www.ANGLEplc.com
ANGLE plc
20 Nugent Road
The Surrey Research Park
Guildford, Surrey GU2 7AF
T: +44 (0)1483 295830
F: +44 (0)1483 295836
E: enquiries@angleplc.com
Technology 
wealth creation
ANGLE plc  Annual   report  and  accounts  2007
ANGLE plcc    Annual  report  and  accounts  2007 TECHNOLOGY
VALUE CREATION 
‡ Start-up management
‡ Seed funding
‡ IP partners
‡ Commercialisation 
‡ Exit
VENTURES
TURN KEY SOLUTIONS
‡ Science Parks
‡ Product development
‡ Investment funds
‡ Programmes
MANAGEMENT 
SERVICES
ABOUT US
ANGLE has created an integrated business 
model that offers quoted access to early stage 
technology investments. ANGLE’s proprietary 
Progeny
® 
process addresses the critical issue  
of early stage management in intellectual 
property (IP) commercialisation, maximising 
returns and minimising risk.
Directors Hance Fullerton OBE, Chairman 
ANR
 Andrew D W Newland, Chief Executive
 Ian F Griffiths, Finance Director 
 David W Quysner, Non-executive Director 
ANR
 
Garth R Selvey, Non-executive Director 
ANR
 
 
A
 – Audit Committee
 
N
 – Nominations Committee
 
R
 – Remuneration Committee
Secretary Ian F Griffiths
Company number 4985171
Registered office and 20 Nugent Road
Business address The Surrey Research Park
 Guildford
 Surrey GU2 7AF
 +44 (0)1483 295830
 www.ANGLEplc.com 
Auditors Baker Tilly UK Audit LLP
 The Clock House
 140 London Road
 Guildford
 Surrey GU1 1UW
Nominated Advisor Collins Stewart Ltd
and Broker 88 Wood Street,
 London EC2V 7QR
Registrars CRG Capita
 34 Beckenham Road
 Beckenham
 Kent BR3 4TU
Bankers National Westminster Bank Bank of America
 PO Box 1 300 East Main Street
 1 Stoke Road Charlottesville
 Guildford Virginia VA 22902
 Surrey GU1 3ZR
Solicitors/Lawyers Pinsent Masons Holland & Knight
 CityPoint 1600 Tysons Boulevard
 One Ropemaker Street Suite 700, Mclean
 London EC2Y 9AH Virginia VA 22102-4867
 
Financial Public Relations Buchanan Communications Ltd
 45 Moorfields
 London EC2Y 9AE
DIRECTORS AND ADVISORS
 1 Highlights
 2 Chairman’s Statement
 4 Chief Executive’s Statement
 8 Financial Review
 10 Management services
 12 Investment Portfolio
 22 Board of Directors
 24 Directors’ Report
 26 Corporate Governance Report
 30 Remuneration Report
 33 Independent Auditor’s Report
 34 Consolidated Income Statement
 35 Consolidated Balance Sheet
 36 Consolidated Cash Flow Statement
 37  Consolidated Statement of  
Changes in Equity
 38  Notes to the Consolidated  
Financial Statements
 58 Company Balance Sheet
 59  Notes to the Company  
Financial Statements
IBC Directors and Advisors
 
Contents ANGLE plc  Annu Al Repo Rt And Accounts 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  11).  Six  other  Progeny
®
  companies  progressed  during  the  year,  all  of  which  being  controlled  investments,  have  no  value  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
®
  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.
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
HIGHLIGHTS  ANGLE plc  Annu Al Repo Rt And Accounts 2007
CHAIRMAN’S STATEMENT
ANGLE’s objective is to achieve profitable long 
term capital growth for its shareholders
Moving into the next phase of development
Hance Fullerton
Chairman
The year to 30 April 2007 was one of 
significant investment and progress in  
the portfolio of Progeny
®
 companies.  
The maturing portfolio had two exits 
during the year, Acolyte Biomedica and 
Corpora, and investment in one company, 
InnoMatica, was ceased as it failed to meet 
our ongoing Progeny
®
 investment criteria.
Focus
As announced on 1 May 2007, a review of 
the business has been undertaken with 
the objective of delivering profitability.  
To achieve this, the primary focus for the 
immediate future will be realising value 
from the existing portfolio of companies, 
rather than on the establishment of 
additional new companies. 
The plan set out three areas in which an 
immediate improvement in profitability 
was intended as follows:
Investment in new Progeny
®
 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
®
 
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 of these key areas as follows: 
The operating loss in respect of direct 
investments in Progeny
®
 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 third party 
investment. 
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 on from 
the successful third party investment in 
Geomerics, we are seeking similar 
transactions for other key portfolio 
companies. Meanwhile our Management 
‡
‡
‡
‡
‡ ANGLE plc  Annu Al Repo Rt And Accounts 2007  services business is profitable and 
opportunities for its development look 
favourable. 
I intend to retire from the Board of 
ANGLE at the Annual General Meeting 
on 20 September 2007. I will leave the 
Board in the capable hands of Garth 
Selvey who will succeed me as Non-
executive Chairman. Garth joined 
ANGLE as a Non-executive Director in 
September 2006 and has developed a 
wealth of experience in all aspects of 
corporate life including company growth, 
securing venture capital investment, 
attracting new investors, disposals, 
acquisitions and integration, as well as 
being CEO of Comino Group, a fully 
listed Company on the London Stock 
Exchange, prior to its acquisition by 
Civica plc in 2006.
I would like to thank the Chief Executive, 
other directors and senior management 
for all their support over the years. I look 
forward to hearing of ANGLE’s success in 
the future.
Hance Fullerton
Chairman 
4 July 2007
Technology wealth creation
Development Value creation Exit
Life sciences Physical sciences
• n ovocellus
• parsortix
• n eurot argets • provexis (AIM listed)
•  Acolyte Biomedica 
(now sold)
• Aberro
• Aguru Images
• synature
• Geomerics •  c orpora 
(trade sale of exago 
now sold)  ANGLE plc  Annu Al Repo Rt And Accounts 2007
CHIEF EXECUTIVE’S STATEMENT
During the year, ANGLE has significantly 
increased its level of investment in order 
to expand and develop the controlled 
investments portfolio. Due to these 
investments being made in companies 
in which we have a majority stake, 
accounting standards determine that 
the expenditure on these investments is 
charged 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 the Balance 
Sheet when the holdings are reduced and 
the companies are no longer controlled. 
Largely as a result of the above, the loss 
before tax for the year was £9.3 million. 
Some £6.1 million of this loss represents 
expenditure of £3.1 million direct 
investment in the controlled investment 
portfolio companies and £3.0 million 
operating costs to establish, develop and 
create value in Progeny
®
 companies. The 
remaining £3.2 million reflects a decrease 
in fair value of quoted investments, share 
based payments, a loss on the consulting 
and management business and 
restructuring costs. Since the year end, 
the value of ANGLE’s holding in Provexis 
has recovered by some £1.2 million. 
Progress across the business was 
generally slower than expected and plans 
to complete external funding into two of 
the controlled investments were delayed. 
Profits relating to fair value gains which 
may arise from these events are now 
expected 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 has delivered an initial fair value gain 
of £4.0 million. Following this external 
investment, we retain a 48% holding in 
Geomerics. 
Management services business
Performance in the Consulting division 
was disappointing during the year. As a 
result, the decision was taken to focus 
on the profitable Management services 
business, which has long term contracts 
already in place, rather than short term 
consulting work. Since the year end, 
necessary restructuring has been 
completed and the Management services 
business is now performing profitably and 
showing good signs for future growth.
Portfolio summary 
Controlled investments are Progeny
®
 
companies where the Group has control, 
typically through owning more than 50% 
of the equity. 
During the year ANGLE exited two 
investments and discontinued a third.  
The movement in number of Progeny
®
 
companies is set out on page 5.
ANGLE’s portfolio currently comprises 
eight Progeny
®
 companies. With the 
exception of NeuroTargets and Provexis,  
at the year end these companies were all 
controlled investments being majority 
owned by ANGLE. After evaluation costs 
of £0.2 million, investment in InnoMatica  
was ceased as it failed to meet our 
The primary focus for the immediate future will be realising value 
from the existing portfolio
Building value in the portfolio
Andrew Newland
Chief Executive ANGLE plc  Annu Al Repo Rt And Accounts 2007  ongoing Progeny
®
 investment criteria.  
The majority of ANGLE’s residual holding 
in AIM-listed Corpora plc, acquired as a 
result of the trade sale of our portfolio 
company Exago to Corpora in 2004, was 
also sold in the second half for £0.3 million. 
At the year end, ANGLE had directly 
invested £5.2 million in its controlled 
investments and incurred operating costs 
to establish, develop and create value 
in these Progeny
®
 companies during 
the timeframe of their development 
of a further £7.3 million. None of this 
investment is shown on ANGLE’s Balance 
Sheet. The Board believes that this 
represents significant unrealised value in 
the business as is demonstrated by the 
fair value of £4.0 million attributed to just 
one of the six companies, following third 
party investment into Geomerics. 
Acolyte Biomedica exit
During the second half, ANGLE’s 
Progeny
®
 company Acolyte Biomedica 
was sold to 3M Corporation. ANGLE’s 
share of the proceeds was up to  
£5.6 million comprising an initial £0.9 
million in cash and an earn-out of up to 
£4.7 million receivable early in 2010. The 
initial payment delivered a 1.3X cash 
multiple on ANGLE’s investment, which 
will increase 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
®
 process. Key 
development work took place prior to 
ANGLE’s own listing and ANGLE did not 
have the ability to invest in the Company 
during its development. As a result, our 
equity holding in Acolyte at exit was 
11.6%, which is far less than the expected 
position with our key portfolio companies 
established since 2004 where we 
currently 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 and developed 
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. 
See www.aguruimages.com for 
more information.
‡
‡
 Investments
   Non- Non-
  Controlled controlled controlled
Number of Progeny
®
 companies  Unquoted Unquoted Quoted Total
At 1 May 2006 7 2 2 11
Exits during the year – (1) (1) (2) 
Investments discontinued (1) – – (1)
At 30 April 2007 6 1 1 8  ANGLE plc  Annu Al Repo Rt And Accounts 2007
CHIEF EXECUTIVE’S STATEMENT CONTINUED
Milestone driven performances in the 
underlying portfolio companies
substantial hidden value in the portfolio
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 completed a 
£2.1 million fundraising, 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
®
 
heart-health technology. Following the 
Company’s recent announcement of 
its move to licensing Fruitflow
®
 and 
discussions with two major global 
beverage brand owners, its share 
price has risen strongly.  
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 is using the product to make 
holiday recommendations to customers 
using their website. 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 April 2007 . 
The effective percentage share holdings 
are shown before the effects of any dilutive 
‡ ANGLE plc  Annu Al Repo Rt And Accounts 2007  share option or warrants or additional 
holdings from convertible loans.
The portfolio companies have strong 
proprietary positions offering the 
potential for highly profitable products 
addressing major markets. ANGLE is 
working closely with the respective 
management teams that have been put 
in place in each Progeny
®
 company to 
manage the investments and minimise 
any failures. ANGLE’s investment in the 
portfolio is being directed to maximise 
returns from individual companies and 
third party investors are being brought 
into portfolio companies as appropriate 
to manage risk and maximise ANGLE 
shareholder value.
ANGLE’s overhead in managing its 
investments has been streamlined 
ensuring that senior management are 
directly responsible for all portfolio 
companies. Costs have been reduced 
and performance strengthened.
Outlook 
The Management services business has 
established contracts in place, which are 
expected to deliver significant 
profitability for the year.
We expect strong developments in the 
Progeny
®
 company portfolio during the 
year as the existing Progeny
®
 companies 
mature and we are delighted to have 
announced the third party funding into 
Geomerics. 
Overall, we expect to move ANGLE into 
profitability during the year even after 
continued investment into the portfolio. 
Although Hance Fullerton will remain as 
Chairman until the Annual General 
Meeting, I would like to take this 
opportunity to join the rest of the ANGLE 
Board in thanking Hance for all his hard 
work and dedication to ANGLE over the 
years. Under his stewardship, the Group 
has developed from a start-up business 
to an established leader in IP 
commercialisation. Hance has chaired 
ANGLE through its flotation on AIM of 
the London Stock Exchange and his 
efforts have been instrumental in providing 
ANGLE the strong management platform 
needed to deliver Progeny
® 
companies 
that address areas of major market need. 
We wish Hance all the best as he plans  
for a long and enjoyable retirement and 
sincerely thank him for his outstanding 
contribution to ANGLE. 
Andrew Newland
Chief Executive
4 July 2007  ANGLE plc  Annu Al Repo Rt And Accounts 2007
FINANCIAL REVIEW
The Progeny
®
 company investment 
portfolio is developing well, with progress 
being made to create future growth in 
capital value for shareholders through 
developing existing portfolio companies. 
Management services have continued to 
develop strongly although this was offset 
during the year by under-performance in 
the short term Consulting business which 
has since been closed.
The financial results for the year reflect the 
planned increase in Ventures activities. 
Although these are investments, ANGLE’s 
control means their losses are 
consolidated into our results. These are 
medium term investments that may take 
several years to mature, however, 
measurable progress is now being seen 
from the existing Progeny
®
 companies. 
In particular, Geomerics has announced 
a £2.0 million funding following the year 
end. The Provexis plc share price declined 
significantly during the year resulting in a 
fair value loss of £2.8 million although the 
price has subsequently recovered. The 
investment expenditure and loss on 
Provexis plc together accounted for 
the majority of the loss for the year. 
Turnover (Note  )
Turnover for the year declined by 
17%. The majority of this decline was 
accounted for by a reduction of £0.6 
million in the ‘pass-through’ 
reimbursable costs incurred on long 
term management contracts. Underlying 
fee-for-service revenues were 
maintained year-on-year. The Group 
continues to supply services to the 
Progeny
®
 companies but to the extent 
that these are controlled investments 
they are consolidated and the revenues 
are netted off on consolidation.
Change in fair value (Note  )
The overall fair value loss for the year was 
£2.0 million (2006: profit of £2.4 million), 
with the reduction in value of Provexis plc 
being the most significant part of the 
overall loss, whereas in the previous year 
it accounted for the majority of the gain. 
Other movements in fair value have arisen 
as a result of applying our valuation policy 
(Note 1.6) and as a result of the fair value 
of the earn-out relating to the sale of 
Acolyte Biomedica.
Operating costs (Note  )
Staff costs remained the Group’s most 
significant individual cost item and, 
excluding share based payments, 
increased by 10% over the previous 
year to £5.5 million (2006: £5.0 million), 
reflecting primarily expansion within 
the controlled investments.
Other operating costs increased in line 
with the expansion of Ventures activities. 
The Group remains committed to 
maintaining as low and flexible a cost 
A year of investment and progress with the portfolio  
Highlights
 Planned expenditure on controlled investments increased by 41% to £3.1 million (2006: £2.2 
million) and Ventures operating costs increased by 20% to £3.0 million (2006: £2.5 million).
 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.
Loss before tax of £9.3 million (2006: £2.7 million).
Cash balances of £2.6 million (2006: £8.2 million).
•
•
•
•
Ian Griffiths
Finance Director ANGLE plc  Annu Al Repo Rt And Accounts 2007  base as possible. Share based payments 
reflect the charges required to be made 
under IFRS as a result of the Company, 
and controlled investments, having 
granted share options and /or restricted 
shares to staff. 
Controlled investments results are 
consolidated into the Group accounts 
rather than being shown on the Balance 
Sheet as for non-controlled investments. 
As planned, there has been a significant 
increase in expenditure to £3.1 million 
(2006: £2.2 million) to develop these 
Progeny
®
 companies to the point where 
they have met significant milestones and 
are in a position to move to the next 
stage of development, typically with third 
party funding. The funding typically 
means the investment becomes non-
controlled, which generates a fair value 
gain and it is no longer consolidated into 
the Group’s results.
Restructuring charges of £0.5 million 
(2006: £0.2 million) were incurred in the 
year and relate to the reduction of 
operating costs and staffing to focus on 
the development of the existing portfolio 
and on the profitable Management 
services business.
Retained loss for the year
The Group has produced a loss of  
£9.1 million (2006: £2.5 million). The basic  
and fully diluted loss per share is 33.6p 
(2006: 14.4p).
Investment portfolio (Note  )
The year to 30 April 2007 was one of 
significant investment and progress in 
the portfolio of Progeny
®
 companies. 
ANGLE’s investment portfolio at 30 April 
2007 comprised shares in one listed 
company (2006: two) and seven unlisted 
companies (2006: nine) as shown on the 
table on pages 12 and 13. The maturing 
portfolio had two exits during the year, 
Acolyte Biomedica and Corpora, and 
investment in one company, InnoMatica, 
was ceased as it failed to meet our 
ongoing Progeny
®
 investment criteria. 
Controlled investments are consolidated 
into the results of the Group and 
accounted for £3.1 million of expenditure 
(2006: £2.2 million). Non-controlled 
investments are held on the Balance 
Sheet at fair value of £1.8 million (2006: 
£6.5 million).
During the year, ANGLE’s Progeny
®
 
company Acolyte Biomedica was sold to 
3M Corporation. ANGLE’s share of the 
proceeds for its 11.6% holding was a total 
of up to £5.6 million, comprising an initial 
£0.9 million in cash and an earn-out of up 
to £4.7 million receivable early in 2010. A 
fair value of £1.9 million of this potential 
£4.7 million earn-out is held on ANGLE’s 
Balance Sheet under ‘Other receivables’. 
Cash
The Group ended the year with a cash 
balance of £2.6 million (2006: £8.2 million). 
The Group is carefully executing its 
business plan so that business activities 
are in line with the available cash 
resources. The Chairman’s Statement on 
page 2 explains the plans and progress 
that have been made with regard to the 
restructuring of the business; as a result 
of which the Board believes there are 
sufficient cash resources to execute  
its plans.
Post Balance Sheet event  
(Note  )
As explained in the Chairman’s and Chief 
Executive’s Statements, as a result of a  
£2.0 million investment into Geomerics 
reducing our holding to 48%, a profit of 
£4.0 million has been delivered through 
an initial fair value gain on the Company’s 
holding. In addition this means that 
ANGLE will no longer be consolidating 
the losses or have the associated cash 
burn of this Company.
Ian Griffiths
Finance Director
4 July 2007  0 ANGLE plc  Annu Al Repo Rt And Accounts 2007
MANAGEMENT SERVICES
ANGLE offers a fully managed service for 
the delivery of technology commercialisation 
programmes on behalf of clients in the private  
and public sectors
c reative solutions to commercial challenges
Carbon Trust ANGLE Low-
carbon Business Incubator
The Carbon Trust ANGLE Incubator 
provides funded business consulting 
to help early stage ventures 
commercialise their low-carbon 
technologies. ANGLE has managed 
incubation support services on behalf 
of the Carbon Trust since 2004 and 
was one of four companies awarded 
a further three year management 
contract in November 2006. ANGLE 
has provided support to over 18 
entrepreneurial companies in 
renewable and alternative energy, 
industrial process efficiency, materials, 
and built infrastructure sectors. These 
include growth SMEs, private start-ups, 
and university spin-outs which have 
gone on to raise over £25 million of 
private and public funding. Support 
includes help with business 
development, market investigations, 
mentoring the team, product 
development, IP guidance, and 
preparation for investor rounds or 
licence negotiations. ANGLE has 
developed significant knowledge of 
low-carbon technologies and routes 
to commercialisation.
Innovation Lincolnshire 
Outreach 
ANGLE was appointed to manage the 
new Innovation Lincolnshire Outreach 
Programme which is focused upon 
improving business growth and 
performance within the Lincolnshire 
region. This flagship programme, lasting 
21 months, is valued at £1.7 million. £0.9 
million is in fees to ANGLE, with the 
balance being grants to companies and 
project expenditure. The programme is 
being established to raise the economic 
performance and aspirations of 
Lincolnshire’s businesses by providing 
effective support for innovation and 
entrepreneurship across the county. 
The aim of the programme is to assist 
businesses in the county by advising 
them on key business growth issues 
including ways to become more 
innovative with their processes, the 
conversion of ideas into new products or 
services, doing business with suppliers 
and clients and the identification of new 
strategies for running their businesses.
ANGLE was awarded the contract on the 
basis of its experience working in similar 
business support programmes, both in the 
UK and internationally, and the techniques 
which it was able to demonstrate have 
generated measurable innovation benefits 
for a range of other SMEs. ANGLE was 
also able to fulfil a critical requirement of 
the programme, namely to ensure rapid 
deployment of a team of professional 
innovation managers with relevant 
commercial and technical experience. 
Since its inception the programme 
has engaged with a large number of 
businesses across the county, in a wide 
variety of sectors including information 
technology, environmental technology, 
agricultural engineering, business 
services and contemporary media.
 
Business innovation projects currently 
being undertaken include the 
development and testing of high 
precision engineering solutions for 
international markets, market 
diversification based on an agricultural 
technology platform and the rollout of 
an innovative corporate training and 
development service. ANGLE plc  Annu Al Repo Rt And Accounts 2007  Managing Qatar Science & 
Technology Park
ANGLE continued to successfully 
implement and manage Qatar Science & 
Technology Park (QSTP) during the year. 
ANGLE was appointed in late 2004 by 
Qatar Foundation to lead the prestigious 
QSTP project until March 2009. Worth 
over £6 million, it remains ANGLE’s 
largest ever fee-for-service contract.
All seven ANGLE staff appointed to the 
project in the previous financial year 
remain in position. Two Qatari citizens 
were hired directly by QSTP and will 
undergo training in preparation for 
management hand-over in 2009.
The management team continued to 
implement and operate ‘capacity building 
programmes’ that ANGLE designed for 
Qatar Foundation in the previous financial 
year. The programmes include seed and 
venture capital funds, where ANGLE was 
able to bring to the client its technology 
investment experience. During the year a 
$12 million proof-of-concept fund, 
entrepreneurship programme and 
mentoring programme were 
commenced. 
Significant advances were made by the 
management team on the delivery of 
QSTP during the year. iHorizons, Institut 
de Soudure and Q-CERT joined the 
science park, bringing the number of 
tenants to eleven – ahead of target for 
this point in QSTP’s delivery. Fit-out 
planning of QSTP’s first tenants 
proceeded satisfactorily.  ANGLE plc  Annu Al Repo Rt And Accounts 2007
ANGLE founds, develops and operates Progeny
®
 companies 
in which it retains equity stakes. By combining experienced 
management with capital, ANGLE’s in-house Progeny
®
 
process satisfies the unique requirements of early-stage 
technology businesses.
c ombining money and management
c ompany o riginal source of Ip technology principal application equity position
Life sciences
University  of  Bristol
University  of  York
Private  US  and  European    laboratories
Rowett  Institute
Functional    genomics
IVF  diagnostics
Cell  separation
Nutraceutical
Analgesia,    diabetes    complications,  spinal  cord
IVF  embryo    testing
Pre-natal    diagnostics
Cardiovascular  health
 . %
 . %
 . %
 0. %
Provexis
NeuroTargets
Parsortix
Novocellus
INVESTMENT PORTFOLIO ANGLE plc  Annu Al Repo Rt And Accounts 2007  The percentage share holdings are based on issued share capital as at 30 April 2007. The percentage shareholdings exclude 
additional holdings from convertible loans and are shown before the effects of any dilutive share options or warrants. 
Physical sciences
Dr  Bill  Rogers Productivity    software
Software  testing   . %
University  of  Cambridge
Computational  graphics
Rapid    rendering  of  computer  games  graphics
 . %
(48%  post  funding  transaction)
University  of  Cambridge  and  inventors
Internet    personalisation
Targeted  adverts  and  product    recommendations
 .0%
c ompany o riginal source of Ip technology principal application equity position
New  York  University  and  University  of  Southern  California
Rapid  surface    image  capture
Film  and  design  special  effects
 00%
Synature
Aberro
Geomerics
Aguru Images
ANGLE bridges the gap between sources of IP  
and the investment community  ANGLE plc  Annu Al Repo Rt And Accounts 2007
ABERRO
‘ In our first month we are seeing a 25-30% reduction 
in testing costs’ (Todd Bramblett, LeverPoint Inc CEO)
dramatically reducing the cost of ensuring software 
quality by automating manual testing 
Overview
Aberro Inc is a software company that 
has produced disruptive technology for 
testing software. Unlike all large test 
company products, Aberro’s technique 
requires no scripting, no programming 
and no test writing. Aberro’s flagship 
patent pending AberroTest product 
represents the next generation of 
software testing technology. It replaces 
laborious manual testing so can be used 
early in the development cycle by both 
software engineers and quality assurance 
professionals. As a result, AberroTest 
revolutionises the way development 
organisations functionally test software.
Background
Aberro Inc was formed in 2005 to 
commercialise novel concepts in software 
testing where technology has not 
advanced in 15 years. First released in 
December 2005, customer-driven 
features have been incorporated into 
the latest version of AberroTest. The 
product is used by system integrators, 
independent software developers and 
corporate IT departments to test 
Windows and Web applications with a 
Java version planned next.
Market opportunity
Over $1.5 billion is spent annually on 
software testing products according to 
market research firm IDC. Software 
applications are orders of magnitude 
more powerful and complex today than 
ever before, yet 80% of software is still 
exclusively tested manually. According to 
the US National Institute of Standards & 
Technology (NIST), the lack of adequate 
software test infrastructure costs the US 
economy alone a staggering $60 billion a 
year. NIST reports potential savings in 
excess of $20 billion if better tools and 
methods are adopted. The key is to test 
earlier in the development process, 
automate manual testing and to test 
more thoroughly.
Progress/activities
Aberro Inc has made strong progress 
since its inception. The Company, led by 
CEO Doug Smith has recently released 
the 2.0 version of AberroTest and has 
begun to generate revenue from the 
product. The Company has a pool of 
reference customers and is receiving 
accolades from AberroTest users, who are 
on record to say that AberroTest reduces 
their development costs by as much as 
30%, while increasing test output by 300-
500% - endorsing the disruptive nature of 
the Aberro technology. The direct 
competition to AberroTest is still the 
manual tester. Previous testing 
companies (Mercury, Seque, Rational) 
were bought in the past five years for 
3-5 times revenues. Aberro has solved 
a problem no one else has solved. 
They are first movers with disruptive 
technology. The product is strong and 
getting a very good reception in the 
market. The Company is currently seeking 
third party investment to continue its 
planned growth. 
www.aberrosoftware.com ANGLE plc  Annu Al Repo Rt And Accounts 2007  AGURU
Rapid capture and creation of photo-realistic images
Addresses a key limitation in the realism of special effects, 
animation and computer gaming
Overview
Aguru Images Inc (formerly Kaloptics) 
was founded by ANGLE in 2006 to 
commercialise an innovative hardware and 
software system that enables the rapid 
capture and recreation of photo-realistic 
textured surface images. This patent-
pending solution provides a significant 
advancement over previous technologies 
in the speed and accuracy of data 
acquisition, which allows for greater 
productivity while reducing cost.
Background
Aguru technology originates from 
Professors Perlin and Han of New York 
University’s (NYU) Media Research Lab. 
Both are professors in the Department of 
Computer Science at New York University; 
Dr Perlin is the founding director of its 
Media Research Lab (MRL). The NYU 
patent is augmented with technology from 
University of Southern California’s (USC) 
Graphics Laboratory led by Paul Debevec 
who also recently was awarded an 
Academy Award for special effects. Aguru 
holds exclusive licences to these 
technologies from both NYU and USC.
Market opportunity
The technology has a wide range of 
commercial applications in multi-billion 
dollar industries, including film special 
effects, animation, computer games, 3D 
design, eCommerce and medical devices. 
The current approaches to producing 
photo-realistic images onscreen have not 
changed in many years, and are 
cumbersome and time consuming and 
therefore prohibitively expensive save  
for the biggest blockbuster movies. 
Aguru’s solution is expected to 
dramatically improve the realism  
and accuracy of images.
Progress
Company efforts are focused on business 
planning and product strategy together 
with putting the building blocks in place 
for commercial launch later this year 
coincident with a showing at the 
industry’s major trade show SIGGRAPH 
in August. Initial customer feedback has 
been very positive and customers are 
already requesting to use the product.
www.aguruimages.com  ANGLE plc  Annu Al Repo Rt And Accounts 2007
GEOMERICS
Geomerics is addressing the computer games and 
interactive entertainment industry, worth an estimated  
$22 billion per year
Film quality visuals for computer games
Overview
Formed in 2005 by ANGLE, Geomerics 
brings together a team of leading 
academics from Cambridge University 
and the US, assembling the world’s 
leading exponents of ‘geometric algebra’ 
in a single company. Geomerics is 
founded on a combination of advanced 
in-house IP , a top-drawer research team, 
and strong management experience. 
Geomerics is delivering state-of-the-art 
solutions to the complex problems 
inherent in computer graphics, focused 
primarily on the games industry. Their first 
product is ‘Enlighten’, which radically 
transforms the way that lighting is 
handled in computer games. Instead of 
pre-computing the effects of global 
illumination in a scene, they can now be 
computed at run time, allowing for fully 
dynamic lighting which dramatically 
enhances realism. The performance 
improvements of Enlighten offer games 
developers the ability to make a major 
step towards film quality visuals – the 
‘holy grail’ for interactive entertainment. 
Market opportunity
The revolutionary nature of Geomerics’ 
technology creates the opportunity to 
define and own a new graphics standard 
for the industry. Furthermore, it may be 
possible to influence chip design and 
thereby ensure that the benefits of 
Geomerics’ capabilities become ‘hard 
wired’ to the future of the computer 
games industry.
The global computer games industry 
is currently valued at around $22 billion 
and is projected to grow by a further 
$11 billion over the next five years. The 
graphics tools market – the sub-sector 
of computer games which Geomerics 
targets – is worth an estimated 
$600 million. 
The multi-sector applicability of the 
Geomerics technology provides related 
opportunities in other markets. For 
example, Geomerics’ Enlighten 
technology can provide interactive 
visualisation for architectural 
walkthroughs, or film pre-visualisation.
Progress
During the year Geomerics has rounded 
out its team with the appointment of Gary 
Lewis as CEO. Gary was previously global 
COO of Take 2, then the world’s second 
largest games publisher. Geomerics has 
also welcomed ex Sony Computer 
Entertainment Europe President, Chris 
Deering to the Board. They have 
cemented their relationships with Sony 
and Microsoft, becoming official Tools 
and Middleware suppliers for both Sony 
Playstation 3 and Microsoft Xbox 360. 
Geomerics is also now an official Epic 
Integrated Partner, opening up a new 
route to market for Enlighten via Epic’s 
Unreal Engine. Geomerics has also been 
signed up as a Solution Partner for 
Solidworks, part of Dassault Systems, 
which will enable them to explore new 
market opportunities for Enlighten.
Enlighten is Geomerics’ first product. 
It was showcased to a series of top 
developers and publishers at the Game 
Developer Conference 2007 and 
generated strong interest. The full 
Software Development Kit (SDK)  
will be released by the end of 2007 .
Geomerics recently secured external 
investment of £2 million to accelerate 
development of its new products.
www.geomerics.com ANGLE plc  Annu Al Repo Rt And Accounts 2007  NEUROTARGETS 
specialising in diseases of nerve injury, drug targets 
to reduce pain and speed up nerve regeneration
Overview
NeuroTargets was founded by ANGLE in 
1999 to commercialise original research 
carried out by a Bristol University team 
led by Professor David Wynick.
Background
NeuroTargets’ business model focuses on 
the co-development of novel therapeutic 
products with innovative mechanisms of 
action related to nerve injury. More than 
100 different types of peripheral 
neuropathy have been identified, most 
of which are associated with neuropathic 
pain. Fifty per cent of diabetics have 
some degree of chronic and difficult to 
treat diabetic complications, accounting 
for more hospitalisations than all other 
diabetic complications combined, and 
responsible for 50-70% of non-traumatic 
amputations. Diabetic rates worldwide 
are expected to double from 171 million 
in 2000 to 366 million by 2030 (American 
Diabetes Association).
Market opportunity
The existing global market for treatments 
targeted at nerve injury and pain is worth 
in the region of $7 billion with strong 
growth forecast in the sector.
Current status
NeuroTargets’ research work has 
identified numerous gene targets that 
appear to be important for pain and has 
validated a number of these promising 
drug targets. The most advanced 
projects relate to the neuropeptide 
galanin, a peptide involved in the repair 
of the peripheral nervous system 
following injury. Galanin also acts to 
protect the central nervous system 
following stroke or disease. Gal-R2 has 
been identified by NeuroTargets as 
responsible for reducing pain, speeding 
up nerve regeneration and protecting the 
brain from injury.
Progress
The Company has made progress in the 
year on the science of galanin on finding 
viable drug compounds and in partnering 
discussions. Professor Wynick’s academic 
group has identified that galanin agonists 
could have therapeutic benefit in Multiple 
Sclerosis (MS) as well as neuropathy and 
neuropathic pain. This significantly 
broadens the market opportunity 
available to the Company.
Although many companies have looked 
for galanin agonists, until now the only 
effective compounds were not suitable 
for drug development. NeuroTargets 
has, through its development partners, 
identified new peptide agonists. These 
have demonstrated long serum half-life, 
making them ‘druggable’ in their own 
right as well as useful tools in drug 
development. These peptide agonists 
are now being tested in vivo for 
effectiveness in MS and neuropathic pain. 
This is the fist time any galanin agonist 
has been tested in this way.
As well as peptides, a number of small 
molecules have been identified. To the 
Company’s knowledge, these are the first 
small molecule galanin agonists ever 
described.
During the year NeuroTargets has held 
detailed discussions with a number of 
potential licensing partners. The outcome 
of these discussions is awaiting positive in 
vivo data on the peptides.
www.neurotargets.co.uk
Peptide agonists being tested in vivo  ANGLE plc  Annu Al Repo Rt And Accounts 2007
NOVOCELLUS
$2 billion in estimated addressable market by 2010
Assessment of embryo viability and 
improvement of IVF pregnancy rates
Overview
Novocellus was established by ANGLE 
in 2004. The Company’s objective is to 
commercialise a diagnostic technology 
developed by Professor Henry Leese at 
The University of York, which will for the 
first time enable the selection of only the 
most viable pre-implantation human 
embryos for use in in-vitro fertilisation 
(IVF) infertility treatment. The Company 
and its scientific/medical advisors expect 
that this revolutionary and non-invasive 
diagnostic technique could improve 
current IVF pregnancy rates (currently 
15–22%) by 35–50%.
Background
Infertility is a growing problem driven by 
permanent changes in social behaviour 
and an ageing population. Currently the 
selection of viable human embryos for use 
in IVF relies on the subjective assessment 
of visual morphology. In addition and in 
part as a consequence, IVF conception 
and live birth rates are low. This means that 
embryologists, particularly in the US, feel it 
necessary to transfer up to three embryos 
and sometimes more in order to achieve 
conception rates of just 15–22%. The 
downside of multiple embryo transfer is 
the much higher risk of twin and triplet 
births. This puts the mother at risk and 
results in much higher incidence of 
perinatal mortality and birth defects. It 
is estimated that dealing with these IVF 
related issues costs in excess of $1.3 billion 
per annum in Europe and the US. 
The Novocellus Amino Acid Profile (AAP) 
technique is non-invasive and is based on 
assessing the changes in concentration of 
several key amino acids in the spent 
culture medium, to determine the 
developmental competence of embryos 
and hence the likelihood of a particular 
embryo leading to a successful pregnancy. 
Using AAP we are able to say with over 
90% confidence which day two human 
embryos will reach the blastocyst stage. 
In fact, the capacity of AAP to predict 
blastocyst formation – the essential 
preliminary step in establishing a 
pregnancy – is almost twice as good as 
morphology alone.
Market opportunity
The global IVF market is projected to 
increase to around 1.1 million by 2010. In 
addition, there is thought to be significant 
latent potential for IVF treatment that will 
be accessible for the first time as a result of 
Novocellus’ AAP technology. Given 
the anticipated growth in the market, 
estimates suggest that the worldwide 
revenue opportunity for Novocellus by 
2010 will be nearly $2 billion.
Current status 
A multi-centre, retrospective clinical study 
of the AAP technology, involving 400 IVF 
cycles, is currently under way in the UK. 
This study was paused to enable the 
identification of a more reliable and 
clinically acceptable source of the 
Novocellus embryo culture medium. 
This has now been achieved through an 
agreement with MediCult A/S of Denmark, 
who are the major supplier of IVF culture 
media in the European market. The 
agreement provides for Novocellus to 
receive a royalty on worldwide sales of the 
Novocellus medium. During the pause in 
the study, the opportunity was taken to 
carry out an interim analysis of the results 
to date. This fully supports the findings of 
an earlier pilot study and reinforces our 
confidence in the viability of the 
technology. The study is expected to be 
completed early in 2008 when Novocellus 
or its commercial partners will apply for CE 
marking and regulatory approval, as 
required, in the major world markets. 
www.novocellus.com ANGLE plc  Annu Al Repo Rt And Accounts 2007  PARSORTIX
c ell separation for medical applications
Isolating foetal cells from maternal blood
Overview
Parsortix Inc was founded by ANGLE 
in 2006 to commercialise technology 
designed to separate particles from fluids 
using a novel physical separation 
technique. As a first application of this 
technology, Parsortix is developing a 
device for application in pre-natal 
diagnostics. This device will enable the 
isolation of foetal cells from maternal 
blood avoiding the use of invasive 
methods such as amniocentesis or 
chorionic villus sampling (CVS). This 
provides a means by which diagnosis of 
genetically-determined diseases and 
those associated with chromosomal 
abnormalities can be made simpler and 
less risky. The technology also has other 
potential medical applications including 
bone marrow transplant therapy during 
cancer treatment.
Background
This technology uses a novel physical 
separation methodology that allows 
particles in fluids to be separated by  
size, with potential applications across  
a wide range of disciplines. Originally 
developed to aid in the collection of  
cells for genetic analysis, the technology 
has been further developed to enable  
the collection of foetal cells from maternal 
blood. Once isolated, a range of pre-natal 
diagnostic methods can be used to look 
for abnormalities in the foetus. ANGLE 
identified this technology through  
its collaboration with the Ben Franklin 
Technology Partners of Southeastern 
Pennsylvania.
Market opportunity
There are some 6 million pregnancies 
annually in the US with 4.5 million live 
births. Approximately 300,000 women 
proceed to have an amniocentesis or CVS 
procedure performed to collect foetal 
cells for the diagnostic test. These 
procedures are unpleasant for the mother 
and carry a risk to the foetus even if it is 
healthy. Parsortix’s technology enables 
the collection of foetal cells from a 
standard maternal blood sample drawn 
from the arm in the first trimester, 
permitting early diagnosis of potential 
problems which, in turn, will provide for 
better care of the mother and unborn 
infant. This will save time and money by 
proceeding directly to diagnostic tests 
for foetal abnormalities and will allow 
expansion of routine testing creating very 
significant market potential.
Progress
Parsortix has refined the original 
technology and created a lab-based 
prototype cell separation system. A 
programme of further development is 
now under way to optimise the system 
components and the overall design, and 
to collect further validation data using 
real samples. This work will then lead on 
to larger-scale clinical testing of the 
system during 2007, with the objective 
of seeking market approval in 2008.  0 ANGLE plc  Annu Al Repo Rt And Accounts 2007
PROVEXIS
Heart health product being commercialised through  
its unilever and other international collaborations
Completion of £2 million placing in 2006
Overview 
Provexis was established by ANGLE in 
2000 to develop and license a range of 
scientifically-tested products based on 
natural, bioactive ingredients. The first 
product was a heart health product. 
Provexis listed on AIM in June 2005 
through a reverse takeover of 
Nutrinnovator Holdings plc.
Background
Almost half of all deaths in Europe are a 
result of circulatory disease, including 
heart attack and stroke. As the finger of 
blame for the rise in such conditions points 
to poor diet, the market is looking for 
natural solutions that counteract this trend. 
In response, Provexis developed 
Fruitflow
®
, a patented bioactive extract of 
tomato that inhibits platelet aggregation. 
Within just three hours of consumption a 
noticeable effect is observable, reducing 
the risk of thrombosis which underpins 
heart attack and stroke. This gives 
Fruitflow
®
 elite status as one of only a few 
products available to carry a scientifically 
substantiated health claim: ‘Helps maintain 
a healthy heart and benefit circulation’.
In an increasingly health-conscious 
society looking for products which are 
both effective and natural in origin, 
Provexis aims to develop further novel, 
patented active food components for 
integration into innovative functional 
foods and beverages. These 
development programmes are typically 
undertaken in partnership with leading 
academic research establishments and 
always aim to develop products that have 
a health benefit which is both clearly 
defined and scientifically proven.
Market opportunity
A Mintel report published in August 2005 
estimated the market for heart healthy 
products was worth $18 billion per annum 
in the US alone. This market is forecast to 
grow by 16% by 2010.
In addition, a number of further products 
are in the pipeline. These include a plantain 
extract which will underpin a novel medical 
food for the dietary management of 
Inflammatory Bowel Disease.
Progress
During the year the Company completed 
a £2 million placing to fund development 
of its products.
In the food and dairy sector, the 
Company signed a 12 month Exclusivity 
Agreement with Unilever in July 2006 and 
a long term Collaboration Agreement in 
March 2007 with the goal of developing 
an advanced version of Fruitflow
®
. The 
new format has now been manufactured 
in several extended pilot plant trials and 
the Company recently completed a 
successful trial in human subjects. The 
Company is in discussions with Unilever 
about how this might be taken forward.
In the beverage sector, discussions 
regarding an Exclusivity Agreement 
are underway with a global leader in 
beverage brands. The Company is also 
carrying out a product application 
assessment of Fruitflow
®
 with a further 
global food and beverage corporation.
Work continues on a potential deep vein 
thrombosis product. In the coming year, 
the management team will accelerate its 
efforts to gain a foothold in the dietary 
supplement market.
www.provexis.com ANGLE plc  Annu Al Repo Rt And Accounts 2007  SyNATURE
Exploiting the social networking phenomenon
Matching individuals’ like-mindedness to deliver 
uplift in product recommendation
Overview 
Synature was created by ANGLE in early 
2005 to commercialise IP developed by a 
Cambridge-based team which offers a 
new approach to online target marketing 
and social networking. 
Synature’s technology allows it to gain 
insight into the psychology of each 
individual internet user and to use that 
information to connect like-minded 
people, to make personalised product 
recommendations or to deliver other 
targeted content (such as advertising). 
The matching process uses the individual 
emotions and attitudes of the web user.
Background
The online marketing industry is both fast-
growing and increasingly competitive. 
Annual expenditure on search engine 
marketing, banner advertising, email 
marketing and so on is today measured in 
the tens of billions of dollars and continues 
to grow, driven by the increasing success 
of internet business models and an 
ongoing switch of offline advertising 
budgets into the online channel.
At the same time usage of the social 
internet is exploding, with social networking 
websites such as MySpace, Bebo and 
Facebook reaching hundreds of millions 
of users and accounting for a growing 
fraction of online marketing budgets.
Tools such as Synature’s, enhance 
the social dimension of web browsing 
and allow improved marketing 
effectiveness by delivering the right 
message to the right person, are of 
critical importance to the forward- 
looking online marketer.
Market opportunity
Information about like-mindedness 
can enhance almost every aspect of 
the internet browsing experience by 
enhancing trust and increasing relevance. 
This is particularly true in the fast-growing 
social networking space where almost 
every piece of content is contributed 
by a reader’s peer group, without any 
editorial validation.
In addition to the end-user benefits, 
Synature creates value for online 
marketers by allowing them to engage 
their target customers more closely and 
more effectively. 
Given this broad applicability, Synature 
aims to make its approach pervasive: it 
wants the largest possible audience to be 
able to use like-mindedness as a guide to 
the widest possible range of web content. 
Synature’s approach could become a 
universal part of the web browsing 
experience. 
We estimate an addressable market size 
of $1 billion for Synature by 2008.
Progress 
Synature has concluded a successful beta 
test programme, including a trial with a 
third party social networking website, 
and has launched the first commercial 
application of its qubox™ technology 
with MyTravel, a major UK travel company.
In order to address directly the fast-
growing social networking space, 
Synature is developing its own ‘people 
matching’ service, qubox.com. This has 
undergone a successful alpha test with a 
restricted audience and will be launched 
as a general access beta in the summer of 
2007. qubox.com also features ‘widget’ 
functionality allowing qubox to be 
embedded into third party social 
networks to increase the reach of 
Synature’s approach.
So far there have been tens of thousands 
of end-users for the qubox application, 
and this number is expected to grow 
exponentially following the beta launch.
www.synature.com
www.qubox.com  ANGLE plc  Annu Al Repo Rt And Accounts 2007
BOARD OF DIRECTORS
 . HANCE Fu LLERTON OBE  . ANDREw D w NEw LAND  . IAN F GRIFFITHS
 . DAVID w Quy SNER  . GARTH R SELVEy ANGLE plc  Annu Al Repo Rt And Accounts 2007   . Hance Fullerton OBE
Chairman
Hance Fullerton has a BSc in Chemistry 
and from 1958 to 1976 he held technical, 
production and senior operational 
management positions in the paper 
industry with three international paper 
groups at Aberdeen, London, Fort William 
and Fife. From 1976 to 1981 Hance was a 
General Manager of Wiggins Teape 
Limited before becoming Divisional 
Director of Industrial Intermediates at  
their headquarters. He was appointed as 
General Manager of the Grampian Health 
Board in 1986 and Chief Executive of 
Grampian Enterprise Limited from 1991  
to 1996. He is the former Chairman of 
Grampian University Hospitals NHS Trust 
and AURIS (the Aberdeen University 
commercialisation company). From 1996  
to 1999, he was the Chairman of Cordah 
Limited, an environmental technology 
company, which he chaired from its 
creation as a joint venture between 
Scottish Enterprise Grampian, the 
University of Aberdeen and other 
Grampian Higher Education Institutes  
to its eventual sale to British Marine 
Technology Limited. In 1995, Hance was 
awarded an OBE for Services to Industry 
and an LLD by the University of Aberdeen. 
Hance joined ANGLE as a Director in 1996.
 . Andrew D w Newland
Chief Executive
Andrew Newland is the founder of ANGLE 
and Chief Executive. He has an MA in 
Engineering Science from the University of 
Cambridge, and is a qualified Chartered 
Accountant. After working with the 
engineering conglomerate, TI plc, he 
worked for KPMG from 1982 to 1994; from 
1985 to 1987 he was based in the US as a 
manager providing corporate finance and 
business advice to high technology firms 
in the area around Route 128, Boston, 
Massachusetts. From 1987 to 1994 he 
worked for KPMG in the UK with 
responsibility for establishing KPMG’s UK 
and European High Technology Practices 
and High Technology Consulting Group. 
Andrew founded ANGLE in 1994. 
Together with ANGLE’s senior 
management team, since 1999 Andrew 
has founded and led eleven other 
technology companies in partnership with 
world class research organisations, both in 
the UK and the US. These companies span 
both the IT/software and life sciences 
sectors. Andrew has been instrumental in 
developing and then delivering the 
business proposition for these companies, 
building management teams, raising 
finance and securing revenues.
 . Ian F Griffiths
Finance Director 
Ian Griffiths has a BSc in Mathematics 
with Management Applications from 
Brunel University and is qualified as a 
Chartered Accountant. For seven years he 
worked for KPMG, initially in accountancy 
(1986 to 1990), then in management 
consulting (1990 to 1993) within KPMG’s 
High Technology Practice and High 
Technology Consulting Group where 
he specialised in financial modelling, 
business planning, corporate finance, 
market development and strategy work. 
After a career break, Ian joined ANGLE  
in 1995. As well as leading the finance 
function at ANGLE, he has been closely 
involved with the development and 
delivery of the UK, US and Middle East 
Consulting and Management businesses 
and in developing new Ventures and 
supporting Progeny
®
 companies. 
 . David w Quysner
Non-executive Director
David Quysner has an MA in English 
Literature from the University of 
Cambridge. He began his career at ICFC 
(now known as 3i) in 1969. In 1982, he 
joined Abingworth Management Limited, 
a venture capital fund management 
company, and became its Managing 
Director in 1994 and its Chairman in 2001. 
He was Chairman of the British Venture 
Capital Association in 1996/97 . David is 
currently the Chairman of RCM 
Technology Trust plc and the Capital for 
Enterprise Board, a DTI appointment   
and a Director of Foresight VCT2 plc, 
Private Equity Investor plc and Prelude 
Trust plc. David joined ANGLE in 2004.
 . Garth R Selvey
Non-executive Director
Garth Selvey has a BSc in Physics 
and Electronics Engineering from the 
University of Manchester and has spent 
thirty six years in the computer industry 
with technical, product, sales and 
marketing roles. He became Managing 
Director of TIS Applications Ltd in 1984 
and a main board director of TIS Ltd prior 
to its acquisition by Misys in 1989. He 
organised the management buyout of 
the social housing division of Misys and 
became Group Chief Executive of Comino 
Group plc when it floated on AIM in 1997 . 
Comino moved to a full listing in 1999 
where he remained until its successful 
public sale to Civica plc in February 2006. 
Garth joined ANGLE as a Non-executive 
Director in September 2006. DIRECTORS’ REPORT
for the year ended 30 april 2007
24 ANGLE plc  Annu Al Repo Rt And Accounts 2007
The Directors present their Annual Report and Financial 
Statements for the year ended 30 April 2007 for ANGLE plc (the 
‘Company’) and its subsidiaries (the ‘Group’). The Annual Report 
includes two voluntarily prepared statements; the Corporate 
Governance Report and the Remuneration Report.
The Directors who held office as at the date of approval of this 
Directors’ Report confirm that, so far as they are each aware, 
there is no relevant audit information of which the Company’s 
auditors are unaware, and each Director has taken all the steps 
that they ought to have taken as a Director to make themselves 
aware of any relevant audit information and to establish that the 
Company’s auditors are aware of that information.
principal activities 
The principal activity of the Company is that of a holding company. 
The ANGLE Group is an international venture and management 
services business 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.
r eview of the business and prospects
The Chairman’s Statement, Chief Executive’s Statement, 
Financial Review and Investment Portfolio Review (on pages 2 to 
21) report on the Group’s performance during the past financial 
year and its prospects.
The information that fulfils the requirements of the Business 
Review can be found in the Chief Executive’s Statement and 
Financial Review on pages 4 to 9. These are incorporated into 
this report by reference.
r esults and dividends
The Consolidated Income Statement for the year is set out on 
page 34. 
The Group made a loss on ordinary activities of £9,107,683 
(2006: loss £2,525,717), which has been transferred to reserves.
The Directors do not recommend the payment of a dividend  
for the year (2006: £nil). The Board periodically reviews the 
Company’s dividend policy in the context of its financial 
condition and in the light of any realisations on disposal of 
equity stakes.
r esearch and development
Expenditure on research and development incurred by 
controlled investments that have been consolidated into the 
Group results as subsidiaries under the acquisition method of 
accounting amounted to £748,007 in the year (2006: £674,863). 
All other investments have continued to undertake substantial 
research and development activities during the year.
property, plant and equipment
The changes in property, plant and equipment during the year 
are explained in Note 12 to the Financial Statements.
d irectors and their interests
The following Directors have held office since 1 May 2006:
H Fullerton
I F Griffiths
A D W Newland
D W Quysner
G R Selvey (Appointed 7 September 2006)
The Directors’ interests, including beneficial interests, in the 
ordinary shares and share options of the Company are shown 
in the Remuneration Report on pages 30 to 32.
Significant shareholdings
In addition to the Directors’ interests shown on pages 30 to 32, 
the following shareholders had interests in 3% or more of the 
Company’s ordinary share capital at 20 June 2007:
  Holding
Name Number of shares %
RAB Capital plc 3,181,707 11.73
Fidelity Investment Managers 2,658,227 9.80
AXA Framlington Investment Management 1,429,325 5.27
Aidan Waine Esq 1,303,207 4.80
Tchenguiz Family Trust 1,067,125 3.93
Metage Capital Limited 976,424 3.60
Aerion Fund Management 815,843 3.01
r isk management
Details of the Group’s financial risk management objectives and 
policies are disclosed in Note 15 to these Financial Statements.
Supplier payment policy
It is Group policy to communicate clearly and agree the terms 
of payment at the start of business with suppliers and to pay in 
accordance with the agreed terms of the contract and other 
legal obligations. Where no contract terms are specified, then 
assuming suppliers have met their obligations, the policy is to 
pay within 30 days of receipt of a correct invoice. The Group 
supports and endeavours to follow the Better Payment 
Practice Group guidelines. The Group had 25 days’ purchases 
outstanding for payment at 30 April 2007 (2006: 33 days), based 
on the average daily amount invoiced by suppliers during the 
year. The Company had no trade creditors at 30 April 2007 
(2006: £nil).
Charitable and political donations
The Group made charitable donations during the year of 
£nil (2006: £nil). The Group made no political donations during 
the year (2006: £nil). d irectors’ responsibilities
The Directors are responsible for preparing the Annual Report 
and the Financial Statements in accordance with applicable law 
and International Financial Reporting Standards (IFRS) for the 
Group and UK Generally Accepted Accounting Principles 
(GAAP) for the Company. Company law requires the Directors to 
prepare Financial Statements for each financial year which give a 
true and fair view of the state of affairs of the Company and of 
the Group and of the profit or loss of the Group for that period. 
In preparing those Financial Statements, the Directors are 
required to:
select suitable accounting policies and then apply them 
consistently;
make judgements and estimates that are reasonable and 
prudent;
state whether applicable accounting standards have been 
followed, subject to any material departures disclosed and 
explained in the Financial Statements; and
prepare the Financial Statements on the going concern basis 
unless it is inappropriate to presume that the Group will 
continue in business.
The Directors are responsible for keeping proper accounting 
records which disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable 
them to ensure that the Financial Statements comply with the 
Companies Act 1985. They are also responsible for safeguarding 
the assets of the Company and the Group and hence for taking 
reasonable steps for the prevention and detection of fraud and 
other irregularities. The Directors are also responsible for preparing 
the Directors’ Report and other information in the Annual Report in 
accordance with company law in the United Kingdom.
The Directors are responsible for the maintenance and integrity 
of the Group’s website. Information published on the website 
is accessible over the internet in many countries. The Group’s 
website is based on meeting the legal requirements for the 
United Kingdom and not to meet the different legal 
requirements relating to the preparation and dissemination 
of financial information in other countries. 
‡
‡
‡
‡
Going concern
The Directors have reviewed the projections for the forthcoming 
12 month period from the date of signing of these financial 
statements and based on the level of existing cash and 
projected income and expenditure, the Directors are satisfied 
that the Company and Group have adequate resources to 
continue in business for the foreseeable future. Accordingly the 
going concern basis has been used in preparing the Financial 
Statements.
a uditors
The Directors, having been notified of the cessation of the 
partnership known as Baker Tilly, resolved that Baker Tilly UK 
Audit LLP be appointed as successor auditor with effect from  
1 April 2007, in accordance with the provisions of the Companies 
Act 1989 S26(5). Baker Tilly UK Audit LLP has indicated its 
willingness to continue in office. In accordance with Section 385 
of the Companies Act 1985, a resolution proposing that Baker 
Tilly UK Audit LLP be reappointed as auditors of the Company 
will be put to the Annual General Meeting.
a nnual General Meeting
The Annual General Meeting of the Company will be held at 
2:00 pm on 20 September 2007 at ANGLE’s offices, 20 Nugent 
Road, The Surrey Research Park, Guildford, GU2 7AF. The notice 
of meeting is enclosed with this report.
By order of the Board
a d W n ewland
4 July 2007
ANGLE plc  Annu Al Repo Rt And Accounts 2007 25 26 ANGLE plc  Annu Al Repo Rt And Accounts 2007
CORPORATE GOVERNANCE REPORT
Compliance with the Combined Code
The Company’s shares were admitted to trading on the 
Alternative Investment Market (AIM) of the London Stock 
Exchange on 17 March 2004. AIM listed companies are not 
required to comply with the disclosures of the Combined 
Code (2003) of Corporate Governance. However, the Board 
supports the principles contained in the Combined Code 
and is committed to maintaining high standards of Corporate 
Governance. In respect of the year ended 30 April 2007 the 
Board has sought to comply with the provisions of the 
Combined Code in so far as it considers them to be appropriate 
to a company of this size, nature and structure, and has 
explained any areas of non-compliance with those provisions. 
Below is a brief description of the Board, its role and its 
committees followed by details of the Group’s systems of 
internal control.
Board of d irectors
The Board of Directors has overall responsibility for the proper 
management of the Group. Its aim is to provide leadership and 
control in order to ensure the growth and development of a 
successful business, while representing the interests of the 
Company’s shareholders.
The Board currently comprises the Chairman, two Non-
executive and two Executive Directors and is responsible to 
shareholders for the governance of ANGLE plc and for the 
effective operation and management of the Group. Different 
Directors hold the roles of Chairman and Chief Executive and 
there is a clear division of responsibilities between them. The 
Chairman is responsible for overseeing the running of the 
Board, ensuring that no individual or group dominates the 
Board’s decision making and ensuring that the Non-executive 
Directors are properly briefed on matters. The Chief Executive 
has responsibility for implementing the strategy of the Board 
and managing the day-to-day business activities of the Group 
through his management of the Executive Directors and senior 
managers. Individual Directors possess a wide variety of skills 
and experience and biographical details of the Directors are set 
out on page 23.
The Non-executive Directors are considered by the Board to be 
independent of management and free of any relationship which 
could materially interfere with the exercise of their independent 
judgement. The Board considers that the Non-executive 
Directors are of sufficient calibre and number to bring the 
strength of independence to the Board. The Board has not 
nominated one of them as a Senior Independent Director, as 
recommended in the Combined Code, as it believes issues can 
be raised through the normal channels of the Chairman, Chief 
Executive and Finance Director and where necessary either of 
the Non-executive Directors can be approached directly.
Management supply the Board with appropriate and timely 
information. All Directors are able to take training and/or 
independent professional advice in the furtherance of their 
duties if necessary. All Directors also have access, at the 
Company’s expense, to experienced legal advice through the 
Company’s legal advisors and other independent professional 
advisors as required.
The Board has at least eight meetings per year with additional 
special meetings as required. As well as regularly reviewing 
trading performance and significant risks, the Board has a 
schedule of matters specifically reserved to it for decision, 
including the review and approval of:
Group policy and long term plans and strategy for 
the profitable development of the business;
interim and annual Financial Statements;
major investments and divestments;
other significant financing matters such as acquisitions 
and capital item purchases;
annual budgets and amendments; and
senior executive remuneration and appointments.
In addition certain other responsibilities have been delegated to 
the committees of the Board, each of which has clearly defined 
terms of reference (available from the Company Secretary).
Board effectiveness and evaluation
The Company supports the concept of an effective Board 
leading and controlling the Company. The Board therefore 
undertakes an annual evaluation of its performance, its Directors 
and its committees. The review, led by the Chairman, involves 
each Board member providing:
an evaluation of performance of the Board as a whole against 
a series of criteria, the summary of which is used as the basis 
for a collective discussion;
an evaluation of the effectiveness of individual members of 
the Board, the summary of which is used as the basis for 
individual discussion between the Chairman and the Director 
concerned; and
an evaluation of the effectiveness of the Chairman, the 
summary of which is used as the basis for individual discussion 
between the head of the Audit Committee and the Chairman.
The results of the evaluation have led to a number of specific 
actions to improve certain areas.
Service contracts and letters of appointment
The two Executive Directors, Andrew Newland and Ian Griffiths, 
have service contracts with the Company dated 9 March 2004 
and effective from 17 March 2004. The contracts are not set for 
a specific term, but include a rolling 12-month notice period 
by the Company or the individual.
The Chairman, Hance Fullerton and Non-executive Director, 
David Quysner have letters of appointment dated 9 March 2004 
and effective from 17 March 2004. Non-executive Director Garth 
Selvey has a letter of appointment dated and effective from 
7 September 2006. These letters are issued in place of service 
contracts. These appointments are not set for a specific term 
and are terminable at will without notice by either party.
‡
‡
‡
‡
‡
‡
‡
‡
‡ ANGLE plc  Annu Al Repo Rt And Accounts 2007 27
election
Under the Company’s Articles of Association, newly appointed 
Directors are required to resign and seek re-election at the first 
Annual General Meeting following their appointment, and all 
Directors are required to seek re-election at intervals of no  
more than three years. Directors were deemed new following 
the Company’s flotation and accordingly retired and were  
re-elected by the shareholders at the Annual General Meeting 
held on 23 September 2004. Accordingly all Directors are 
seeking re-election this year with the exception of Hance 
Fullerton who is retiring.
Committees of the Board
The Board maintains Nominations, Audit and Remuneration 
Committees. All committees operate with written terms of 
reference. Their minutes are circulated for review and 
consideration by the full Board of Directors, supplemented 
by oral reports on matters of particular significance from 
the Committee Chairmen at Board Meetings.
The revised Combined Code relaxed the requirement to have 
three Non-executive Directors on the Audit and Remuneration 
Committees to two. Hance Fullerton was on the Audit and 
Remuneration Committees as the Board believed it was 
inappropriate to only have one Member on the Audit and 
Remuneration Committees. In October 2006 Garth Selvey 
was appointed to the Nominations, Audit and Remuneration 
Committees. Although this is non-compliant with the Combined 
Code, as Hance Fullerton is not considered independent under 
the provisions of the Code, the Board believed it offered an 
appropriate solution in both avoiding only having one Member 
of the Committees until Garth Selvey was appointed and in 
reflecting the requirements of the Company.
The following committees assist the full Board in the exercise  
of its responsibilities by dealing with specific aspects of the 
Group’s affairs:
a udit Committee
The members of the Committee are the Non-executive 
Directors, David Quysner (Chairman of the Audit Committee) 
and Garth Selvey and the Chairman, Hance Fullerton, and it 
meets at least three times a year to review the interim and 
annual accounts before they are submitted to the Board. The 
external auditors, Finance Director and Chief Executive may 
attend by invitation. Provision is made to meet with the auditors 
at least once a year without any Executive Director present.
The Committee has adopted formal terms of reference and 
considers financial reporting, corporate governance and internal 
controls. Its review of financial reporting includes discussion of 
major accounting issues, policies and compliance with generally 
accepted accounting standards, review of key management 
judgements and estimates, review of management’s risk 
assessment and risk management activities and going concern 
assumptions. It also reviews the scope and results of the 
external audit and the independence and objectivity of the 
auditors and makes recommendations to the Board on issues 
surrounding their remuneration, appointment, resignation 
or removal. The Audit Committee is also responsible for 
monitoring the provision of non-audit services provided by 
the Group’s auditors and assesses the likely impact on the 
auditors’ independence and objectivity before awarding them 
any material contract for additional services.
r emuneration Committee
The members of the Committee are the Non-executive 
Directors, Garth Selvey (Chairman of the Remuneration 
Committee) and David Quysner and the Chairman, Hance 
Fullerton, and it meets at least twice a year. None of them has 
any personal financial interest in the matters to be decided 
(other than as shareholders), potential conflicts of interest arising 
from cross directorships nor any day-to-day involvement in 
running the business. The Chief Executive and Finance Director 
may attend by invitation but are not present when matters 
affecting their own remuneration arrangements are considered.
The Committee has adopted formal terms of reference and the 
Committee reviews and sets the remuneration and terms and 
conditions of employment of the Executive Directors and senior 
management. It also agrees a policy for the salaries of all staff 
and has been responsible for the development of the 
Company’s remuneration scheme. The decisions of the 
Committee are formally ratified by the Board. 
Details of Directors’ remuneration and service contracts 
together with Directors’ interests are shown in the Remuneration 
Report on pages 30 to 32.
n ominations Committee
The members of the Committee are Hance Fullerton (Chairman 
and Chairman of the Nominations Committee) and the Non-
executive Directors David Quysner and Garth Selvey, and it 
meets at least twice a year. The Chief Executive and Finance 
Director may attend by invitation. 
The Committee has adopted formal terms of reference and is 
responsible for reviewing the structure, size and composition  
of the Board and for recommending to the Board suitable 
candidates for both executive and non-executive Board 
appointments. d irectors’ attendance
Directors’ attendance at Board and Committee meetings during the year ended 30 April 2007 is set out below.
     Hance David Garth Andrew Ian
      Fullerton Quysner Selvey Newland Griffiths
Board     11/12 11/12 8/8 12/12 11/12
Audit     3/3 3/3 1/1 N/A N/A
Remuneration     6/6 5/6 4/4 N/A N/A
Nominations     9/9 9/9 5/5 N/A N/A
Scoring represents individual Directors’ attendance for those meetings when they were members of the Board or Committee.
internal controls
Internal control systems are designed to meet the particular needs of the Group and the risks to which it is exposed, and by their 
nature can only provide reasonable but not absolute assurance against material misstatement or loss. The system of internal control 
is designed to manage the risk of failure to achieve business objectives, rather than to eliminate it. 
An internal audit function is not considered necessary or practical due to the size of the Group and the close day-to-day control 
exercised by the Executive Directors and senior management. The Board will continue to monitor the requirement to have an 
internal audit function.
The key procedures that the Directors have established with a view to providing an effective system of internal control are as follows:
Management structure
The Board has overall responsibility for the Group and focuses on the overall Group strategy and the interests of shareholders. 
There is a schedule of matters specifically reserved for decision by the Board. The Board has an organisational structure with clearly-
defined responsibilities and lines of accountability and each Executive Director has been given responsibility for specific aspects of 
the Group’s affairs.
Quality and integrity of personnel
The integrity and competence of personnel are ensured through high recruitment standards and subsequent training courses. High 
quality personnel are seen as an essential part of the control environment.
identification of business risks
The Board is responsible for identifying the major business risks faced by the Group and for determining the appropriate course of 
action to manage those risks. The Audit Committee also considers and determines relevant action in respect of any control issues 
raised by the auditors.
Budgets and reporting
Each year the Board approves the annual budget which includes an assessment of key risk areas. Performance is monitored and 
relevant action taken throughout the year through regular reporting to the Board of variances from the budget and preparation of 
updated forecasts for the year together with information on the key risk areas. Underpinning these budgets is a system of internal 
financial control, based on authorisation procedures and tiers of authority.
investment and divestment appraisal
All material investment and divestment decisions require appraisal, review and Board approval.
During the year the Board reviewed the effectiveness of the Group’s systems of internal controls and has a process for the continuous 
identification, evaluation and management of the significant risks the Group faces. Assessment considers the external environment, 
the industry in which the Group operates, the internal environment and non-financial risks such as operational and legal risks. The risks 
identified are ranked based on significance and likelihood of occurrence. The Board reviews the controls in place to mitigate those risks 
and improvements are made where required. A number of improvements have been made in the year and others have been identified 
and are being progressed. Day-to-day responsibility for effective internal control and risk monitoring rests with senior management.
28 ANGLE plc  Annu Al Repo Rt And Accounts 2007
CORPORATE GOVERNANCE REPORT CONTINUED Shareholder relations
The Company seeks to maintain and enhance good relations with its shareholders and analysts. The Company’s and Group’s 
Interim and Annual Reports are supplemented by regular published updates to investors on commercial progress. All investors have 
access to up-to-date information on the Group via its website, www.ANGLEplc.com, which also provides contact details for investor 
relations queries, details on the Company’s share price, share price graphs and share trading activity. The Company also distributes 
Group announcements electronically. Shareholders and other interested parties wishing to receive announcements via email are 
invited to sign up to the ‘Email alerts’ facility on the Company’s website.
The Directors seek to build on a mutual understanding of objectives between the Company and its shareholders, especially 
considering the specialist and medium term nature of the business. Institutional shareholders, private client brokers and analysts 
are in contact with the Directors through a regular programme of briefing presentations and meetings to discuss issues and give 
feedback, primarily following the announcement of the interim and preliminary results, but throughout the year as required. The 
Board also receives formal feedback through the Company’s stockbroker and financial PR firms.
All shareholders are invited to make use of the Company’s Annual General Meeting to raise any questions regarding the strategy, 
management and operations of the Group. The Chairmen of the Nominations, Audit and Remuneration Committees are available 
to answer any questions from shareholders at the AGM.
ANGLE plc  Annu Al Repo Rt And Accounts 2007 29 The Company is not required by either the Listing Rules or the 
Companies Act to produce a remuneration report, but has done 
so because of its commitment to maintaining high standards of 
Corporate Governance. The Company’s remuneration policy is 
the responsibility of the Remuneration Committee.
r emuneration policy
The Company’s policy on remuneration is to attract, retain and 
incentivise the Directors and staff in a manner consistent with the 
goals of good corporate governance. In setting the Company’s 
remuneration policy, the Remuneration Committee considers 
a number of factors including the basic salary, incentives and 
benefits available to Executive Directors, senior managers and 
staff of comparable companies. Consistent with this policy the 
Company’s remuneration packages awarded to Executive 
Directors and senior management are intended to be competitive, 
comprise a significant proportion of performance related 
remuneration and align employees with shareholders’ interests. 
Basic salary and benefits
Salary levels are reviewed annually. The Committee believes that 
basic pay should be competitive in the relevant employment 
market and reflect individual responsibilities and performance. 
Medical health insurance and life cover benefits are also 
provided to employees and in addition US employees have 
dental insurance and a defined contribution pension scheme. 
d eferred a nnual Bonus plan
The aim of the Deferred Annual Bonus Plan is to incentivise 
employees to achieve stretching annual performance targets 
and to align short term performance with long term shareholder 
interests by encouraging employees to defer bonuses into 
ANGLE plc shares.
Bonus targets under the plan are linked to Group and/or 
Business Unit profitability, operational performance and 
individual performance. The Remuneration Committee 
establishes the targets which must be achieved by Directors in 
order to receive a payment and these are reviewed annually. 
Directors and other senior management are required to defer 
50% of any earned bonus into ANGLE plc shares for a further 
three years subject to continued employment over the period. 
Additionally individuals have the opportunity to voluntarily defer 
any of their remaining bonus into shares, and receive one free 
matching share for each voluntarily deferred share at the end of 
the three year period. 
All employees in the Company are eligible to participate to 
some extent in the plan though the bonus potential and 
performance targets reflect the seniority and responsibility 
of the individual. 
Venture incentive plan 
Executive Directors, regional chief executives and venture team 
staff are eligible to participate in the Venture Incentive Plan. The 
aim of the plan is to provide a long term incentive linked to the 
realised cash gains from the Ventures business and is therefore 
closely aligned with the interests of shareholders.
The level of cash bonus received by participants is a function 
of the cash profits realised from the Ventures business and the 
number of participation points an individual has earned. The 
cash profits are determined after recovering all ventures costs 
and achieving a hurdle rate.
Share options
In future years, the Company does not normally intend to grant 
share options to employees participating in the Deferred Annual 
Bonus and Venture Incentive Plan. However, the Remuneration 
Committee has discretion to grant share options in special 
circumstances. 
None of the awards under the Deferred Annual Bonus Plan, 
Venture Incentive Plan or Share Option arrangements are 
pensionable.
Non-executive Directors receive a fixed fee for their services 
and the reimbursement of reasonable expenses incurred in 
attending meetings. The remuneration of the Non-executive 
Directors is determined by the Board as a whole within the 
overall limits stipulated in the Articles of Association. Non-
executive Directors are not eligible to participate in any of 
the Company’s incentive schemes.
REMUNERATION REPORT
30 ANGLE plc  Annu Al Repo Rt And Accounts 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 31
d irectors’ interests – shares
The Directors’ interests, including beneficial interests, in the ordinary shares of the Company were as stated below:
 Ordinary shares of 10p each
        30 April 1 May
        2007  2006
H Fullerton    81,525 81,525
I F Griffiths    529,546 529,546
A D W Newland    6,854,686 6,794,686
D W Quysner    20,000 20,000
G R Selvey    20,000 N/A*
*G R Selvey was appointed as a Director during the year.
d irectors’ emoluments
The aggregate remuneration received by Directors who served during the year was as follows:
 Year ended 30 April
    2007 2007 2007 2007 2007 2006
    Salary/fees Benefits
3
 Bonus
4
 Pension Total Total
    £’000 £’000 £’000 £’000 £’000 £’000
Chairman
H Fullerton    35 – – – 35 35
Executive
I F Griffiths    116 1 – 8 125 143
A D W Newland
1
    80 3 – 195 278 417
Non-executive
D W Quysner    25 – – – 25 25
G R Selvey 
2
    16 – – – 16 –
Total    272 4 – 203 479 620
1 A D W Newland sacrificed salary during the year. The Company elected to make contributions to a personal pension.
2 Covers the period from appointment on 7 September 2006.
3 Benefits include amounts in respect of private medical insurance and permanent health insurance.
4 The Executive Directors waived their entitlement to a bonus under the Deferred Annual Bonus Plan. d irectors’ interests – share options
The Directors’ interests in the ordinary share options of the Company were as stated below:
 At     At  Exercise Earliest
 1 May     30 April Date price exercise Expiry
Name  2006  Granted Lapsed Cancelled Exercised 2007 of grant £ date date
H Fullerton
 10,000     10,000 16/02/01 2.50 16/02/04 15/02/08
 12,000     12,000 27/09/02 1.00 27/09/05 26/09/09
 60,000     60,000 18/07/03 1.00 18/07/06 17/07/10
 40,000     40,000 17/03/04 1.44 17/03/07 16/03/11
 122,000 – – – – 122,000
I F Griffiths
 60,000  (60,000)   – 02–06/03/00 1.00 02/03/03 05/03/07
 60,000     60,000 16/02/01 2.50 16/02/04 15/02/08
 60,000     60,000 27/09/02 1.00 27/09/05 26/09/09
 60,000     60,000 18/07/03 1.00 18/07/06 17/07/10
 40,000     40,000 17/03/04 1.44 17/03/07 16/03/11
 47,619     47,619 29/07/05 1.26 29/07/08 28/07/12
 100,000     100,000 27/04/06 0.835 27/04/09 26/04/13
  100,000    100,000 21/03/07 0.640 21/03/10 20/03/14
 427,619 100,000 (60,000) – – 467,619
A D W Newland
 65,313  (65,313)   – 06/03/00 1.00 06/03/03 05/03/07
 60,000     60,000 16/02/01 2.50 16/02/04 15/02/08
 40,000     40,000 17/03/04 1.44 17/03/07 16/03/11
 47,619     47,619 29/07/05 1.26 29/07/08 28/07/12
 601,056     601,056 30/03/06 0.79 30/03/09 29/03/13
 813,988 – (65,313) – – 748,675
No options were exercised or cancelled by the Directors during the year but options issued on 2 to 6 March 2000 lapsed.
Note 21 provides additional information on share options.
Shareholder return
The market price of the Company’s shares on 30 April 2007 was 62p and the range of market prices during the period from  
1 May 2006 until 30 April 2007 was between 61p (low) and 89.5p (high).
By order of the Board
Garth Selvey
Remuneration Committee Chairman
4 July 2007
REMUNERATION REPORT CONTINUED
32 ANGLE plc  Annu Al Repo Rt And Accounts 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 33
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANGLE PLC
We have audited the Group and parent Company Financial 
Statements on pages 34 to 60. 
This report is made solely to the Company’s members, as a 
body, in accordance with Section 235 of the Companies Act 
1985. Our audit work has been undertaken so that we might 
state to the Company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and 
the Company’s members as a body, for our audit work, for this 
report, or for the opinions we have formed.
r espective responsibilities of d irectors and 
auditors
The Directors’ responsibilities for preparing the Annual Report 
and the Group Financial Statements in accordance with 
applicable law and International Financial Reporting Standards 
(IFRS) as adopted for use in the European Union, and for 
preparing the parent Company Financial Statements in 
accordance with applicable laws and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice) are set out in the Statement of Directors’ 
Responsibilities.
Our responsibility is to audit the Financial Statements in 
accordance with relevant legal and regulatory requirements, 
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Financial 
Statements give a true and fair view and have been properly 
prepared in accordance with the Companies Act 1985 and 
whether the information given in the Directors’ Report is 
consistent with the Financial Statements. The information given 
in the Directors’ Report includes that specific information 
presented in the Chief Executive’s Statement that is cross 
referenced in the review of business section of the Directors’ 
Report. We also report to you if, in our opinion, the Company 
has not kept proper accounting records, if we have not received 
all the information and explanations we require for our audit, or 
if information specified by law regarding Directors’ 
remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and 
consider whether it is consistent with the audited Financial 
Statements. The other information comprises only the 
unaudited part of the Chairman’s Statement, Chief Executive’s 
Statement, Financial Review, Management services, Investment 
Portfolio, Directors’ Report, Corporate Governance Report and 
Remuneration Report. We consider the implications for our 
report if we become aware of any apparent misstatements or 
material inconsistencies with the Financial Statements. Our 
responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, 
of evidence relevant to the amounts and disclosures in the 
Financial Statements. It also includes an assessment of the 
significant estimates and judgements made by the Directors 
in the preparation of the Financial Statements, and of whether 
the accounting policies are appropriate to the Group’s and 
Company’s circumstances, consistently applied and adequately 
disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in 
order to provide us with sufficient evidence to give reasonable 
assurance that the Financial Statements are free from material 
misstatement, whether caused by fraud or other irregularity or 
error. In forming our opinion we also evaluated the overall 
adequacy of the presentation of information in the Financial 
Statements.
o pinion
In our opinion:
the Group Financial Statements give a true and fair view, in 
accordance with IFRS as adopted for use in the European 
Union, of the state of the Group’s affairs as at 30 April 2007 
and of the loss for the year then ended;
the Group and parent Company Financial Statements have 
been properly prepared in accordance with the Companies 
Act 1985;
the parent Company Financial Statements give a true and fair 
view, in accordance with United Kingdom Generally Accepted 
Accounting Practice, of the state of the parent Company’s 
affairs as at 30 April 2007; and
the information given in the Directors’ Report is consistent 
with the Financial Statements.
Baker t illy UK a udit llp
Chartered Accountants and Registered Auditors
Guildford
4 July 2007
‡
‡
‡
‡ 34 ANGLE plc  Annu Al Repo Rt And Accounts 2007
        2007 2006
       Notes £ £
Turnover   2 3,377,354 4,092,867
Change in fair value   11 (2,036,814) 2,377,772
Operating costs   3  
Consulting 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   21 (414,741) (381,884)
Restructuring charges   7 (540,814) (203,740)
    (10,846,228) (9,270,348)
Operating profit/(loss)    (9,505,688) (2,799,709)
Net finance income   8 196,821 131,969
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   9 201,184 142,023
Profit/(loss) for the period    (9,107,683) (2,525,717)
Loss per share   10  
Basic and diluted (pence per share)    (33.57) (14.36)
CONSOLIDATED INCOME STATEMENT
for the year ended 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 35
        2007 2006
       Notes £ £
Assets   
Non-current assets   
Non-controlled investments   11 – 1,642,051
Other receivables   11,16 1,902,724 –
Property, plant and equipment   12 122,863 147,414
Intangible assets   13  389,159  3,575
Total non-current assets    2,414,746 1,793,040
Current assets   
Non-controlled investments   11 1,812,197 4,868,077
Trade and other receivables   17 964,293 1,224,658
Cash and cash equivalents     2,551,168  8,234,853
Total current assets    5,327,658 14,327,588
Total assets    7,742,404 16,120,628
Equity and liabilities   
Equity   
Issued capital   20 2,713,293 2,713,293
Share premium account    13,701,935 13,701,935
Share based payments reserve    1,713,289 918,876
Other reserves    2,553,356 2,553,356
Translation 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
Liabilities   
Non-current liabilities   
Obligations under finance leases   19 4,560 27,363
Current liabilities   
Trade and other payables   18 2,022,180 1,592,362
Obligations under finance leases   19  18,242  19,557
Total 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
The Financial Statements were approved by the Board and authorised for issue on 4 July 2007 and signed on its behalf by:
H Fullerton A D W Newland
Director Director
CONSOLIDATED BALANCE SHEET
a S at 30 april 2007 36 ANGLE plc  Annu Al Repo Rt And Accounts 2007
        2007 2006
        £ £
Operating activities  
Operating profit/(loss)    (9,505,688) (2,799,709)
Depreciation of property, plant and equipment    63,964 49,294
Amortisation of intangible assets    4,164 1,707
(Profit)/loss on disposal of property    – 1,059
Exchange differences    (121,562) (30,295)
(Increase)/decrease in trade and other receivables    283,908 (431)
Increase/(decrease) in trade and other payables    454,887 855,183
Income 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 activities  
Purchase 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 activities  
Net proceeds from issue of share capital    – 7,376,972
Capital elements of finance lease contracts    (24,118) (14,159)
Net cash from financing activities    (24,118) 7,362,813
  
Net increase/(decrease) in cash and 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
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 37
    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) – 9,312,632
For the year to 30 April 2006        
Consolidated profit/(loss)      (30,169) (2,525,717)  (2,555,886)
Share based payments    381,884     381,884
Issue of share capital (net)  1,042,645 6,320,071      7,362,716
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) 14,481,346
For the year to 30 April 2007        
Consolidated profit/(loss)      (120,654) (9,107,683)  (9,228,337)
Share based payments    794,413     794,413
ESOT 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 to the share based payments charged through:  
a) the income statement for staff incentive arrangements in the Group; b) The income statement for staff incentive arrrangements 
in the Controlled investments; and c) the balance sheet for acquired intangible assets in the Controlled investments comprising 
intellectual property (IP). These components are separately identified in the table below.
Transfers are made from this reserve to retained earnings as the related share options are exercised, lapse or expire or as a 
Controlled investment becomes non-controlled.
       Controlled Controlled 
      Group investments investments 
      employees employees IP Total
Share based payments reserve      £ £ £ £
At 1 May 2005      536,992 – – 536,992
Charge for the year      367,637 14,247 – 381,884
At 30 April 2006      904,629 14,247 – 918,876
Charge for the year      355,525 59,216 379,672 794,413
At 30 April 2007      1,260,154 73,463 379,672 1,713,289
translation reserve
The translation reserve account comprises cumulative exchange differences arising on consolidation from the translation of the 
financial statements of international operations. Under IFRS this is separated from retained earnings.
eSot shares
These relate to shares purchased by the ANGLE Employee Share Ownership Trust.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 april 2007 38 ANGLE plc  Annu Al Repo Rt And Accounts 2007
1 a ccounting policies
1.1 Basis of preparation
The Annual Report and Accounts have been prepared on the 
basis of the recognition and measurement requirements of 
International Financial Reporting Standards (IFRS) in issue that 
have been endorsed by the EU for the year ended 30 April 2007. 
They have also been prepared in accordance with those parts of 
the Companies Act 1985 that apply to companies reporting 
under IFRS.
The Directors adopted IFRS for the year ending 30 April 2006, as 
permitted by the Companies Act 1985 (International Accounting 
Standards and Other Accounting Amendments) Regulations 
that became law on 11 November 2004.
Standards and interpretations not applied
At the date of authorisation of these Financial Statements, the 
following Standards and Interpretations (International Financial 
Reporting Interpretation Committee – IFRIC), which have not 
been applied in these Financial Statements, were in issue but 
not yet effective:
IFRS 8 Operating segments
IFRIC 4  Determining whether an Arrangement contains 
a Lease
IFRIC 5  Rights to Interest Arising from 
Decommissioning, Restoration and 
Environmental Rehabilitation Funds
IFRIC 7  Applying the Restatement Approach under  
IAS 29 Financial Reporting in Hyperinflationary 
Economies
IFRIC 8 Scope of IFRS 2 Share Based Payment
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 11 Group Treasury Share Transactions
IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes
The Directors anticipate that the adoption of these Standards 
and Interpretations in future periods will have no material 
impact on the Financial Statements of the Group when the 
relevant Standards and Interpretations come into effect. 
IFRS has only been applied to the consolidated Financial 
Statements. The Company has elected to keep and prepare its 
parent company Financial Statements in accordance with UK 
GAAP . The Financial Statements and accounting policies of the 
Company are presented on pages 58 to 60.
1.2 a ccounting convention
These Financial Statements have been prepared under the 
historical cost convention, as modified by the revaluation of 
certain financial assets at fair value, as required by IAS 39. The 
basis of consolidation is set out as follows. 
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
1.3 presentation of f inancial Statements
The financial information, in the form of the primary statements 
contained in this report, is presented in accordance with 
International Accounting Standard (IAS) 1, ‘Presentation of 
Financial Statements’. IAS 1 provides no definitive guidance as 
to the format of the Income Statement, but states that key items 
should be disclosed. It also encourages additional line items to 
be added and the re-ordering of items presented on the face 
of the Income Statement when appropriate for a proper 
understanding of the entity’s financial performance. ANGLE 
has reviewed the items disclosed separately on the face of 
the Income Statement and the components of financial 
performance considered by management to be significant, 
or for which separate disclosure would assist, both in a better 
understanding of financial performance and in making 
projections of future results. This has been done taking into 
account the materiality, nature and function of components 
of income and expense.
1.4 Going concern
The Directors have reviewed the projections for the forthcoming 
12 month period from the date of signing these Financial 
Statements and based on the level of existing cash, projected 
income and expenditure, the Directors are satisfied that the 
Company and Group have adequate resources to continue in 
business for the foreseeable future. Accordingly the going 
concern basis has been used in preparing the Financial 
Statements.
1.5 Basis of consolidation
Subsidiaries
Subsidiary undertakings are consolidated on the basis of the 
acquisition method of accounting. Under this method of 
accounting the results of subsidiaries sold or acquired are 
included in the Income Statement up to, or from the date 
control passes. Intra-group transactions and balances are 
eliminated fully on consolidation and the consolidated accounts 
reflect external transactions only.
Subsidiaries are all entities over which the Group has the 
power to govern the financial and operating policies, generally 
accompanying a shareholding of more than half of the voting 
rights. The existence and effect of potential voting rights are 
considered when assessing whether the Group controls an 
entity. Subsidiaries’ accounting policies are amended where 
necessary to ensure consistency with the policies adopted by 
the Group.
Associates
Associates are entities over which the Group has significant 
influence, but does not control, generally accompanied by 
a shareholding of between 20–50% of the equity or voting  
rights. The Group has elected to treat such investments in 
associates as accounted for in accordance with IAS 39 Financial 
Instruments: Recognition and Measurement, and upon initial 
recognition these investments are designated at fair value 
through the Income Statement.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 39
1 a ccounting policies continued 
Other investments
Other investments are generally investments where the Group 
owns less than 20% of the equity or voting rights.
In accordance with IAS 39, upon initial recognition such investments 
are designated at fair value through the Income Statement.
1.6 investments
The Directors consider that a substantial measure of the 
performance of the Group is assessed through changes in 
fair value arising from the investment activity of the Group. 
Consequently the Group classifies all its investments that are 
not controlled investments as being designated on initial 
recognition as financial assets at fair value through the Income 
Statement.
Treatment of gains and losses arising on fair value
Investments that are not controlled investments are shown on 
the Balance Sheet at their fair value and any associated changes 
in fair value are included in the Income Statement in the period 
they arise.
Valuation policy
In determining fair value, investments have been valued by the 
Directors in compliance with the principles of the International 
Private Equity and Venture Capital Guidelines, updated and 
effective 1 January 2005, as recommended by the British 
Venture Capital Association (BVCA).
Listed investments – the fair values of investments quoted on an 
active market are based on bid prices at the Balance Sheet date.
 
Unlisted investments – the valuation methodology used most 
commonly by the Group is the ‘price of recent investment’, 
reflecting the early stage nature of the investments. The 
following considerations are used when calculating the fair 
value using the ‘price of recent investment’ guidelines:
Where the investment being valued was itself made recently, 
its cost will generally provide a good indication of fair value.
Where there has been any recent investment by third parties, 
the price of that investment will provide a basis of the valuation.
Where a fair value cannot be estimated reliably the investment  
is reported at the carrying value at the previous reporting date 
unless there is evidence that the investment has since been 
impaired.
Convertible loan notes
As well as direct investment into Progeny
®
 companies the Group 
uses other financial instruments such as convertible loans.
Under IAS 28 Investments in Associates: financial instruments 
that are presently exercisable are taken into account in 
determining control and significant influence and this may 
affect the basis of consolidation.
‡
‡
Under IAS 39 convertible loan notes are financial assets and are 
defined as compound financial instruments consisting of a 
liability component and an equity component. At the date of 
issue there is a requirement to split the instrument between its 
debt and equity components. 
The debt component is classified under investments as ‘Loans 
and receivables’ and subsequently carried in the Balance Sheet 
at cost less any impairment.
The equity component is classified under Investments and 
subsequently carried in the Balance Sheet at fair value. The 
right to convert the loan into equity represents an embedded 
derivative (the option) and as such needs to be re-measured to 
fair value at each reporting date with any changes in fair value 
of this right taken through the Income Statement.
Convertible loans issued in a different functional currency to the 
issuing entity are treated the same, however, there may also be 
an associated financial instrument (see note 1.15) to manage the 
risks associated with foreign currency fluctuations.
1.7 turnover
Turnover represents amounts receivable for goods and services 
net of value added tax.
Consulting and Management revenues are recognised in 
proportion to the stage of completion of each project. The 
stage of completion takes into account the milestones achieved 
in relation to the project deliverables.
1.8 employee benefits
Share based payments
Share based incentive arrangements which allow Group 
employees to acquire shares of the Company are provided 
to staff. The fair value of options granted is recognised as a 
cost of employment with a corresponding increase in equity. 
In accordance with IFRS 2, share options granted after 
7 November 2002 which had not vested by 1 May 2005 are 
valued at the date of grant using an appropriate option pricing 
model and are charged to operating costs over the vesting 
period of the award. The annual charge is modified to take 
account of options granted to employees who leave the Group 
during the performance or vesting period and forfeit their rights 
to the share options and in the case of non-market related 
performance conditions, where it becomes unlikely they will 
vest. The fair value of options granted to professional advisors 
as part consideration for services in connection with fund raising 
is recognised as an expense against the share premium account 
with a corresponding increase in equity. Such options vest and 
are expensed on successful completion of the services. 40 ANGLE plc  Annu Al Repo Rt And Accounts 2007
1 a ccounting policies continued
Pension obligations
Pension costs are charged against profits as they fall due and 
represent the amount of contributions payable to a defined 
contribution scheme in the US or to employee personal pension 
schemes on an individual basis. The Group has no further 
payment obligations once the contributions have been paid.
A liability for short term compensated absences, such as holiday, 
is recognised for the amount the Group may be required to pay 
as a result of the unused entitlement that has accumulated at 
the Balance Sheet date.
Bonus plan
The Group operates a Deferred Annual Bonus Plan for its 
employees and Directors.
Venture Incentive Plan
The Group operates a Venture Incentive Plan for its employees 
and Directors involved in the Ventures area of the business. The 
Group recognises a liability and an expense for bonuses that are 
accruing through the creation of value in the Group’s portfolio of 
equity investments but that have not yet been realised in cash.
1.9 income taxes
Full provision is made for deferred tax on all temporary timing 
differences resulting from the carrying value of an asset or 
liability and its tax base. Deferred tax is determined using tax 
rates (and laws) that have been enacted or substantially enacted 
by the Balance Sheet date and are expected to apply when the 
related deferred tax liability is settled or deferred tax asset 
realised.
Deferred tax liabilities are recognised on any increase in the fair 
value of investments to the extent that substantial shareholdings 
relief may be unavailable. Deferred tax assets are only 
recognised to the extent to which they are expected to be 
recovered in the near future. IAS 12 Income Taxes require the 
separate disclosure of deferred tax assets and liabilities on the 
Group’s Balance Sheet. 
1.10 property, plant and equipment 
All property, plant and equipment is stated at historical cost less 
accumulated depreciation and subject to impairment review. 
Cost includes expenditure that is attributable to the acquisition 
of the items. Depreciation is provided at rates calculated to write 
off the cost less estimated residual value of each asset over its 
expected useful economic life. Assets held under finance leases 
are depreciated over their expected useful economic life on the 
same basis as owned assets, or where shorter, the lease term. 
Assets are reviewed for impairment when events or changes in 
circumstances indicate that the carrying amount may not be 
recoverable. 
The following rates are used:
Computer equipment 33.33% Straight-line
Fixtures, fittings & equipment 33.33% Straight-line
Laboratory equipment 20%  Straight-line
1.11 intangible assets
Computer software
Under IAS 38 – Intangible Assets, acquired computer software 
should be capitalised as an intangible asset unless it is an integral 
part of the related hardware (such as the operating system) where 
it remains as an item of property, plant and equipment. Certain 
assets have been reclassified accordingly. 
Internally developed computer software will be capitalised in 
accordance with the research and development accounting 
policy. If the software is developed for inhouse use the 
capitalised amount is reclassified from research and 
development to computer software.
Amortisation is calculated using the straight-line method to 
allocate the cost of the software over its estimated useful 
economic life.
Research and development
Research expenditure is written off as incurred. 
Development expenditure is also written off, except where 
the Directors are satisfied that a new or significantly improved 
product or process results and other relevant IAS 38 criteria are 
met as to the technical, commercial and financial viability of 
individual projects that would allow such costs to be capitalised. 
In such cases, the identifiable expenditure is capitalised and 
amortised over the period during which benefits are expected.
Patents
Patents have a finite useful life and are stated at cost less 
accumulated amortisation. Amortisation is calculated using the 
straight-line method to allocate the cost of patents over their 
estimated useful economic lives. 
Impairment
Intangible assets are reviewed for impairment when events or 
changes in circumstances indicate that the carrying amount may 
not be recoverable. An impairment loss is recognised for the 
amount by which the carrying amount exceeds its recoverable 
amount. The recoverable amount is the higher of the asset’s fair 
value less costs to sell and the value in use.
1.12 l eases
Assets obtained under hire purchase contracts and finance 
leases, and any other leases that entail taking substantially all 
the risks and rewards of ownership of an asset, are capitalised 
on the balance sheet and depreciated over the shorter of the 
lease term and their useful lives. Obligations under such 
agreements are included in creditors net of the finance charge 
allocated to future periods. The finance element of the rental 
payment is charged to the Income Statement so as to produce 
a constant periodic rate of charge on the net obligation 
outstanding in each period.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 41
1 a ccounting policies continued
1.13 employee Share o wnership trust
The Group has an Employee Share Ownership Trust (ESOT) 
to assist with the obligations under share option and other 
employee remuneration schemes. The ESOT is consolidated 
as if it were a subsidiary. Shares in the Group held by the ESOT 
are stated at cost and presented in the Balance Sheet as a 
deduction from equity under the heading of ‘ESOT shares’. 
Finance and administration costs relating to the ESOT are 
charged to operating costs.
1.14 f oreign currency
The Consolidated Financial Statements are presented in pounds 
sterling, which is the Company’s functional and presentational 
currency. The Group determines the functional currency of 
each entity and items included in the Financial Statements of 
each entity are measured using that functional currency. The 
functional currencies of the Group’s operations are sterling and 
US dollars.
Transactions denominated in foreign currencies are recorded at 
the rate ruling at the date of the transaction. Monetary assets 
and liabilities denominated in foreign currencies are translated 
at the rates of exchange ruling at the Balance Sheet date. 
Non-monetary assets and liabilities denominated in foreign 
currencies and held at cost use the exchange rate at the date 
of the initial transactions. Non-monetary assets and liabilities 
denominated in foreign currencies and held at fair value use the 
exchange rate at the date that the fair value was determined.
Profits and losses on both the individual transactions during the 
period and monetary assets and liabilities are dealt with in the 
Income Statement.
On consolidation, the Income Statements of the foreign 
subsidiaries are translated at the average exchange rates for 
the period and the Balance Sheets at the exchange rates at 
the Balance Sheet date. The exchange differences arising as 
a result of translating Income Statements at average rates and 
restating opening net assets at closing rates are taken to the 
translation reserve. On disposal of a foreign operation, the 
deferred cumulative amount recognised in equity relating 
to that particular foreign operation is recognised in the 
Income Statement.
The Group has elected to apply the exemption in IFRS 1 ‘First 
time adoption of International Financial Reporting Standards’ 
which allows the cumulative translation differences for all foreign 
operations to be deemed to be zero at the date of transition to 
IFRS. The Group has similarly elected that the profit or loss on 
any subsequent disposal of any foreign operation shall exclude 
translation differences that arose before the date of transition.
1.15 f inancial instruments
Financial assets and liabilities are recognised in the Group’s 
balance sheet when the Group becomes a party to the 
contractual provisions of the instrument. 
Derivative financial instruments
The Group uses derivative financial instruments as appropriate 
to manage the risks associated with foreign currency 
fluctuations from its activities and changes in interest rates on 
borrowings. This is achieved by the use of foreign currency 
contracts, currency swaps and interest rate swaps. All derivative 
financial instruments are held at fair value. The Group does not 
use derivative financial instruments for speculative purposes.
Derivative financial instruments are recognised initially at fair 
value on the contract date and subsequently re-measured to fair 
value at each reporting date. The fair value of forward exchange 
contracts is calculated by reference to current forward exchange 
contracts for contracts with similar maturity profiles. The fair 
value of currency swaps and interest rate swaps is determined 
with reference to future cash flows and current interest and 
exchange rates. All changes in the fair value of derivative 
financial instruments are taken through the Income Statement.
Derivatives embedded in other financial instruments or other 
non-financial host contracts are treated as separate derivatives 
when their risks and characteristics are not closely related to 
those of the host contract and the host contract is not carried at 
fair value with unrealised gains or losses reported in the Income 
Statement.
Cash and cash equivalents
Cash and short term deposits in the Balance Sheet comprise 
cash at bank and in hand and short term deposits with an 
original maturity of three months or less.
For the purposes of the Cash Flow Statement, cash and cash 
equivalents comprise cash and short term deposits as defined 
previously and other short term highly liquid investments that 
are readily convertible into cash and are subject to an 
insignificant risk of changes in value, net of outstanding short 
term borrowings.
Deposits
Deposits in the Balance Sheet comprise longer term deposits 
with an original maturity of greater than three months.
Bank loans, loan notes and borrowings
All loans and borrowings are initially recognised at the fair value 
of the consideration received net of issue costs associated with 
the borrowings. After initial recognition, these are subsequently 
measured at amortised cost using the effective interest method, 
which is the rate that exactly discounts the estimated future cash 
flows through the expected life of the liabilities. Amortised cost 
is calculated by taking into account any issue costs and any 
discount or premium on settlement.
Other assets
Assets, other than those specifically accounted for under a 
separate policy, are stated at their cost less impairment losses. 
They are reviewed at each Balance Sheet date to determine 
whether there is any indication of impairment. If any such 
indication exists, the asset’s recoverable amount is estimated 
based on expected discounted future cash flows. Any change 
in the level of impairment is recognised directly in the Income  1 a ccounting policies continued
1.15 f inancial instruments continued
Statement. An impairment loss is reversed at subsequent 
Balance Sheet dates to the extent that the asset’s carrying 
amount does not exceed its carrying value had no impairment 
loss been recognised.
Other liabilities
Liabilities, other than those specifically accounted for under a 
separate policy, are stated based on the amounts which are 
considered to be payable in respect of goods or services 
received up to the Balance Sheet date.
Provisions
Provisions are recognised when the Group has a present 
obligation as a result of past events, and it is probable that the 
Group will be required to settle that obligation and a reliable 
estimate of the obligation can be made. The provisions are 
measured at the Directors’ best estimate of the amount to settle 
the obligation at the Balance Sheet date, and are discounted 
back to present value if the effect is material.
1.16 Segmental reporting
A business segment is a group of assets and operations 
engaged in providing services that are subject to risks and 
returns that are different from those of other business segments. 
A geographical segment is engaged in providing services within 
a particular economic environment that is subject to different 
risks and returns from other segments in other economic 
environments.
1.17 r estructuring charges
Restructuring charges are accrued against operating income in 
the period in which management has committed to a plan and 
in which the liability has been incurred and the amount can be 
reasonably estimated.
1.18 Critical accounting estimates and judgements
The preparation of financial statements requires the use of 
estimates and assumptions that affect the reported amounts of 
assets and liabilities at the date of the Financial Statements and 
the reported amounts of revenues and expenses during the 
reporting period. Although these estimates and assumptions 
are based on management’s best knowledge of the amount, 
event or actions, actual results ultimately may differ from  
those estimates.
The estimates and assumptions that have a significant risk of 
causing a material adjustment to the carrying amounts of assets 
and liabilities relate to the valuation of unlisted investments held 
at fair value, which are valued on the basis noted in 1.6, and to 
the valuation of earn-outs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
2 turnover and segmental analysis
The Group operates in one principal area of activity – 
technology wealth creation through the commercialisation 
of intellectual property and the development of technology 
industry. 
The primary business segments are:
Consulting and Management – provision of consulting and 
management services to clients including research 
organisations, corporate and governmental organisations 
on a fee-for-service basis. This business segment provides 
a platform for the Ventures activities.
Ventures – activities to establish, develop and create value 
in technology companies. The Group uses a proprietary 
Progeny
®
 process to develop these companies, which are 
referred to as Progeny
®
 companies. ANGLE’s unique business 
model involves ANGLE founding new companies which it 
controls during the critical early stages of development, 
before securing third party funding. 
Under IFRS, the accounting for Progeny
®
 companies divides into 
controlled investments and non-controlled investments.
Controlled investments – Progeny
®
 companies where the 
Group has control, typically as a result of owning in excess of 
50% of the equity. These are consolidated and the Group’s 
investment costs are expensed in the Income Statement.
Non-controlled investments – Progeny
®
 companies where the 
Group does not have control. These investments are held on 
the Balance Sheet at fair value, with changes in fair value 
passing through the Income Statement.
The nature of these operations is significantly different. The 
primary format and segmentation by class of business has been 
provided on the face of the Consolidated Income Statement 
where material.
The secondary format would be by geographical location. 
Segmental revenue by geographical revenue is shown on 
page 43. Over 90% of segment assets by geographical location 
are based in the UK.
The turnover of the Group for the year has been primarily 
derived from its Consulting and Management activities. 
Some £0.1 million (2006: £0.70 million) of the fees relate to 
reimbursable operating expenditure incurred on management 
contracts.
In addition the Group provides management services to 
investments in the form of Non-executive Director services, 
management, accounting and administration support for which 
it receives fees.
‡
‡
‡
‡
42 ANGLE plc  Annu Al Repo Rt And Accounts 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 43
2 turnover and segmental analysis continued
The geographical analysis, as defined by the country or area in which the client is based, is as follows:
        2007 2006
        £ £
Consulting and Management
United Kingdom    1,230,739 2,271,440
North America    365,602 576,611
Middle East    1,768,206 1,174,041
    3,364,547 4,022,092
Ventures
United Kingdom    11,865 60,000
Controlled investments
United Kingdom    – 4,471
North America    942 6,304
    942 10,775
Total turnover    3,377,354 4,092,867
3 o perating costs 
        2007 2006
        £ £
Staff costs – employees (Note 5)    5,891,608 5,363,509
Depreciation
 – owned assets    53,019 42,041
 – leased assets    10,945 7,253
Amortisation of intangible assets    4,164 1,707
Auditors’ remuneration    122,595 71,895
Bad debts    15,199 58,549
Research and development    748,007 674,863
Restructuring charges    540,814 203,740
Other operating costs    3,459,877 2,846,791
    10,846,228 9,270,348
 
        2007 2006
        £ £
Auditors’ remuneration     
Audit services – statutory audit of parent and consolidated accounts    40,000 34,750
Audit services – statutory audit of subsidiaries    15,100 11,865
Review of interim results    7,000 6,000
Tax compliance services    8,750 7,700
Tax advisory services    51,745 11,580
Sub total charged through Consolidated Income Statement    122,595 71,895
Secondary placing of shares (charged to share premium)    – 2,300
Total auditors’ remuneration    122,595 74,195
The figures presented are for ANGLE plc and its subsidiaries as if they were a single entity. ANGLE plc has taken the exemption 
permitted by SI 2005 2417 Reg 5 to omit information from its individual accounts.
In the year 30 April 2007 audit services were provided by Baker Tilly UK Audit LLP and all other services by Baker Tilly Tax and 
Advisory Services LLP . All services in the year to 30 April 2006 were provided by Baker Tilly. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
44 ANGLE plc  Annu Al Repo Rt And Accounts 2007
4 d irectors’ emoluments
        2007 2006
        £ £
Emoluments for qualifying services including retirement benefits of £202,640 (2006: £34,822)    478,608 817,926
Emoluments disclosed above include the following amounts paid  to the highest paid Director
  including retirement benefits of £194,640 (2006: £34,822):
Emoluments for qualifying services    277,620 417,006
Disclosures relating to individual Directors’ emoluments are given in the Remuneration Report on pages 31 and 32.
5 employment
employment costs
The aggregate employment costs of staff (including Directors and controlled investments) for the year was:
        2007 2006
        £ £
Wages and salaries    4,757,160 4,480,913
Social security costs    477,827 421,057
Other pension costs (Note 6)    241,880 79,655
    5,476,867 4,981,625
Employee share based payment charge (Note 21)    414,741 381,884
    5,891,608 5,363,509
n umber of employees
The average number of employees (including Directors) during the year was:
        2007 2006
        Number Number
Executives    42 35
Administration    16 14
Controlled investments    18 8
    76 57
6 pension costs 
The Group operates a defined contribution pension scheme for employees in the US. The assets of the scheme are held separately 
from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the 
Group to the fund and amounted to £11,686 (2006: £11,208). Contributions totalling £15,593 (2006: £9,298) were payable to the fund 
at the year end and are included in trade and other payables. The Group made UK pension costs payments of £230,193 (2006: 
£68,447) directly to personal pension plan schemes. Contributions to personal pension plan schemes of £25,370 (2006: £nil) were 
payable at the year end and are included in trade and other payables.
7 r estructuring charges
Restructuring charges of £540,814 relate to the reduction of operating costs and staffing to focus on the development of the 
existing portfolio and on the profitable Management services business, rather than short term consulting work. Restructuring 
charges in 2006 of £203,740 relate to the cost of reorganising the business during the period to strengthen the regional leadership 
and position the Group for future growth. ANGLE plc  Annu Al Repo Rt And Accounts 2007 45
8 n et finance income
        2007 2006
        £ £
Interest receivable    202,315 134,394
Interest payable
Bank and other interest    2,552 65
Lease finance charges    2,942 2,360
    5,494 2,425
Net interest receivable    196,821 131,969
9  tax
As a result of the Group’s furtherance of its core activity of establishing and developing technology and biotechnology companies, 
taxable losses have been incurred which are available for offset against future taxable profits. The Group is also eligible for, and 
takes advantage of, the substantial shareholdings relief UK corporation tax exemption. This results in the gain from any disposals of 
UK investments where the Group has an equity stake greater than 10%, and subject to certain other tests, being free of corporation 
tax. A deferred tax asset has not been recognised in respect of these losses as the Group does not anticipate taxable profits to arise 
within the foreseeable future.
        2007 2006
        £ £
Current tax:    
Corporation tax    (201,184) (142,023)
Deferred tax:
Origination and reversal of timing differences    – –
Tax on profit/(loss) on ordinary activities    (201,184) (143,023)
The estimated value of the deferred tax asset not recognised, measured at a standard rate of 30% is £3,950,000 (2006: £2,190,000).
        2007 2006
Corporation tax        £ £
Profit/(loss) on ordinary activities before tax    (9,308,867) (2,667,740)
Tax on profit/(loss) on ordinary activities at 30%    (2,792,660) (800,322)
Factors affecting charge:
Capital allowances for period in excess of depreciation    4,809 3,772
Disallowable expenses    7,575 6,025
Other tax adjustments    28,035 15,727
Change in fair value of investments    614,265 (713,332)
Share based payments    121,989 114,565
Unutilised losses carried forward    1,763,209 1,231,542
Capital transactions    51,594 –
Current tax charge/(credit) for year    (201,184) (142,023) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
46 ANGLE plc  Annu Al Repo Rt And Accounts 2007
10 earnings/(loss) per share
The basic and fully diluted earnings per share is calculated on an after tax loss of £9.11 million (2006: loss £2.53 million). Share options 
are regarded as dilutive if the exercise price was below the average fair value. Note 21 provides information on outstanding options. 
Share options are non-dilutive for the year because of the loss.
        2007 2006
        £ £
Profit/(loss) for the financial year    (9,107,683) (2,525,717)
        Number Number
        of shares of shares
Weighted average number of ordinary shares – basic    27,132,931 17,584,521
Effect of potential dilutive share options    – –
Adjusted weighted average number of ordinary shares – diluted    27,132,931 17,584,521
Earnings/(loss) per share – basic (p)    (33.57) (14.36)
Earnings/(loss) per share – diluted (p)    (33.57) (14.36)
11 investments 
The Group’s investment portfolio comprises investments in Progeny
®
 companies. 
Where the Group has control of a Progeny
®
 company (typically owning more than 50% of the equity), these are controlled 
investments and they are consolidated as subsidiaries until such time as control no longer exists. At the point control no longer 
exists a deemed profit arises and the investment is held at fair value on the Consolidated Balance Sheet. In the year to 30 April 2007 
net costs before taxation relating to controlled investments of £3,188,101 were charged to the Income Statement (2006: £2,206,794). 
Where the Group does not control a Progeny
®
 company (typically owning less than 50% of the equity), these are held on the 
Balance Sheet at fair value, as set out in the table below:
       Non-current  Total
       assets Current assets non-controlled
       Unquoted Quoted investments
       £ £ £
At 1 May 2005       2,515,517 818,819 3,334,336
Investments       297,996 500,024 798,020
Reclassification       (1,041,219) 1,041,219 –
Change in fair value       (130,243) 2,508,015 2,377,772
At 1 May 2006       1,642,051 4,868,077 6,510,128
Investments       90,780 262,500 353,280
Disposals       *(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
Investments are made directly and in the form of loans. The loans are normally convertible into equity and are non-interest bearing.
o ther receivables  
* ANGLE’s Progeny
®
 company Acolyte Biomedica was sold to 3M Corporation. ANGLE’s share of the proceeds was an initial  
£0.9 million in cash and an earn-out of up to £4.7 million receivable early in 2010. A fair value of £1.9 million of this potential  
£4.7 million earn-out is held on ANGLE’s Balance Sheet under the ‘Other receivables’ category. ANGLE plc  Annu Al Repo Rt And Accounts 2007 47
11 investments continued
Group investments at the end of the year comprise the following:
        Effective Effective
        holding holding
        Class of before after
        share minority  minority
    Principal activity   held interests % interests %
Non-current asset investments
NeuroTargets Limited
1,2,3
     New drug targets   Ordinary  25.08 24.27
Current asset investments
Provexis plc
1,2
    Nutraceutical products   Ordinary 20.13 19.85
1 The effective Group holdings shown are before the effects of any dilutive share options or warrants or additional holdings from convertible loans within the 
individual investments.
2 Recent financial statements are not always publicly available and management information is deemed commercially sensitive. Net assets and profit/(loss) figures 
are therefore based on publicly available information – results statements or the most recently filed Accounts with Companies House.
3 NeuroTargets Limited’s access to future funding is uncertain and it is therefore carried at £nil on the Balance Sheet (2006: £nil)
The aggregate amount of capital and reserves and the results of these investments for the last relevant financial year were as follows:
       Date of
        financial Net Profit/(loss)
       statements assets for the year
NeuroTargets Limited       30/04/2006 (198,928) (462,471)
Provexis plc       31/03/2007 (306,059) (2,922,255)
Financial information is based on financial statements that are publicly available.
Subsidiaries
The following subsidiaries have been consolidated into the Group Financial Statements using the acquisition method of accounting:
   Class of Holding
Company name  Principal activity  share held %
Aberro Inc
1
 Software testing tools  Common and Preferred 65.12
Aguru Images Inc
1
  Rapid image surface capture  Common and Preferred 100
Geomerics Limited
1
 Computational graphics  Ordinary 55.80
InnoMatica Limited
1
 Vibration reduction  Ordinary 100
Novocellus Limited
1
 IVF diagnostics  Ordinary 62.67
Parsortix Inc
1
 Cell separation  Common 68.21
Synature Limited
1
 Internet personalisation  Ordinary 55.00
All incorporated in Great Britain with the exception of Aberro Inc, Aguru Images Inc (formerly Kaloptics Inc) and Parsortix Inc which 
are incorporated in the US. 
1  The effective Group holdings shown are before the effects of any dilutive share options or warrants or additional holdings from convertible loans within the 
individual investments. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
48 ANGLE plc  Annu Al Repo Rt And Accounts 2007
11 investments continued
 Country of registration  Class of  Holding
Principal subsidiaries or incorporation  share held  %
ANGLE Partnerships Limited* Great Britain  Ordinary  100.00
ANGLE Technology Licensing Limited Great Britain  Ordinary  100.00
ANGLE Technology Limited* Great Britain  Ordinary  100.00
ANGLE Technology Ventures Limited Great Britain  Ordinary  100.00
ANGLE Ventures Limited* Great Britain  Ordinary  100.00
Progeny bioVentures Limited Great Britain  Ordinary  96.50
ANGLE Technology LLC US  Membership Units  100.00
ANGLE Technology Ventures LLC US  Membership Units  100.00
 
* subsidiary held directly.
The principal activity of these businesses for the last relevant financial year was as follows:
Principal subsidiaries Principal activity
ANGLE Partnerships Limited Dormant
ANGLE Technology Licensing Limited Dormant
ANGLE Technology Limited Principal UK trading company – consulting and management services
ANGLE Technology Ventures Limited Establishment and growth of technology companies
ANGLE Ventures Limited To channel EIS and VCT funds for the establishment and growth of technology companies
Progeny bioVentures Limited Establishment and growth of biotech companies
ANGLE Technology LLC US subsidiary covering all of Group’s business
ANGLE Technology Ventures LLC US subsidiary for technology ventures ANGLE plc  Annu Al Repo Rt And Accounts 2007 49
12 property, plant and equipment
        Fixtures, 
      Computer Laboratory fittings and
      equipment equipment equipment  Total
      £ £ £ £
Cost
At 1 May 2005      181,499 32,716 58,415 272,630
Additions      47,208 56,616 12,444 116,268
Disposals      (51,062) – (6,481) (57,543)
Exchange movements      1,006 – 160 1,166
At 30 April 2006      178,651 89,332 64,538 332,521
Additions      31,862 – 11,406 43,268
Disposals      (27,563) – (12,013) (39,576)
Exchange movements      (3,278) – (556) (3,834)
At 30 April 2007      179,672 89,332 63,375 332,379
Depreciation
At 1 May 2005      132,420 545 58,415 191,380
Charge for the year      33,781 12,236 3,277 49,294
Disposals      (50,003) – (6,481) (56,484)
Exchange movements      757 – 160 917
At 30 April 2006      116,955 12,781 55,371 185,107
Charge for the year      40,092 17,867 6,005 63,964
Disposals      (25,025) – (11,795) (36,820)
Exchange movements      (2,350) – (385) (2,735)
At 30 April 2007      129,672 30,648 49,196 209,516
Net book value
At 30 April 2007      50,000 58,684 14,179 122,863
At 30 April 2006      61,696 76,551 9,167 147,414
Included above are assets held under finance leases as follows:
        
        Fixtures, 
      Computer Laboratory fittings and 
      equipment equipment equipment Total
      £ £ £ £
Net book value
At 30 April 2007      – 38,310 – 38,310
At 30 April 2006      890 49,255 – 50,145
Depreciation charge for the year
At 30 April 2007      – 10,945 – 10,945
At 30 April 2006      1,780 5,473 – 7,253 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
50 ANGLE plc  Annu Al Repo Rt And Accounts 2007
13 intangible assets
  
        2007
Intellectual property        £
Fair Value
At 1 May    –
Additions    379,672
Impairment    –
At 30 April    379,672
Intellectual Property (IP) was added during the year as a result of acquisitions of £279,356 (Note 14) and the issue of new shares in 
exchange for the assignment of exclusive rights to the IP of £100,316.
        2007 2006
Computer software        £ £
Cost
At 1 May    7,484 6,965
Additions    10,117 519
Exchange movements    (54) –
At 30 April    17,547 7,484
Amortisation
At 1 May    3,909 2,202
Charge for the year    4,164 1,707
Exchange movements    (13) –
At 30 April    8,060 3,909
Net book value
At 30 April    9,487 3,575
      
        2007 2006
        £ £
Total net book value
At 30 April    389,159 3,575 ANGLE plc  Annu Al Repo Rt And Accounts 2007 51
14 a cquisitions
During the year a number of controlled investments acquired the entire issued share capital of companies in share for share 
exchanges under ther terms of Intellectual Property (IP) option exercise agreements. The acquisitions were made to secure IP 
(patents, copyright, know-how) relevant to the controlled investment and the value of such IP accounts for substantially all of  
the fair value of the acquisition.
Consideration and cost in respect of the acquistions:
  
        2007 
        £ 
Fair value of assets acquired
Trade and other receivables    423 
Cash and cash equivalents    3,207 
Trade and other payables    (1,230) 
    2,400 
Intellectual property    279,356 
    281,756 
Satisfied by
Ordinary shares    281,756 
15 o ther financial assets and financial liabilities 
The Group’s financial instruments comprise cash, treasury deposits, overdraft, finance leases and various items such as trade 
receivables and trade payables which arise directly from its operations. 
In addition the Group holds an investment portfolio comprising loans and equity investments (listed and unlisted) in technology 
based companies (Note 11). 
It is the Group’s policy that no trading in financial derivatives shall be undertaken.
The main risks arising from the Group’s financial instruments are adverse interest rate movements, adverse currency rate 
movements, liquidity risk and investment risk.
f inancial assets
Financial assets of the Group comprise cash at bank and in hand as well as treasury deposits and loan notes. Other financial assets 
on which no interest is earned comprise non-current and current asset investments and details are provided in Note 11. It is the 
Group’s policy to place surplus cash resources on deposit at both floating and fixed term deposit rates of interest with the objective 
of maintaining a balance between accessibility of funds and competitive rates of return. Fixed term deposits are for varying periods 
ranging from one to six months, to the extent that cash flow can be reasonably predicted.
f inancial liabilities
Financial liabilities of the Group in the normal course of business comprise overdraft facilities and finance leases (see Note 19 for 
profile), but not borrowings. It is the Group’s policy to use various financial instruments with floating and fixed rates of interest with 
the objective of maintaining a balance between continuity of funding, matching the liability with the use of the asset, and finding 
flexible funding options for a reasonable charge. 
The Group currently does not utilise overdraft facilities. The Group believes that it has a good long-standing banking relationship 
and that these facilities can be reinstated if required. Finance leases and hire purchase agreements are held under fixed rate 
contracts. The Group has no long term borrowings or undrawn committed borrowing facilities. Therefore the Group is not exposed 
to any interest rate risk on its financial liabilities. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
52 ANGLE plc  Annu Al Repo Rt And Accounts 2007
15 o ther financial assets and financial liabilities continued
interest rate profile 
The Group’s financial assets and financial liabilities have the following interest rate profile:
  Fixed Floating Interest 2007 Fixed Floating Interest 2006
  rate
1
 rate
2
 free Total rate
1
 rate
2
 free Total
  £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets:
Investments (non-current)  – – – – – – 1,642 1,642
Investments (current)  – – 1,812 1,812 – – 4,868 4,868
Property, plant and equipment  – – 123 123 – – 147 147
Intangible assets  – – 389 389 – – 4 4
Other receivables (non-current)  – – 1,903 1,903 – – – –
Trade and other receivables (current)  – 75 889 964 – 240 985 1,225
Cash and cash equivalents  27 2,492 32 2,551 – 7,716 519 8,235
Total financial assets  27 2,567 5,148 7,742 – 7,956 8,165 16,121
Financial liabilities:
Trade and other payables  28 – 1,994 2,022 – – 1,592 1,592
Obligations under finance leases (non-current) 5 – – 5 27 – – 27
Obligations under finance leases (current) 18 – – 18 20 – – 20
Total financial liabilities  51 – 1,994 2,045 47 – 1,592 1,639
1 Fixed rate assets attracted interest of 4.4%. Fixed rate liabilities attracted interest of between 10.9% and 15.0% during the year (2006: 10.9% to 12.2%).
2 Floating rate cash deposits in sterling earn interest at 0.5% below the Bank of England base rate. The weighted average interest rate on sterling cash deposit for this 
period was 4.4% (2006: 4.6%). The weighted average interest rate on US dollar cash deposit for this period was 2.5% (2006: 2.6%).
With the exception of non-current investments and obligations under finance leases, all amounts have maturity dates of less than  
12 months.
f oreign currency risk
The Group has overseas subsidiaries, the revenues and expenses of which are denominated in Sterling and US dollars. As a result, 
the Group’s Sterling Income Statement and Balance Sheet may be affected by movements in the US dollar : Sterling exchange rate.
The majority of the Group’s operating revenues and expenses is in Sterling and US dollars. Sales are priced in Sterling or US dollars 
for preference although the Group has a limited amount of revenues and expenses denominated in other currencies. A natural 
hedge exists through the matching of anticipated foreign currency operating expenses with foreign currency revenues. The excess 
exposure over and above this natural hedge is managed for all significant foreign currencies using forward currency contracts or 
currency swaps. In exceptional circumstances the Board may approve of contracts in excess of 12 months.
h edging
Other than the natural hedge, the Group did not hedge its financial transactions in 2007 or 2006. ANGLE plc  Annu Al Repo Rt And Accounts 2007 53
15 o ther financial assets and financial liabilities continued
Currency profile
The Group’s financial assets and financial liabilities have the following currency profile:
      2007   2006
    Sterling US dollar Total Sterling US dollar Total
    £’000 £’000 £’000 £’000 £’000 £’000
Financial assets:
Investments (non-current)    – – – 1,642 – 1,642
Investments (current)    1,812 – 1,812 4,868 – 4,868
Property, plant and equipment    103 20 123 127 20 147
Intangible assets    286 103 389 3 1 4
Other receivables (non-current)    1,903 – 1,903 – – –
Trade and other receivables (current)    909 55 964 1,114 111 1,225
Cash and cash equivalents    2,442 109 2,551 8,157 78 8,235
Total financial assets    7,455 287 7,742 15,911 210 16,121
Financial liabilities:
Trade and other payables    1,804 218 2,022 1,308 284 1,592
Obligations under finance leases (non-current)   5 – 5 27 – 27
Obligations under finance leases (current)   18 – 18 20 – 20
Total financial liabilities    1,827 218 2,045 1,355 284 1,639
Market and liquidity risk
The principal risk to which the Group is exposed is liquidity risk. The nature of the Group’s activities means it finances its operations 
through retained earnings, including equity disposals, and the issue of new shares to investors. The principal cash requirements are 
in relation to developing new ventures, funding investments and meeting working capital requirements. The Group seeks to 
manage liquidity through planning, forecasting, careful cash management and managing the investment risk. 
Early stage companies typically experience significant negative cash flows, which ANGLE covers initially until sufficient progress is 
made to attract third party funding. Investments may be unable to obtain financing due to lack of operational progress or market 
conditions and the Group may feel it necessary to provide additional investment and/or management time to support these 
companies further. Adverse market conditions may also delay liquidity events, thereby requiring additional investment, and ANGLE 
may also find it difficult to raise additional capital under these conditions.
investment risk
Equity investments are held to achieve capital growth in their value with the intention of subsequent disposal at a profit. The main 
risks arising from these equity investments is technological and market price risk. The Group seeks to manage investment risk by 
using investment appraisal processes and monitoring procedures with regular reports made to the Board on the status of 
investments. The Group’s Progeny
®
 model is built on robust risk management processes combined with experienced management.
f air values of financial assets and liabilities
Other than as disclosed, the Directors believe that the fair value and the book value of financial assets and financial liabilities is not 
materially different. Trade payables and receivables have a remaining life of less than one year so their value on the Balance Sheet is 
considered to be a fair approximation of fair value. The valuation policy for investments is detailed in Note 1.6. 
16 o ther receivables
        2007 2006
        £ £
Non-current assets:
Other receivables    1,902,724 –
Other receivables relates to the value ascribed to the earn-out from the sale of Acolyte Biomedica to 3M. Further details are 
provided in Note 11.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007
54 ANGLE plc  Annu Al Repo Rt And Accounts 2007
17 trade and other receivables
        2007 2006
        £ £
Current assets:
Trade receivables    297,921 494,239
Taxation    222,130 141,883
Other receivables    92,846 313,708
Prepayments and accrued income    351,396 274,828
    964,293 1,224,658
18 trade and other payables
        2007 2006
        £ £
Current liabilities:
Trade payables    333,696 540,117
Other taxes and social security costs    115,040 100,409
Accruals and deferred income    1,573,444 951,836
    2,022,180 1,592,362
19 o bligations under finance leases
        2007 2006
        £ £
Non-current liabilities:
Obligations under finance leases    4,560 27,363
Current liabilities:
Obligations under finance leases    18,242 19,557
Net obligations under finance leases    22,802 46,920
The Group was committed to making the following payments under finance leases:
        2007 2006
        £ £
Net obligations under finance leases:
Repayable within one year    20,794 22,371
Repayable between one and five years    5,199 33,530
    25,993 55,901
Finance charges and interest allocated to future accounting periods    (3,191) (8,981)
    22,802 46,920
Obligations under finance leases are secured on the assets to which they relate. The fair value of the lease obligations approximates 
to their carrying amount. ANGLE plc  Annu Al Repo Rt And Accounts 2007 55
20 Share capital
The share capital of the Company is shown below:
    
        2007 2006
        £ £
Authorised
50,000,000 (2006: 50,000,000) ordinary shares of 10p each    5,000,000 5,000,000
Allotted, called up and fully paid
27,132,931 (2006: 27,132,931) ordinary shares of 10p each    2,713,293 2,713,293
The Company has one class of ordinary shares which carry no right to fixed income.
There were no changes to share capital in 2007. In 2006 the following changes occurred:
On 29 March 2006, the authorised share capital was increased to £5,000,000 by the creation of 10,000,000 further ordinary shares 
of 10p each.
On 30 and 31 March 2006 the Company issued 10,205,288 new ordinary shares with a nominal value of 10p at an issue price of 79p 
with regard to a placing of shares realising net proceeds of £7,376,972. In addition a further 201,159 new ordinary shares with a 
nominal value of 10p were issued to Mulier Capital as part consideration for its services in connection with the placing.
20,000 shares with a nominal value of 10p per share were issued as a result of the exercise of share options.
21 Share based payments
The key disclosures that enable the user of the Financial Statements to understand the nature and extent of share based payment 
charges through the Income Statement relate to ANGLE plc and not to the controlled investments.
Company
The Company operates Approved and Unapproved Share Option Schemes as a means of encouraging ownership and aligning 
interests of staff and external shareholders. Share options were a key part of the remuneration package and were granted at the 
discretion of the Remuneration Committee taking into account the need to motivate, retain and recruit high calibre executives.  
The Company has introduced a new remuneration scheme involving deferred shares and options are expected to only be used  
in exceptional circumstances going forward.
Options are not exercisable until three years after the date of grant and cease to be exercisable after seven years from the date of 
grant. Share option agreements in place require the employee to reimburse the Company for the cost of employers’ National 
Insurance Contributions and other equivalent taxes, and accordingly the Company does not accrue for such taxes that would 
otherwise be due on share option gains. 
The movement in the number of employee share options is set out below:
       2007  2006
      2007 Weighted 2006 Weighted
      Number average Number average
      of share exercise of share exercise
      options price (p) options price (p)
Outstanding at 1 May  4,924,017 121.1 3,392,593 134.6
During the year: 
 Granted  410,000 68.2 1,688,394 95.4
 Exercised  – – (20,000) 100.0
 Lapsed  (519,313) 121.8 (21,000) 142.9
 Cancelled  (281,270) 127.5 (115,970) 142.1
Outstanding at 30 April  4,533,434 119.8 4,924,017 121.1
Capable of being exercised at 30 April  2,340,887 137.1 1,297,513  152.9
Options are issued at market price, with the exception of tranche 10 (see table over) which were issued at the placing price. The 
options outstanding at 30 April 2007 had a weighted average remaining contractual life of four years and four months (2006: five 
years and 10 months). 
‡
‡
‡ 56 ANGLE plc  Annu Al Repo Rt And Accounts 2007
21 Share based payments continued
The Company uses the ‘Black-Scholes’ model to determine the fair value of the Company’s share options. The Group has elected to 
apply the share based payment exemption under IFRS 1. The Company has not applied IFRS 2 to those options granted before 
7 November 2002.
a ssumptions
The following assumptions are used in the model to determine the fair value of share options at the respective date of grant:
     Share price  Risk 
   Exercise Ordinary at date of  free Life of
   price shares under grant Expected interest options Expected
Tranche Date of grant   £ option £ volatility rate (years) dividends
Employee options
1 18 July 2003   1.000 708,000 1.000 30.41% 4.11% 6 Nil
2 14 January 2004   1.000 174,687 1.000 31.37% 4.56% 6 Nil
3 17 March 2004   1.440 850,000 1.440 31.35% 4.56% 6 Nil
4 19 July 2004   1.280 109,375 1.280 30.78% 5.01% 6 Nil
5 01 October 2004   1.215 77,778 1.215 30.03% 4.80% 6 Nil
6 08 October 2004   1.215 41,152 1.215 29.99% 4.72% 6 Nil
7 24 January 2005   1.385 30,000 1.385 29.39% 4.49% 6 Nil
8 01 Febuary 2005   1.425 35,008 1.425 29.37% 4.48% 6 Nil
9 29 July 2005   1.260 537,338 1.260 29.24% 4.24% 6 Nil
10 30 March 2006   0.790 601,056 0.840 30.00% 4.39% 5 Nil
11 27 April 2006   0.835 550,000 0.835 30.00% 4.63% 5 Nil
12 19 September 2006   0.855 80,000 0.855 35.00% 4.75% 5 Nil
13 21 March 2007   0.640 330,000 0.640 35.00% 5.01% 5 Nil
Advisor options (part-payment for services)
1 17 March 2004   1.440 312,500 1.440 31.33% 4.52% 5 Nil
Expected volatility is derived from observation of the volatility of quoted shares in similar sectors to the Company.
The expected life used in the model is based on management’s best estimate taking into account the effects of non-transferability, 
exercise restrictions and behavioural conditions.
On 30 April 2007, 312,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the Placing 
Price) over ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt (2006: 312,500 at £1.44). The options 
were issued as part consideration for its services in connection with the flotation and placing in March 2004, vested immediately 
and cease to be exercisable on 10 March 2011.
No deferred share awards were made in the year in relation to the new Deferred Annual Bonus Scheme and as a result there is 
no share based payment charge for this in the year.
The share based payment charge for the Company was £355,525 (2006: £367,637).
Controlled investments
Controlled investments individually operate Unapproved, or equivalent, share option schemes as a means of attracting start-up 
management, encouraging ownership and aligning interests of staff with shareholders. Share options are a key part of the 
remuneration package and are granted at the discretion of the individual controlled entity boards taking into account the need 
to recruit, motivate and retain high calibre executives. 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 57
21 Share based payments continued
Controlled investments unapproved share option schemes typically have a management option pool of 15% of the issued share 
capital. Options are typically 1) granted at market value 2) have vesting and/or performance conditions and 3) lapse after a period 
of 10 years from the date of grant. There are no legal or constructive obligations to repurchase or settle options in cash.
Share option agreements in place in the UK require the employee to reimburse the Company for the cost of employers’ National 
Insurance Contributions and other equivalent taxes, and accordingly the companies do not accrue for such taxes that would 
otherwise be due on share option gains. 
Market prices do not exist for such early stage controlled investments and, in the absence of market prices, fair value is estimated 
using a valuation technique to value the instrument on the measurement date in an arm’s length transaction between 
knowledgeable, willing parties.
The share based payment charge for controlled investments was £59,216 (2006: £14,247).
22 Contingent liabilities
The Group had no contingent liabilities at 30 April 2007 (2006: £nil).
23 Guarantees and other financial commitments
The Group has obligations under finance leases as shown in Note 19. The Group leases office accommodation on leases of 
generally less than one year with monthly rental payments and has a number of retainers with professional advisors. 
24 r elated party transactions
The Group provided executive management and support services to, and incurred expenditure on behalf of investments as follows:
    
        2007 2006
        £ £
Acolyte Biomedica Limited    7,554 19,078
Corpora plc    – 6,000
NeuroTargets Limited    4,311 21,846
Provexis plc    – 13,077
At the Balance Sheet date amounts were due from investments as follows:
    
        2007 2006
        £ £
Acolyte Biomedica Limited    – 588
d irectors’ interests – related party interests and transactions
Apart from the interests disclosed in the Remuneration Report on pages 30 to 32, none of the Directors had any interest at any time 
during the year ended 30 April 2007 in the share capital of the Company or its subsidiaries. However, Ian Griffiths holds an interest  
in an investment as a result of purchasing 938 shares in NeuroTargets Limited for £15,008 representing 1.1% of the issued share 
capital at 30 April 2007 (2006: 938 shares representing 1.1%).
No Director had a material interest in a contract, other than a service contract, with the Company or its subsidiaries, or investments 
during the year.
25 post balance sheet events
On 4 July 2007, the Company announced that Geomerics Limited had secured an investment of £2 million. The transaction delivers 
a profit to ANGLE from a fair value gain of £4 million as at that date. Post the transaction, ANGLE retains a 47.9% share in the issued 
share capital.
  58 ANGLE plc  Annu Al Repo Rt And Accounts 2007
 Company
        2007 2006
       Notes £ £
Fixed assets
Investments   C2 1,044,650 1,044,650
Current assets
Debtors – due after one year   C3 15,528,111 13,770,645
Cash at bank and in hand    4,280 1,761,746
    15,532,391 15,532,391
Net assets    16,577,041 16,577,041
Capital and reserves
Called up share capital   C4 2,713,293 2,713,293
Share premium account   C4 13,863,748 13,863,748
Shareholders’ funds – equity interests    16,577,041 16,577,041
The Financial Statements were approved by the Board and authorised for issue on 4 July 2007 and signed on its behalf by:
H Fullerton A D W Newland
Director Director   
  
COMPANY BALANCE SHEET
a S at 30 april 2007 ANGLE plc  Annu Al Repo Rt And Accounts 2007 59
C1 a ccounting policies
C1.1 a ccounting convention and compliance with accounting standards
The Financial Statements have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and 
applicable United Kingdom accounting standards. A summary of the more important accounting policies which have been applied 
consistently throughout the year are set out below.
C1.2 Basis of consolidation 
Subsidiaries
Unless otherwise stated, subsidiary undertakings are consolidated on the basis of the acquisition method of accounting. Under this 
method of accounting the results of trading subsidiaries sold or acquired are included in the Profit and Loss Account up to, or from 
the date control passes. Intra-group transactions and balances are eliminated fully on consolidation and the consolidated accounts 
reflect external transactions only. The Group uses trading subsidiaries as a medium through which it conducts its business. 
C2 investments
         
Shares in subsidiaries         £
Cost
At 30 April 2007 and 30 April 2006         1,044,650
At the year end the Company directly owned 100% of the ordinary share capital of the previous holding company ANGLE 
Technology Limited. The amount brought forward of £1,044,648 relates to the acquisition of the whole of the issued share capital in 
ANGLE Technology Limited at book value in preparation for the flotation on AIM.
Details of the Company’s subsidiary undertakings at 30 April 2007 are shown in Note 11 to the Consolidated Financial Statements 
along with other interests held indirectly through subsidiary undertakings. ANGLE Technology Limited, ANGLE Partnerships 
Limited and ANGLE Ventures Limited are held directly.
C3 d ebtors falling due after more than one year
Amounts owed by Group undertakings         £
At 1 May 2006         13,770,645
Additions         1,757,466
At 30 April 2007         15,528,111
ANGLE plc provides a centralised treasury function to trading subsidiaries. The amounts due from Group undertakings are interest 
free, unsecured and have no fixed date of repayment.
C4 Share capital and reserves
        Share Share
        capital premium
        £ £
At 30 April 2007 and 30 April 2006        2,713,293 13,863,748
Details of the Company’s authorised share capital and changes in its issued share capital and share premium account can be found 
in the Consolidated Statement of Changes in Equity on page 37 and Note 20 to the Consolidated Financial Statements on page 55.
Details of the Company’s share options and warrants can be found in Note 21 to the Consolidated Financial Statements on 
pages 55 to 57.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
for the year ended 30april 2007 60 ANGLE plc  Annu Al Repo Rt And Accounts 2007
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
for the year ended 30april 2007
C4 Share capital and reserves continued
On 30 April 2007 the following employee options over ordinary shares of 10p each in the Company were outstanding:
        2007 2006
       Option Number of Number of
Year of grant (each year ended 30 April)  Exercise period  price options options
2000  02/03/2003–09/03/2007  £1.00 – 419,313
2001  16/02/2004–15/02/2008  £2.50 337,200 441,200
2002  31/10/2004–21/01/2009  £2.50 16,000 16,000
2003  27/09/2005–26/09/2009  £1.00 375,000 421,000
2004  18/07/2006–14/01/2011  £1.00 842,687 862,687
2004  17/03/2007–16/03/2011  £1.44 770,000 810,000
2005  19/07/2007–01/02/2012  £1.215–£1.425 185,615 293,393
2006  29/07/2008–28/07/2012  £1.26 495,876 509,368
2006  30/03/2009–26/04/2013  £0.79–£0.835 1,101,056 1,151,056
2007  19/09/2009–18/09/2013  £0.86 80,000 –
2007  21/03/2010–20/03/2014  £0.64 330,000 –
     4,533,434 4,924,017
On 30 April 2007, 312,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the Placing 
Price) over ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt (2006: 312,500 at £1.44). The options 
were issued as part consideration for its services in connection with the flotation and placing in March 2004, vested immediately 
and cease to be exercisable on 10 March 2011.
C5 profit and loss account
As permitted by Section 230 of the Companies Act 1985, the holding Company’s profit and loss account has not been included in 
these Financial Statements. The profit for the financial year was £nil (2006: £nil).
The audit fee for the Company was borne by another Group subsidiary company.
C6 r elated party transactions
The Company has relied on the exemptions given in FRS 8 not to disclose transactions between itself and its subsidiaries that have 
been eliminated on consolidation.
C7 d irectors’ emoluments and employee information
The remuneration of the Directors is borne by Group subsidiary undertakings. Full details of their remuneration can be found in 
Note 4 and in the Directors’ Remuneration Report on pages 30 to 32. TECHNOLOGY
VALUE CREATION 
‡ Start-up management
‡ Seed funding
‡ IP partners
‡ Commercialisation 
‡ Exit
VENTURES
TURN KEY SOLUTIONS
‡ Science Parks
‡ Product development
‡ Investment funds
‡ Programmes
MANAGEMENT 
SERVICES
ABOUT US
ANGLE has created an integrated business 
model that offers quoted access to early stage 
technology investments. ANGLE’s proprietary 
Progeny
® 
process addresses the critical issue  
of early stage management in intellectual 
property (IP) commercialisation, maximising 
returns and minimising risk.
Directors Hance Fullerton OBE, Chairman 
ANR
 Andrew D W Newland, Chief Executive
 Ian F Griffiths, Finance Director 
 David W Quysner, Non-executive Director 
ANR
 
Garth R Selvey, Non-executive Director 
ANR
 
 
A
 – Audit Committee
 
N
 – Nominations Committee
 
R
 – Remuneration Committee
Secretary Ian F Griffiths
Company number 4985171
Registered office and 20 Nugent Road
Business address The Surrey Research Park
 Guildford
 Surrey GU2 7AF
 +44 (0)1483 295830
 www.ANGLEplc.com 
Auditors Baker Tilly UK Audit LLP
 The Clock House
 140 London Road
 Guildford
 Surrey GU1 1UW
Nominated Advisor Collins Stewart Ltd
and Broker 88 Wood Street,
 London EC2V 7QR
Registrars CRG Capita
 34 Beckenham Road
 Beckenham
 Kent BR3 4TU
Bankers National Westminster Bank Bank of America
 PO Box 1 300 East Main Street
 1 Stoke Road Charlottesville
 Guildford Virginia VA 22902
 Surrey GU1 3ZR
Solicitors/Lawyers Pinsent Masons Holland & Knight
 CityPoint 1600 Tysons Boulevard
 One Ropemaker Street Suite 700, Mclean
 London EC2Y 9AH Virginia VA 22102-4867
 
Financial Public Relations Buchanan Communications Ltd
 45 Moorfields
 London EC2Y 9AE
DIRECTORS AND ADVISORS
 1 Highlights
 2 Chairman’s Statement
 4 Chief Executive’s Statement
 8 Financial Review
 10 Management services
 12 Investment Portfolio
 22 Board of Directors
 24 Directors’ Report
 26 Corporate Governance Report
 30 Remuneration Report
 33 Independent Auditor’s Report
 34 Consolidated Income Statement
 35 Consolidated Balance Sheet
 36 Consolidated Cash Flow Statement
 37  Consolidated Statement of  
Changes in Equity
 38  Notes to the Consolidated  
Financial Statements
 58 Company Balance Sheet
 59  Notes to the Company  
Financial Statements
IBC Directors and Advisors
 
Contents www.ANGLEplc.com
ANGLE plc
20 Nugent Road
The Surrey Research Park
Guildford, Surrey GU2 7AF
T: +44 (0)1483 295830
F: +44 (0)1483 295836
E: enquiries@angleplc.com
Technology 
wealth creation
ANGLE plc  Annual   report  and  accounts  2007
ANGLE plcc    Annual  report  and  accounts  2007