company Geomerics resulting in a fair value gain of £4.0 million and a reduction in ongoing investment commitments. • Significant new long-term management contract awarded by the Innovation Lincolnshire Outreach Programme, worth £0.9 million over the next 21 months. • Operating costs reduced by £2.3 million on an annualised basis. • Cash balances sufficient to deliver revised plan. Hance Fullerton, Chairman, commented: "During the year ANGLE made substantial further investment in its portfoliocompanies. As a result, the Progeny(R) portfolio has continued to developstrongly. Key milestones have been reached by a number of the underlyingcompanies. Through a combination of both our capital investment and supportingmanagement expertise ANGLE is continuing to generate real underlying value forits shareholders. Our primary focus is now on releasing this value for shareholders. We havecompleted a detailed review of the business and a plan has been put in placewhich is expected to move ANGLE into profitability in the current financialyear. The successful execution of this plan has already begun through the completedsale of Acolyte Biomedica and the third party investment into Geomerics. TheManagement services business is now operating profitably and will benefit fromthe recent award of the Lincolnshire management contract. With the reduced costbase, the Board looks forward to moving into profitability in the coming year." Enquiries: ANGLE plc 01483 295830Andrew Newland, Chief ExecutiveIan Griffiths, Finance Director Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks, James Strong A presentation for analysts will take place today at 10:00am at the offices ofBuchanan Communications, 45 Moorfields, London, EC2Y 9AE. Please call BuchananCommunications for more details. Notes to Editors Founded in 1994, ANGLE is an international venture management company focusingon the commercialisation of technology and the development of technology-basedindustry. ANGLE creates, develops and advises technology businesses on its ownbehalf and for its clients. ANGLE is listed on AIM (AGL.L); further informationcan be found on www.ANGLEplc.com CHAIRMAN'S STATEMENT The year to 30 April 2007 was one of significant investment and progress in theportfolio of Progeny(R) companies. The maturing portfolio had two exits duringthe year, Acolyte Biomedica and Corpora, and investment in one company,InnoMatica, was ceased as it failed to meet our ongoing Progeny(R) investmentcriteria. Focus As announced on 1 May 2007, a review of the business has been undertaken withthe objective of delivering profitability. To achieve this, the primary focusfor the immediate future will be realising value from the existing portfolio ofcompanies, rather than on the establishment of additional new companies. The plan set out three areas in which an immediate improvement in profitabilitywas intended as follows: • Investment in new Progeny(R) companies to be deferred in order to focus efforts on the existing portfolio. This will reduce the operating loss in respect of direct investments in Progeny(R) companies in the current financial year. • Operating costs and staffing to be substantially reduced. The priority to be on realising value from the existing portfolio of investments rather than sourcing, evaluating and setting up new companies. • The fee-for-service business to focus on the profitable Management services business, which has long term contracts already in place, rather than short term consulting work. This will also result in significant savings in staff costs. I am pleased to report that strong progress has already been made in each ofthese key areas as follows: • The operating loss in respect of direct investments in Progeny(R) companies is expected to be approximately half that of the previous year. • Operating costs and staffing have been reduced by £2.3 million on an annualised basis. • A profit of £4.0 million has been delivered through an initial fair value gain on the Company's holding in Geomerics as a result of the transaction announced today. • The fee-for-service business is now focused on the Management services business, which is expected to deliver in excess of £0.4 million profit in the year. Outlook ANGLE is on track with its plan to deliver ongoing profitability. Following onfrom the successful third party investment in Geomerics, we are seeking similartransactions for other key portfolio companies. Meanwhile our Managementservices business is profitable and opportunities for its development lookfavourable. I intend to retire from the Board of ANGLE at the Annual General Meeting on 20September 2007. I will leave the Board in the capable hands of Garth Selvey whowill succeed me as non-executive Chairman. Garth joined ANGLE as a non-executiveDirector in September 2006 and has developed a wealth of experience in allaspects of corporate life including company growth, securing venture capitalinvestment, attracting new investors, disposals, acquisitions and integration,as well as being CEO of Comino Group, a fully listed Company on the London StockExchange, prior to its acquisition by Civica plc in 2006. ...................... Hance Fullerton Chairman 4 July 2007 CHIEF EXECUTIVE'S STATEMENT During the year, ANGLE has significantly increased its level of investment inorder to expand and develop the controlled investments portfolio. Due to theseinvestments being made in companies in which we have a majority stake,accounting standards determine that the expenditure on these investments ischarged to the income statement with no value recognised on the balance sheet.A profit is reported and the fair value of the investments is recognised on thebalance sheet when the holdings are reduced and the companies are no longercontrolled. Largely as a result of the above, the loss before tax for the year was £9.3million. Some £6.1 million of this loss represents expenditure of £3.1 milliondirect investment in the controlled investment portfolio companies and £3.0million operating costs to establish, develop and create value in Progeny(R)companies. The remaining £3.2 million reflects a decrease in fair value ofquoted investments, share based payments, a loss on the consulting andmanagement business and restructuring costs. Since the year end, the value ofANGLE's holding in Provexis has recovered by some £1.2 million. Progress across the business was generally slower than expected and plans tocomplete external funding into two of the controlled investments were delayed.Profits relating to fair value gains which may arise from these events are nowexpected to occur in the new financial year. One of the year's delayed events,the securing of external funding for Geomerics, has since been concluded and hasdelivered an initial fair value gain of £4.0 million. Following this externalinvestment, we retain a 48% holding in Geomerics. Management services business Performance in the Consulting division was disappointing during the year. As aresult, the decision was taken to focus on the profitable Management servicesbusiness, which has long term contracts already in place, rather than short termconsulting work. Since the year end, necessary restructuring has been completedand the Management services business is now performing profitably and showinggood signs for future growth. Portfolio summary Controlled investments are Progeny(R) companies where the Group has control,typically through owning more than fifty per cent. of the equity. During the year ANGLE exited two investments and discontinued a third. Themovement in number of Progeny(R) companies is set out below: Investments Controlled Non-controlled - Unquoted Unquoted Quoted TotalNumber of Progeny(R) companies At 1 May 2006 7 2 2 11Exits during the year - (1) (1) (2)Investments discontinued (1) - - (1) _______ _______ _______ _______At 30 April 2007 6 1 1 8 ======= ======= ======= ======= ANGLE's portfolio currently comprises eight Progeny(R) companies. With theexception of NeuroTargets and Provexis, these companies are all controlledinvestments being majority owned by ANGLE. After evaluation costs of £0.2million, investment in InnoMatica was ceased as it failed to meet our ongoingProgeny(R) investment criteria. The majority of ANGLE's residual holding inAIM-listed Corpora plc, acquired as a result of the trade sale of our portfoliocompany Exago to Corpora in 2004, was also sold in the second half for £0.3million. At the year end, ANGLE had directly invested £5.2 million in its controlledinvestments and incurred operating costs to establish, develop and create valuein these Progeny(R) companies during the timeframe of their development of afurther £7.3 million. None of this investment is shown on ANGLE's balance sheet.The Board believes that this represents significant unrealised value in thebusiness as is demonstrated by the fair value of £4.0 million attributed to justone of the six companies, following the Geomerics deal announced today. Acolyte Biomedica exit During the second half, ANGLE's Progeny(R) company Acolyte Biomedica was sold to3M Corporation. ANGLE's share of the proceeds was an initial £0.9 million incash and an earn-out of up to £4.7 million receivable early in 2010. Theinitial payment delivered a 1.3x cash multiple on ANGLE's investment, which willincrease to an 8x cash multiple should the maximum earn-out be achieved. Only£1.9 million of this potential £4.7 million is entered on ANGLE's balance sheet. ANGLE founded and developed Acolyte using its Progeny(R) process. Keydevelopment work took place prior to ANGLE's own listing and ANGLE did not havethe ability to invest in the company during its development. As a result, ourequity holding in Acolyte at exit was 11.6%, which is far less than the expectedposition with our key portfolio companies established since 2004 where wecurrently hold more than 4x as much equity in each company. Portfolio company status The status of the portfolio companies, all of which have been founded anddeveloped by ANGLE, is summarised below: • Aberro (65% holding) provides automated software testing products that enable customers to increase the overall reliability of their software while reducing both time to market and development costs. The company expects to make its first significant sales in the second half positioning the company to secure third party funding. See www.aberrosoftware.com for product details. • Aguru Images (formerly Kaloptics) (100% holding) is commercialising technology from New York University and the University of Southern California that enables the rapid capture and recreation of photo-realistic surface images. The technology has a wide range of commercial applications in high value industries, including special effects, animation, computer gaming and medical devices. • Geomerics (56% holding) has developed its radiosity product during the year. This provides rapid computation of light reflection and refraction in computer animation. The result is greater realism and dramatically improved visual quality of computer games. A demonstration can be seen on www.geomerics.com. The radiosity product was launched at the Game Developers Conference in San Francisco in March and the company is now in discussions with a range of potential customers, who are focused on the Sony, Microsoft and other major games platforms. The holding in Geomerics has subsequently reduced to 48% as a result of third party investment. • NeuroTargets (25% holding) is developing therapeutics for pain and nerve injury in the areas of neuropathic and inflammatory pain. The company is operating on a low cost basis whilst options for its development are evaluated. • Novocellus (63% holding) has developed a diagnostic technology that enables the selection of the most viable pre-implantation human embryos for use in IVF treatment. This has the potential to improve the success of IVF rates by at least a third and facilitate the move to routine single embryo transfer, which is an objective of regulatory authorities and subject to considerable press comment at present. Novocellus is in discussions with a number of potential partners for completion of its clinical trials and launch of its product in the market. • Parsortix (68% holding) is developing its prenatal diagnostic device based on the isolation of foetal cells within maternal blood eliminating the need for invasive procedures such as amniocentesis. Large scale validation of the product is expected by the end of the calendar year and thereafter it is believed that FDA approval can be secured so as to enable product launch by mid 2008. • Provexis (AIM:PXS) (20% holding) develops scientifically-proven functional and medical foods. During the year Provexis has expanded sales of its heart health drink Sirco(R) to Tesco, Waitrose, Asda and Morrisons supermarkets. In April it completed a £2.1m fund raising, in which ANGLE invested £0.3 million, and announced a long-term collaboration agreement with Unilever plc to develop a new format of its patented Fruitflow(R) heart-health technology. See www.provexis.com for more information. • Synature (55% holding) launched its internet personalisation products during the year. The first commercial sale of product was made to a leading player in the package holidays market, who are using the product to make holiday recommendations to customers of their web site. The product is being expanded into the fast growing social networking market, which offers substantial growth at low investment. See www.synature.com for more information. The percentage share holdings are based on issued share capital as at 30 April2007. The effective percentage share holdings are shown before the effects ofany dilutive share option or warrants or additional holdings from convertibleloans. The portfolio companies have strong proprietary positions offering the potentialfor highly profitable products addressing major markets. ANGLE is workingclosely with the respective management teams that have been put in place in eachProgeny(R) company to manage the investments and minimise any failures. ANGLE'sinvestment in the portfolio is being directed to maximise returns fromindividual companies and third party investors are being brought into portfoliocompanies as appropriate to manage risk and maximise ANGLE shareholder value. ANGLE's overhead in managing its investments has been streamlined ensuring thatsenior management are directly responsible for all portfolio companies. Costshave been reduced and performance strengthened. Outlook The Management services business has established contracts in place, which areexpected to deliver significant profitability for the year. We expect strong developments in the Progeny(R) company portfolio during theyear as the existing Progeny(R) companies mature and we are delighted to haveannounced one such event today. Overall, we expect to move ANGLE into profitability during the year even aftercontinued investment into the portfolio. Although Hance Fullerton will remain as Chairman until the Annual GeneralMeeting, I would like to take this opportunity to join the rest of the ANGLEBoard in thanking Hance for all his hard work and dedication to ANGLE over theyears. Under his stewardship, the Group has developed from a start-up businessto an established leader in IP commercialisation. Hance has chaired ANGLEthrough its flotation on AIM of the London Stock Exchange and his efforts havebeen instrumental in providing ANGLE the strong management platform needed todeliver Progeny(R) companies that address areas of major market need. We wishHance all the best as he plans for a long and enjoyable retirement and sincerelythank him for his outstanding contribution to ANGLE. ...................... Andrew Newland Chief Executive 4 July 2007 ANGLE PLC CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2007 Note 2007 2006 £ £ Turnover 4 3,377,354 4,092,867 Change in fair value 8 (2,036,814) 2,377,772 Operating costsConsulting and Management (3,769,204) (3,995,530)Ventures (2,994,989) (2,471,626)Controlled investments (3,126,480) (2,217,568)Share based payments (414,741) (381,884)Restructuring charges 5 (540,814) (203,740) _________ _________ (10,846,228) (9,270,348) Operating profit / (loss) (9,505,688) (2,799,709) Net finance income 196,821 131,969 _________ _________Profit / (loss) before tax (9,308,867) (2,667,740) Loss before controlled investments and tax (6,120,766) (460,946) Controlled investments (3,188,101) (2,206,794) Tax 6 201,184 142,023 _________ _________ Profit / (loss) for the period (9,107,683) (2,525,717) ========== ==========Loss per share 7 Basic and Diluted (pence per share) (33.57) (14.36) ANGLE PLC CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2007 Note 2007 2006 £ £ASSETSNon-current assetsNon-controlled investments 8 - 1,642,051Other receivables 8 1,902,724 -Property, plant and equipment 122,863 147,414Intangible assets 389,159 3,575Total non-current assets 2,414,746 1,793,040Current assetsNon-controlled investments 8 1,812,197 4,868,077Trade and other receivables 964,293 1,224,658Cash and cash equivalents 2,551,168 8,234,853Total current assets 5,327,658 14,327,588 _________ _________Total assets 7,742,404 16,120,628 ========== ==========EQUITY AND LIABILITIESEquityIssued capital 2,713,293 2,713,293Share premium account 13,701,935 13,701,935Share based payments reserve 1,713,289 918,876Other reserves 2,553,356 2,553,356Translation reserve (193,813) (73,159)Retained earnings (14,420,638) (5,312,955)ESOT shares (370,000) (20,000) _________ _________Total equity 5,697,422 14,481,346 _________ _________LiabilitiesNon-current liabilitiesObligations under finance leases 4,560 27,363Current liabilitiesTrade and other payables 2,022,180 1,592,362Obligations under finance leases 18,242 19,557Total current liabilities 2,040,422 1,611,919 _________ _________Total liabilities 2,044,982 1,639,282 _________ _________Total equity and liabilities 7,742,404 16,120,628 ========== ========== ANGLE PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2007 2007 2006 £ £Operating activitiesOperating profit / (loss) (9,505,688) (2,799,709)Depreciation of property, plant and equipment 63,964 49,294Amortisation of intangible assets 4,164 1,707(Profit) / loss on disposal of property - 1,059Exchange differences (121,562) (30,295)(Increase) / decrease in trade and other receivables 283,908 (431)Increase / (decrease) in trade and other payables 454,887 855,183Income tax received 142,506 -Change in fair value of non-controlled investments 2,036,814 (2,377,772)Share based payments 414,741 381,884 ________ ________Net cash from operating activities (6,226,266) (3,919,080) Investing activitiesPurchase of property, plant and equipment (43,268) (61,242)Disposal of property, plant and equipment 2,756 -Purchase of intangible assets (10,117) (820)Purchase of non-controlled investments (262,500) (698,018)Provision of convertible loans (90,780) (100,000)Proceeds from sale of investments 1,111,673 -Purchase of ESOT shares (350,000) (20,000)Net interest received 208,935 136,312 ________ ________Net cash used in investing activities 566,699 (743,768) Financing activitiesNet proceeds from issue of share capital - 7,376,972Capital elements of finance lease contracts (24,118) (14,159) ________ ________Net cash from financing activities (24,118) 7,362,813 Net increase / (decrease) in cash & cash equivalents (5,683,685) 2,699,965 Cash and cash equivalents at start of period 8,234,853 5,534,888 ________ ________Cash and cash equivalents at end of period 2,551,168 8,234,853 ========= ========= ANGLE PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2007 Share based Issued Share payments Other Translation Retained ESOT Total capital premium reserve reserves reserve earnings shares equity £ £ £ £ £ £ £ £ At 1 May 2005 1,670,648 7,381,864 536,992 2,553,356 (42,990) (2,787,238) - 9,312,632For the year to 30April 2006Consolidated profit (30,169) (2,525,717) (2,555,886)/ (loss)Share based 381,884 381,884paymentsIssue of share 1,042,645 6,320,071 7,362,716capital (net)ESOT shares (20,000) (20,000) ________ ________ ________ ________ ________ ________ ________ ________ At 30 April 2006 2,713,293 13,701,935 918,876 2,553,356 (73,159) (5,312,955) (20,000) 14,481,346For the year to 30April 2007Consolidated profit (120,654) (9,107,683) (9,228,337)/ (loss)Share based 794,413 794,413paymentsESOT shares (350,000) (350,000) ________ ________ ________ ________ ________ ________ ________ ________ At 30 April 2007 2,713,293 13,701,935 1,713,289 2,553,356 (193,813) (14,420,638) (370,000) 5,697,422 ========== ========== ========= ========= ========= ========= ========= ========= Share based payments reserve The share based payments reserve account is used for the corresponding entry tothe share based payments charged through a) the income statement for staffincentive arrangements in the Group and Controlled investments and b) thebalance sheet for acquired intangible assets in the Controlled investmentscomprising intellectual property. Transfers are made from this reserve to retained earnings as the related shareoptions are exercised, lapse or expire or as a Controlled investment becomesnon-controlled. Translation reserve The translation reserve account comprises cumulative exchange differencesarising on consolidation from the translation of the financial statements ofinternational operations. Under IFRS this is separated from retained earnings. ESOT shares These relate to shares purchased by the ANGLE Employee Share Ownership Trust. ANGLE PLC NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 APRIL 2007 1 Preliminary announcement The preliminary announcement set out above does not constitute the Company'sstatutory financial statements for the years ended 30 April 2007 or 2006 withinthe meaning of section 240 of the Companies Act 1985 but is derived from thoseaudited financial statements. The 2007 statutory accounts will be delivered tothe Registrar of Companies following the Company's Annual General Meeting. Theauditors have reported on these accounts and their reports were unqualified anddid not contain statements under s237(2) or (3) of the Companies Act 1985. 2 Compliance with accounting standards While the financial information included in this preliminary announcement hasbeen computed in accordance with IFRS, this announcement does not itself containsufficient information to comply with IFRS. At the date of authorisation of these financial statements the followingStandards and Interpretations which have not been applied in these financialstatements were in issue but not yet effective: IFRS 8 Operating segmentsIFRIC 4 Determining whether an Arrangement contains a LeaseIFRIC 5 Rights to Interest Arising from Decommissioning, Restoration and Environmental Rehabilitation FundsIFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary EconomiesIFRIC 8 Scope of IFRS 2 Share-based PaymentIFRIC 9 Reassessment of Embedded DerivativesIFRIC 10 Interim Financial Reporting and Impairment.IFRIC 11 Group Treasury Share TransactionsIFRIC 12 Service Concession ArrangementsIFRIC 13 Customer Loyalty Programmes The directors anticipate that the adoption of these Standards andInterpretations in future periods will have no material impact on the financialstatements of the Group when the relevant standards and interpretations comeinto effect. 3 Going concern The Directors have reviewed the projections for the forthcoming 12 monthperiod from the date of signing of these financial statements and based on thelevel of existing cash, projected income and expenditure, the Directors aresatisfied that the Company and Group have adequate resources to continue inbusiness for the foreseeable future. Accordingly the going concern basis hasbeen used in preparing the financial statements. 4 Turnover The breakdown of turnover by business segment is set out below: 2007 2006 £ £TurnoverConsulting and Management 3,364,547 4,022,092Ventures 11,865 60,000Controlled investments 942 10,775 _________ _________ 3,377,354 4,092,867 ======== ======== Turnover from Consulting and Management represents fees received from clientsfor consulting and management services. Turnover from Ventures represents feesreceived from the non-controlled investments for accounting and other servicesprovided by the Company until those companies take those activities in-house.Turnover from controlled investments represents the turnover of thosebusinesses, which is consolidated prior to the company becoming non-controlled. 5 Restructuring charges Restructuring charges relate to the reduction of operating costs andstaffing to focus on the development of the existing portfolio and on theprofitable Management services business, rather than short term consulting work. 6 Tax The Group is eligible for and takes advantage of the substantial shareholdingsrelief UK corporation tax exemption. This results in the gain from anydisposals of UK investments where the Group has an equity stake greater than10%, and subject to certain other tests, being free of corporation tax.Tax is therefore based on the net of profits in the Consulting and Managementbusinesses as relieved by losses incurred in the establishment and developmentof new ventures. The Company's controlled investments undertake research and developmentactivities. In the UK these activities qualify for tax relief and result in taxcredits. 7 Loss per share The basic and fully diluted loss per share is calculated on an after taxloss of £9.11 million (2006: loss £2.53 million). The basic and fully diluted loss per share are based on 27,132,931weighted average ordinary 10p shares (2006: 17,584,521). Share options arenon-dilutive for the year. 8 Non-controlled investments and Other receivables The Group's investment portfolio comprises investments in Progeny(R)companies. Progeny(R) Companies are businesses established by ANGLE tocommercialise intellectual property (IP) using ANGLE's proprietary Progeny(R)process. "Controlled investments" are Progeny(R) companies where the Group owns acontrolling equity position. Under IFRS, these are consolidated and therelevant costs are charged to the income statement rather than placed on thebalance sheet. At the point control no longer exists, a fair value gain arises and the "non-controlled investment" is held at fair value on the consolidated balancesheet In the year to 30 April 2007 costs relating to controlled investments of£3.1 million (2006: £2.2 million) were charged to the income statement. Where the Group does not control a Progeny(R) company (typically owningless than 50% of the equity), these are defined as non-controlled investmentsand held on the balance sheet at fair value, as set out in the table below: Total Non-current assets Current assets Non-controlled Unquoted Quoted investments £ £ £ At 1 May 2006 1,642,051 4,868,077 6,510,128Investments 90,780 262,500 353,280Disposals * (2,733,647) (280,750) (3,014,397)Change in fair value 1,000,816 (3,037,630) (2,036,814) ___________ ___________ ___________At 30 April 2007 - 1,812,197 1,812,197 ========== ========== ========== Other receivables * During the year, ANGLE's Progeny(R) company Acolyte Biomedica was soldto 3M Corporation. ANGLE's share of the proceeds for its 11.6% holding was atotal of up to £5.6 million, comprising an initial £0.9 million in cash and anearn-out of up to £4.7 million receivable early in 2010. A fair value of £1.9million of this potential £4.7 million earn-out is held on ANGLE's balance sheetunder "Other receivables". 9 Shareholder communications Copies of this announcement are posted on the Company's website www.ANGLEplc.comand are available from Buchanan Communications. The Annual General Meeting of the Company will be held at 2:00 pm on 20September 2007 at ANGLE's offices, 20 Nugent Road, The Surrey Research Park,Guildford, GU2 7AF. Notice of the meeting will be enclosed with the auditedstatutory financial statements. The audited statutory financial statements for the year ended 30 April 2007 areexpected to be distributed to shareholders by 24 August 2007 and willsubsequently be available on the Company's website or from the registeredoffice, 20 Nugent Road, Surrey Research Park, Guildford, GU2 7AF. This preliminary announcement was approved by the Board on 4 July 2007. 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