Angle Regulatory News (AGL)

6 Jul 2005 07:01

Angle PLC06 July 2005 For Immediate Release 6 July 2005 ANGLE plc ('ANGLE' or the 'Company') Preliminary Results for the year ended 30 April 2005 ANGLE plc, the intellectual property and technology commercialisation company,announces its preliminary results for the year ended 30 April 2005. Financial Highlights • Turnover increased by 44% to £4.13 million (2004: £2.87 million). • Consulting and Management operating profit increased by 22% to £0.52 million (2004: £0.43 million). • Investment to establish and develop new Ventures increased by 251% to £3.02 million (2004: £0.86 million) comprising Ventures operating costs expensed in the profit and loss account of £1.79 million (2004: £0.68 million) and increase in fixed asset investments on the balance sheet of £1.24 million (2004: £0.19 million). • Loss before tax was £2.35 million. The loss is stated after new Ventures development costs as above and a provision for diminution in value of current asset investments of £1.57 million (2004: nil). In 2004 the profit before tax was £2.33 million, which included profit of £2.31 million on disposal of investments. • Basic loss per share of 13.87p (2004: profit 20.43p). • Cash at bank at year end £5.55 million (2004: £8.25 million). • Consulting and Management businesses entered new financial year with strong sold order book of £8.98 million (2004: £3.23 million). Operational Highlights • Consulting and Management won a major new Qatar Science & Technology Park contract worth over £6m over 3 years. • Four new Progeny(R) companies formed: Contrasoft, Customiser, Geomerics and Novocellus each offering the potential to address major worldwide markets in software testing, internet personalisation, computer graphics and IVF embryo viability respectively. • Good progress made by Progeny(R) companies: Acolyte Biomedica, NeuroTargets and Provexis. In particular, Acolyte Biomedica has completed development of its MRSA testing product and made first sales in May 2005. Provexis has progressed product development and clinical trials of its cardio-vascular health drink, Sirco, to be launched in Q4 2005. • Flotation of Provexis completed in June 2005 through a reverse acquisition of Nutrinnovator Holdings, generating a gain in valuation for ANGLE of £2.00 million at the placing price. • New Directors of Ventures appointed in the UK and US and teams strengthened with new recruits. • Negotiations in progress with major technology corporates, research establishments and universities for commercialisation of their intellectual property. Hance Fullerton, Chairman, commented: "ANGLE has made good progress in the growth of its business during the year.The Consulting and Management businesses have delivered increased revenue andprofits and secured a major new contract in Qatar worth in excess of £6 million. Our Ventures teams have expanded in the UK and US and relationships have beenfurther developed with leading technology organisations. Good progress has beenmade in evaluating and developing new venture propositions. Work was completedon the development of four new Progeny(R) companies during the year and theexisting Progeny(R) companies were developed against their milestones towardsrealising value for our shareholders. Notably, the flotation of Provexis inJune 2005, generated a substantial gain in valuation for ANGLE once againdemonstrating the value of ANGLE's Progeny(R) process." Enquiries:ANGLE plc 01483 295830Andrew Newland, Chief ExecutiveDawson Buck, Deputy 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, 107 Cheapside, London, EC2V 6DN. Please call BuchananCommunications for more details. Notes to Editors Founded in 1994, ANGLE is an international venture management and consultinggroup focusing on the commercialisation of technology and the development oftechnology-based industry. ANGLE creates, develops and advises technologybusinesses on its own behalf and for its clients. ANGLE is listed on AIM(AGL.L); further information can be found on www.ANGLEplc.com CHAIRMAN'S STATEMENT Introduction During the year ended 30 April 2005, ANGLE made good progress in developing itsbusiness in accordance with plans set out at flotation in March 2004. Strong growth of the Consulting and Management businesses was achieved and theVentures business was scaled up using the monies raised at the flotation.Investments were made to establish three new Progeny(R) Companies in the yearwith a fourth announced immediately after the year end. Strong progress was made by Acolyte Biomedica, NeuroTargets and Provexis againsttheir milestones during the year, with a notable success being Provexis'flotation completed in June 2005. Results In the year ended 30 April 2005, ANGLE increased turnover by 44% to £4.13million (2004: £2.87 million). The loss before tax was £2.35 million, which wasprincipally made up of the following elements: • Increased profit before tax on the Consulting and Management businesses to £0.52 million (2004: £0.43 million), up by 22%; • Increased investment to establish and develop new Ventures expensed in the profit and loss account of £1.79 million (2004: £0.68 million) up 164%; • A provision for diminution in the value of investments of £1.57 million resulting from our holding in Corpora plc; • Interest of £0.24 million (2004: £0.05 million). In 2004 the profit before tax was £2.33 million, which included profit of £2.31million on disposal of Exago to Corpora plc. The basic loss per share was13.87p (2004: profit 20.43p). Finance At the year end, ANGLE had cash at bank of £5.55 million (2004: £8.25 million).The reduction was principally planned investment to establish and develop newVentures, which increased by 251% to £3.02 million (2004: £0.86 million)comprising Ventures operating costs expensed in the profit and loss account of£1.79 million (2004: £0.68 million) and increase in fixed asset investments onthe balance sheet of £1.24 million (2004: £0.19 million). In addition to cash balances, ANGLE held a quoted investment valued at £0.88million at the year end relating to its holdings in Corpora plc. Subsequent tothe year end, completion of the Provexis flotation led to ANGLE holding anadditional quoted investment in Provexis plc valued at £3.47 million at theplacing price, which included a gain in valuation of £2.00 million. Progeny(R) Companies Significant progress has been made in expanding our Ventures capabilities andactivities. Senior staff have been appointed to lead and develop new Venturesin both the UK and US markets, bringing experience from major corporate,management consulting and venture capital roles. During the year, we completed work on establishing four new Progeny(R)Companies, three of which were founded in the year and the fourth immediatelythereafter. These companies address large markets in software testing, internetpersonalisation, computer graphics and IVF embryo viability. We are in negotiation with several major corporates and universities in the UKand US to agree the basis for commercialisation of their intellectual property. Of our four Progeny(R) companies existing at the start of the financial year,three developed well during the year according to their agreed milestones. Ofparticular note, was the work undertaken during the year towards the flotationof Provexis, which completed in June 2005. Development of the fourth company,IDR Therapeutics, was terminated when market evaluation indicated that therewere better alternative opportunities available to us. Strategy and Outlook ANGLE's objective is to achieve profitable long term capital growth for itsshareholders through the successful combination of its Consulting and Managementbusinesses with the establishment and development of a portfolio of Progeny(R)Companies in a range of technology sectors. The Group's access to intellectualproperty combined with its highly experienced management team puts it in astrong position to fulfil this objective over the next few years. The Consulting and Management order book remains strong at £8.98 million at 30April 2005 (2004: £3.23 million), with particularly strong growth forecast inthe Middle East as a result of a major new contract in Qatar. The outlook for the current financial year is encouraging. Since the start ofthe financial year, we have already made a number of important announcementsincluding the: • flotation of Provexis through a reverse acquisition of Nutrinnovator Holdings plc raising new equity of £5.9m from new funding and the conversion of loans. Provexis' leading product Sirco, containing active ingredient FruitFlow(R) (previously known as CardioFlow(R)) for maintaining cardiovascular health, is scheduled to be launched in UK supermarkets in the final quarter of 2005; • launch of the BacLite(R) MRSA detection product by Acolyte Biomedica with sales to Barts and the London NHS Trust and Salisbury District Hospital. The product has been well received and the company expects strong demand. Separately Acolyte signed a joint venture with Scottish National Blood Transfusion Service to develop a test for bacterial contaminants in blood. • formation of a new Progeny(R) Company, Geomerics, to commercialise intellectual property developed by academics from the University of Cambridge for application in high speed computer games graphics. The pipeline of potential Progeny(R) Companies is strong and presentssignificant opportunities for ANGLE to further expand its Venture developmentactivities. I would like to thank all members of the ANGLE team for their efforts indelivering a strong performance in our first year as a public company. We havean exceptional team, and I am grateful for all their hard work, enthusiasm andcommitment to the business. I look forward to working with them in the yearahead. Hance FullertonChairman5 July 2005 OPERATIONS SUMMARY Consulting and Management ANGLE has built profitable Consulting and Management businesses in the UK, USand Middle East, generating revenue and providing expert in-house staffcapability as well as the opportunity to build important relationships withcorporates, government research establishments and universities. Therelationships with owners of intellectual property are a key channel for theGroup to identify and exploit opportunities to commercialise intellectualproperty using its proprietary Progeny(R) process. The Consulting and Management businesses have performed strongly during theyear. Fees increased 47% to £3.90 million (2004: £2.66 million) resulting in aprofit up 22% at £0.52 million (2004: £0.43 million). A number of majorcontracts were secured during the year and the order book is strong at £8.98million (2004: £3.23 million). During the year, ANGLE secured its largest ever fee-for-service contract, tomanage the Qatar Science & Technology Park (QSTP) until March 2009. Thecontract is worth over £6m in addition to the existing Qatar contracts. ANGLEis responsible for the effective establishment and operation of the QSTP,placing us at the centre of one of the world's most ambitious technologycommercialisation projects. We will be leading the research andcommercialisation process in Qatar through a raft of QSTP programmes includingthe creation and growth of new technology companies, establishment of a venturecapital fund, and development of an entrepreneurship training and mentoringprogram. Ventures The Ventures business made good progress during the year. The management teamsin the UK and US were both strengthened with new recruits, and, in accordancewith our plans set out at the time of flotation, investment to establish anddevelop new Ventures was increased 251% to £3.02 million (2004: £0.86 million).This comprised Ventures operating costs expensed in the profit and loss accountof £1.79 million (2004: £0.68 million) and an increase in fixed assetinvestments on the balance sheet of £1.24 million (2004: £0.19 million). The pipeline of new opportunities available to ANGLE has been significantlydeveloped. An example of this was the agreement with Ben Franklin TechnologyPartners of Southeastern Pennsylvania (BFTP), an internationally recognisedeconomic development organisation, to advance the growth of technology-basedcompanies in the Greater Philadelphia region. It is contemplated that ANGLEwill commit $5 million over five years for funding new technology spin-outs thatmeet its Progeny(R) requirements. This funding will be matched by BFTP on anon-dilutive basis, thus doubling the leverage on ANGLE funds for creatingProgeny(R) companies. The Greater Philadelphia region is home to many of the world's most renownedacademic institutions including the University of Pennsylvania - one of theleading research universities in the United States. Collectively, the region'sacademic institutions attract more than $1 billion of research funding perannum, generating more than 200 patent applications per year. The region iswell recognised as a global leader in the bio-pharma and medical research arena.ANGLE will serve as BFTP's preferred commercialisation partner fortechnologies from universities, colleges and related institutions in the region. This agreement demonstrates the benefit ANGLE obtains from the combination ofits Consulting and Management businesses with its Ventures business. ANGLE'srelationship with BFTP has developed from successful consulting work inPennsylvania, including the development of the strategy for nanotechnology inthe Commonwealth of Pennsylvania. During the year, work was undertaken on establishing four new Progeny(R)Companies: • ContraSoft: a software testing product company commercialising technology developed by a corporate VP of R&D and University of Texas academic to improve productivity, reduce costs and improve quality in the software testing process. • Customiser: an internet personalisation company founded to commercialise intellectual property generated by a Cambridge team of psychologists and University pattern recognition experts to improve on-line advertising and sales. • Geomerics: a computational graphics company founded just after the year end to commercialise intellectual property developed by a team of leading academics from the University of Cambridge, Colorado School of Mines and Arizona State University for application in high speed computer games graphics. • Novocellus: an IVF diagnostic company founded to commercialise revolutionary technology from University of York for non-invasive testing of the viability of IVF embryos. Each of these new Progeny(R) Companies offer the potential to address majorworldwide markets with differentiated products protected by intellectualproperty. The development of these companies is carefully controlled usingANGLE's Progeny(R) process to minimise the development risk and enhance thereturn to all the shareholders. Substantial capital returns are expected toaccrue to ANGLE shareholders from these new Progeny companies within three tofive years. Good progress was made with ANGLE's existing Progeny(R) companies. Mostnotably, work during the year resulted in the flotation on AIM of Provexis via areverse acquisition of Nutrinnovator Holdings plc raising £5.9 million through aplacing and the conversion of loans. Since the flotation was completed in June2005, the financial impact of the transaction is not shown in ANGLE's accountsto 30 April 2005. Provexis was founded by ANGLE in 2000, using the Progeny(R) process, as a jointventure with the Rowett Institute (a leading human nutrition research centre).ANGLE's cost of investment on the balance sheet to develop Provexis using theProgeny(R) process is £0.46 million. At the placing price, this originalinvestment is valued at £2.13 million representing a multiple on investment of4.6 times, an increase of £1.67 million over cost. In addition, ANGLE providedProvexis with convertible loan funding of £0.50 million in February 2005. Thisloan has been converted into new shares in Provexis plc valued at £0.83 millionat the placing price, representing a multiple on investment of 1.7 times and anincrease of £0.33 million over cost. The overall gain in valuation to ANGLEfrom the transaction is £2.00 million at the placing price. ANGLE believes that the value of Provexis may increase substantially if Provexisis successful in its launch of Sirco and has therefore invested £0.50 million inthe placing. Following the placing and completion of the reverse takeover,ANGLE holds 24.8% of Provexis plc's issued share capital. ANGLE currently holds investments in eight companies, which it has developedusing its established Progeny(R) process. Provexis is the second successfultransaction for ANGLE's venture companies since ANGLE's flotation in March 2004and further demonstrates the value of ANGLE's Progeny(R) process. In addition to work on Provexis' flotation, progress has also been made duringthe year with the Progeny(R) companies established before ANGLE's flotation,notably: • Acolyte Biomedica has completed the development of its MRSA testing product and made its first sales of this product in May 2005. Independent hospital analysis of the product has been highly favourable and market demand looks promising; • NeuroTargets has progressed its nerve injury and pain treatments and secured an alliance with BioFocus plc aimed at discovering treatments for nerve injury and pain; • Provexis has progressed product development and clinical trials of Sirco, its cardio-vascular health drink containing active ingredient FruitFlow(R) (formerly known as CardioFlow(R)) and has announced plans for the launch of the drink in the final quarter of 2005. During the year, a detailed evaluation was undertaken of the market prospectsfor Progeny(R) company, IDR Therapeutics. It was concluded that the marketdynamic for IDR's product offering had changed with the likely impact that thecompany would require a significantly increased level of investment over alonger timescale before a return would be achieved. Under these newcircumstances, the development of IDR Therapeutics no longer met ourrequirements for investment under the Progeny(R) process. Accordingly theprogramme was terminated. The cost of investment was £0.14 million, all ofwhich had previously been expensed through the profit and loss account. Whilst it was disappointing to terminate the IDR programme, the strength of theProgeny(R) process was demonstrated through identification of a potentialproblem in advance of a major financial investment. Where problems areidentified in the future with other Progeny(R) companies, these will besimilarly terminated with the minimum investment from ANGLE having beencommitted. The share price of Corpora PLC, the AIM listed company in which ANGLE holdsshares following the sale of its Progeny(R) company Exago to Corpora, hasregrettably fallen significantly during the year resulting in the need for anincrease in the provision for the diminution in value of investments to £1.57million. Even after this write down, ANGLE's original investment is stillvalued at £0.85 million at the year end which is 4.0 times cost. On a morepositive note, Corpora has recently completed a £3m placing to fund expansionand announced software product sales to Microsoft and EDS. The Company's ongoing strategy is to create more Progeny(R) companies in thebiosciences, electronics, optronics, IT, materials, nanotechnology and softwaresectors. At the year end, the pipeline for further Venture opportunities wasstrong. ANGLE's business model, high calibre management and its Progeny(R)process have been recognised by many potential technology partners as bridging acritical gap in exploiting their intellectual property. As a result ANGLE isevaluating new Venture opportunities with several of the UK's and US's toptechnology universities, key research organisations and FTSE 100 / Fortune 500businesses. ANGLE's business is scaleable, well diversified into international markets andbenefits from a portfolio of companies specialising in a number of differentsectors. This diversity and flexibility is key to ANGLE's ongoing strength andstability. With a solid performance underpinning its activities, a strong sold order bookgoing forward and many exciting and profitable venture opportunities on thehorizon, ANGLE is facing the future with confidence and optimism. ANGLE PLCCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 APRIL 2005 Note 2005 2004 £ £ TurnoverConsulting and Management 3,897,714 2,656,553Ventures 234,437 219,257 4,132,151 2,875,810Operating costsConsulting and Management (3,375,944) (2,228,087)Ventures (1,785,400) (674,918) (5,161,344) (2,903,005)Other operating incomeVenturesProfit on disposal of investments - 2,309,281 Operating profit / (loss)Consulting and Management 521,770 428,466VenturesOperating loss (1,550,963) (455,661)Profit on disposal of investments _______- 2,309,281 (1,550,963) 1,853,620 (1,029,193) 2,282,086Provision for diminution in value ofcurrent asset investments (1,566,372) - Net interest 242,184 46,384 _________ _________Profit / (loss) on ordinary activitiesbefore taxation (2,353,381) 2,328,470 Tax on profit / (loss) on ordinary activities 3 37,850 (37,850) _________ _________ Retained profit / (loss) for the year (2,315,531) 2,290,620 ========== ==========Earnings / (loss) per share 4Basic (pence per share) (13.87) 20.43Diluted (pence per share) (13.87) 19.45 The profit and loss account has been prepared on the basis that all operationsare continuing operations. ANGLE PLC CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFOR THE YEAR ENDED 30 APRIL 2005 2005 2004 £ £ Retained profit / (loss) for the year (2,315,531) 2,290,620 Currency translation differences (42,990) (26,647) _________ _________Total gains and losses recognised in the year (2,358,521) 2,263,973 ========== ========== ANGLE PLC CONSOLIDATED BALANCE SHEETAS AT 30 APRIL 2005 Note 2005 2004 £ £ Fixed assetsTangible assets 52,742 31,959Investments 1,755,779 516,782 _________ ________ 1,808,521 548,741Current assetsInvestments 881,805 2,398,177Debtors - due within one year 847,584 625,503Debtors - due after one year 239,570 239,570Cash at bank and in hand 5,548,638 8,246,871 _________ ________ 7,517,597 11,510,121Creditors: amount falling duewithin one year (686,585) (1,063,116) _________ ________Net current assets 6,831,012 10,447,005 _________ ________Total assets less current liabilities 8,639,533 10,995,746 Creditors: amounts falling dueafter more than one year (1,316) (6,354) _________ ________Net assets 8,638,217 10,989,392 ========== ========= Capital and reservesCalled up share capital 1,670,648 1,669,648Share premium account 7,543,677 7,537,331Profit and loss account (3,129,464) (770,943)Other reserves 2,553,356 2,553,356 _________ ________Shareholders' funds - equity interests 5 8,638,217 10,989,392 ========== ========= ANGLE PLC CONSOLIDATED CASH FLOW STATEMENTFOR THE YEAR ENDED 30 APRIL 2005 2005 2004 £ £ Net cash inflow / (outflow) from operating activities (1,537,704) 48,592 Returns on investment and servicing of financeInterest received 246,936 10,960Interest paid (3,262) (7,307) _______ _______Net cash inflow from returns on investmentand servicing of finance 243,674 3,653 Capital expenditure and financial investmentPayments to acquire tangible fixed assets (49,177) (15,218)Proceeds on disposal of tangible fixed assets - 650Expenditure on investments (1,288,997) (106,317) _______ _______Net cash outflow for capital expenditure (1,338,174) (120,885)and financial investment Net cash outflow from acquisitions and disposals - - Equity dividends paid - - _______ _______Net cash outflow before managementof liquid resources and financing (2,632,204) (68,640) FinancingNet proceeds from issue of ordinary share capital (69,241) 8,269,775Capital element of finance lease contracts (10,538) (20,212) ________ ________Net cash inflow / (outflow) from financing (79,779) 8,249,563 _________ ________ Increase / (decrease) in cash in the year (2,711,983) 8,180,923 ========== ========= ANGLE PLC NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTFOR THE YEAR ENDED 30 APRIL 2005 C1 Reconciliation of operating loss to net cash outflow from operatingactivities 2005 2004 £ £ Operating profit / (loss) (1,029,193) 2,282,086Depreciation of tangible fixed assets 27,244 30,823Loss / (profit) on disposal of tangible fixed assets - 118Exchange differences (42,664) -Loss / (profit) on disposal of fixed assets investments - (2,398,177)(Increase) / decrease in debtors (223,573) (332,361)Increase / (decrease) in creditors within one year (269,518) 466,103 _________ ________Net cash inflow / (outflow) from operating activities (1,537,704) 48,592 ========== ========= C2 Analysis of net funds 1 May Cash flow 30 April 2004 2005 £ £ £Net cash:Cash at bank and in hand 8,246,871 (2,698,233) 5,548,638Overdraft - (13,750) (13,750) ________ ________ ________ 8,246,871 (2,711,983) 5,534,888 Debt:Finance leases (16,891) 10,538 (6,353) ________ _________ _______Net funds 8,229,980 (2,701,445) 5,528,535 ========= ========= ========= C3 Reconciliation of net cash flow to movements in net funds 2005 2004 £ £ Increase / (decrease) in cash in the year (2,711,983) 8,180,923Cash outflow from reduction in debt 10,538 20,212New finance leases - (6,764)Exchange differences - (26,647) ________ ________Movement in net funds in the year (2,701,445) 8,167,724Opening net funds 8,229,980 62,256 ________ ________Closing net funds 5,528,535 8,229,980 ========= ========= ANGLE PLC NOTES TO THE FINANCIAL INFORMATIONFOR THE YEAR ENDED 30 APRIL 2005 The financial information set out above does not constitute the Company'sstatutory financial statements for the year ended 30 April 2005 within themeaning of section 240 of the Companies Act 1985 but are derived from theaudited financial statements. The auditors have reported on these accounts andtheir report was unqualified and did not contain statements under s237(2) or (3)of the Companies Act 1985. 1 Basis of preparation The financial information in this announcement has been prepared on the basis ofthe accounting policies as set out in the financial statements for the yearended 30 April 2004. The 2004 statutory accounts have been delivered to theRegistrar of Companies and the auditor's report on those accounts wasunqualified. 2 Compliance with accounting standards The Financial Statements are prepared in accordance with the CompaniesAct 1985 and applicable United Kingdom accounting standards. The directors have, in accordance with sections 226 and 227 of theCompanies Act 1985, departed from the standard format of the profit and lossaccount in presenting the financial statements. Profits and losses on disposalsof fixed asset investments, and provisions for diminution in value of fixedasset investments are included in "Other operating income" within operatingprofit as these represent a return from a principal class of business activity.Other material disposals that are not part of the main business activities areshown below operating profit in accordance with the Companies Act 1985 and FRS3- Reporting Financial Performance. Examples of such material disposals includefixed assets, such as property, or current asset investments, such as listedshares held for disposal in the short term. 3 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 andManagement businesses as relieved by losses incurred in the establishment anddevelopment of new ventures. 4 Earnings per share The basic and fully diluted earnings per share is calculated on anafter tax loss of £2.32 million (2004: profit £2.29 million). The basic earnings per share is based on 16,697,500 weighted averageordinary 10p shares (2004: 11,209,904). Share options are non-dilutive for theyear because of the loss. The fully diluted earnings per share is based on16,697,500 weighted average ordinary 10p shares (2004: 11,775,197). ANGLE PLC NOTES TO THE FINANCIAL INFORMATION (Continued)FOR THE YEAR ENDED 30 APRIL 2005 5 Reconciliation of movement in shareholders' funds Group 2005 2004 £ £ Profit / (loss) for the year (2,315,531) 2,290,620Conversion of warrants - 16,916Gross proceeds from issue of shares 10,000 9,000,000Issue expenses (2,654) (837,669)Currency translation differences (42,990) (26,647) _________ _________Net addition / (reduction) to shareholders' funds (2,351,175) 10,443,220 Opening shareholders' funds 10,989,392 546,172 _________ _________Closing shareholders' funds 8,638,217 10,989,392 ========== ========= 6 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 pm on 25 August 2005at ANGLE's offices, Surrey Technology Centre, The Surrey Research Park,Guildford, GU2 7YG. Notice of the meeting will be enclosed with the auditedstatutory financial statements. The audited statutory financial statements for the year ended 30 April 2005 areexpected to be distributed to shareholders by 1 August 2005 and willsubsequently be available on the Company's website or from the registeredoffice, Surrey Technology Centre, Surrey Research Park, Guildford, GU2 7YG. This preliminary announcement was approved by the Board on 5 July 2005. This information is provided by RNS The company news service from the London Stock Exchange