Provexis Reverse Takeover

18 Feb 2005 08:52

Angle PLC18 February 2005 For Immediate Release 18 February 2005 ANGLE plc PROVEXIS ENTERS NEGOTIATIONS FOR A REVERSE TAKEOVER ANGLE plc, the venture management and consulting company specialising in thecommercialisation of technology, is pleased to announce that venture companyProvexis Limited, the developer of natural bioactive ingredients has enterednegotiations to be acquired by AIM listed Nutrinnovator Holdings PLC ("Nutrinnovator") which develops and markets food and drink products. The size of the proposed transaction is such that it will be defined as areverse takeover and accordingly will be subject, amongst other things, to theapproval of the Nutrinnovator shareholders. As an integral part of the proposedtransaction there will be a fund raising to raise up to £10 million for theenlarged group. In the collective view of the Boards of Nutrinnovator andProvexis, the required disclosure for the marketing campaign planned to achievethe fundraising cannot be confined to a restricted group of potential investors.As a result shares in Nutrinnovator have been suspended with immediate effect.The expectation is that the proposed transaction, fundraising and associateddocumentation will be agreed and announced on or around 24 March 2005. Provexis Limited was founded by ANGLE in 2000 using its established Progeny(R)process as a joint venture with the Rowett Institute (a leading human nutritionresearch centre). ANGLE retains a 32% holding in Provexis, which is held on thebalance sheet at £300,000. ANGLE also holds a convertible loan note and certainother debt instruments due from Provexis. The value of the transaction will beconfirmed following the marketing exercise and ANGLE will provide an update tothe market at that time. Andrew Newland, Chief Executive of ANGLE, said; "We are delighted to announce this major event for our venture company, ProvexisLimited. The combination of Provexis and Nutrinnovator presents a compellingbusiness platform comprising intellectual property, product development,marketing and retail capability for exploitation of the £2.2bn global market forheart healthy products and the substantially larger market for functional foodsgenerally. It is intended to build on Nutrinnovator's sales of its existingAltu product line with the launch later in the year of Provexis' CardioFlow(R)in the form of a cardiovascular health fruit drink. We believe this transactionis a further demonstration of the strength of ANGLE's Progeny(R) process inbuilding value from intellectual property. For further information ANGLE plc 01483 295830Andrew Newland, Chief ExecutiveDawson Buck, Deputy Chief Executive Buchanan Communications 020 7466 5000Suzanne Brocks, James Strong Notes to Editors Founded in 1994, ANGLE is an international venture management and consultingcompany 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. This information is provided by RNS The company news service from the London Stock Exchange