Angle PLC
06 April 2004
For Immediate Release 6 April 2004
ANGLE plc
(ANGLE or the 'Company')
Completion of Disposal
Exago generates £2.15 million profit for ANGLE
ANGLE plc is pleased to announce the completion of its disposal of Exago, a
venture company in which ANGLE had a 49.9% interest, to Corpora plc ('Corpora')
for £4.93 million at the mid-market price at close of business on 5 April 2004.
Proceeds of the disposal are satisfied by the issue to ANGLE of 6,071,335 New
Ordinary Shares in Corpora. This represents 18.1% of Corpora's issued share
capital, as enlarged by the issue of New Ordinary Shares and after the placing
by Corpora of £2.5 million, valuing the Company's interest at £2.4 million at
the mid market price at close of business on 5 April 2004.
Exago was founded by ANGLE in 2000, using its established Progeny(R) process, as
a joint venture between ANGLE and BT to commercialise Intellectual Property
developed by BT Exact, BT's research, technology and IT operations business.
Exago launched eXero, an integrated suite of advanced knowledge discovery,
summarisation, collaboration and expertise location software tools that gives
users the ability to find, manage and share information that is relevant to
their business needs.
Exago's strategy has been to seek to generate revenue from the licensing of
eXero to third parties for selling on to their customer base or for building
into wider solutions. In its first year of trading, Exago achieved sales of
£438,000, the majority in the UK, through a combination of direct and indirect
sales channels.
Based on the mid market price of Corpora shares at close of business on 5 April
2004, the disposal has generated £2.15 million profit for ANGLE, which is a
multiple return on ANGLE's investment of over eleven times. As part of the
disposal, ANGLE has entered into orderly market undertakings under which the
Company has undertaken (subject to certain exceptions) not to sell any shares
for a period of 12 months following completion. Following the acquisition,
Dawson Buck, the current Chairman of Exago and a Director of ANGLE will join the
Board of Corpora as a non-executive Director.
Andrew Newland, Chief Executive, commenting on the transaction said:
'We are delighted that the successful disposal of Exago demonstrates the value
generation capability of our Progeny(R) process for commercialising intellectual
property. We believe that the combination of Exago with Corpora extends the
product offering and customer base and provides a strong base for growth of the
business in the future.'
For further information, please contact:
ANGLE plc 01483 295830
Andrew Newland, Chief Executive
Dawson Buck, Deputy Chief Executive
Ian Griffiths, Finance Director
Buchanan Communications 020 7466 5000
Richard Darby, Suzanne Brocks
Notes to Editors
Founded in 1994, ANGLE is an international venture management and consulting
company focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology
businesses on its own behalf and for its clients.
This information is provided by RNS
The company news service from the London Stock Exchange
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