If you prefer to back companies with simple businesses you can easily understand, this innovative venture capital supporter will not appeal. Chief executive Andrew Newland, who founded the company and still owns 40.7% of the shares, believes he has created a unique business model that reduces the risks of commercialising scientific ideas and technology whilst maximising the potential profits. His ‘Progeny’ process creates companies wholly owned by ANGLE to commercialise individual ideas, with a put option agreement with the inventor, who will receive a stake in return for selling the intellectual property if ANGLE believes a product can be sold and outside capital raised. This means all early-stage development costs go through ANGLE’s books, but gives the group a huge stake in such ventures. If successful, capital gains can ultimately be immense. However, the shares now trade below the 144p flotation price at which £5.9m was raised. This has happened despite the group spinning off onto AIM, at a premium, two ventures: software developer Corpora and health drink maker Provexis. In addition, ANGLE’s bread-and-butter consulting business performed well in the year to April, seeing revenues rise 47% to £3.9m. These should improve in the current year, as the group has won a £6m contract to develop a scientific park in Qatar over the next three years. In addition, ANGLE has a host of interesting Progeny ventures, including MRSA-test producer Acolyte Biomedica, in development. At the current NAV of £10m this is worth a punt.

Angle	AIM	£2.03m	7.50p	0.00p
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