News blog
Angle
- BY: Andrew Hore |
- POSTED: 07/11/2011 |
- COMMENTS: Add yours
Angle says that a court judgement against 3M, which acquired former investee company Acolyte Biomedica, could mean that it will receive deferred consideration of little more than 10% of the value attributed in the balance sheet.
The Angle share price dropped 4.25p to 78.5p in the 37 minutes following the announcement this afternoon.
There was a potential earn out of up to £4.7m receivable by Angle but 3M did not push ahead with the medical diagnostics technology and gain regulatory approval. Another Accolyte shareholder, Porton Capital, took 3M to court in London. Angle did not contribute to the case.
Porton won the case and was awarded $1.3m in damages because 3M breached the sales agreement. However, that suggests that Angle will only get damages of $248,000 against the £1.5m valuation of the deferred consideration in its balance sheet. This is likely to lead to a large write-down in the next figures. Pro forma net asset value would be lower than £4.5m if there is a near-90% write-down.
Angle has an effective 90% stake in Parsortix, which is developing products for foetal and cancer diagnostics. The stake reached 90% after Angle acquired shares from the original inventor of the Parsortix technology, George Hvichia, who still owns the other 10%. This means that Parsortix qualifies for the EIS and VCT schemes. Angle will put more cash into Parsortix so its stake will increase further.
Geomerics, the 33%-owned computer games graphics software developer, continues to grow its sales and its Enlighten software is used in 18 computer games titles. Geomerics software is used in Battlefield 3, which has just been launched. Geomerics has been awarded an EU grant of €470,000 to develop its Enlighten technology for mobile devices. Management believes that high end mobiles will overtake console performance during 2012.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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