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Angle

  • BY: Andrew Hore |
  • POSTED: 18/07/2008 |
  • COMMENTS: Add yours

Angle has withdrawn from bid discussions with Braveheart Investments.

This news sparked a 3p fall in the shares to 26p, which values Angle at £7.05m. However, Aim-quoted Braveheart says that it may still consider making an offer for Angle. It will be conditional on due diligence and if there are any problems found it would be withdrawn.

Braveheart claims the support of shareholders owning 35.76% of Angle. That appears to include the three biggest shareholders excluding Angle boss Andrew Newland who owns 25.3% – RAB, Fidelity and Framlington.

There were two independent shareholders owning more than 3% of Angle plus Newland who didn’t support the bid approach. These three shareholdings combined are slightly less than the total shareholdings of the Braveheart supporters.

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