Acolyte Biomedica Settlement

RNS Number : 5257V

Angle PLC

15 January 2013

 



For immediate release                                                                            15 January 2013

ANGLE plc

("ANGLE" or "the Company")

ACOLYTE BIOMEDICA SETTLEMENT 

ANGLE plc (AIM: AGL), the specialist medtech company, is pleased to announce that it has received a settlement payment in respect of the deferred consideration due on the sale of its portfolio company Acolyte Biomedica Limited.

Payment in the amount of US$286,226 (equivalent to approximately £178,000 at the current exchange rate) has now been received. This figure is slightly more than the figure of £153,927 relating to the deferred consideration in the other receivables balance on the Consolidated Statement of Financial Position as at 30 April 2012.

The cash will be used to support working capital requirements.

ANGLE's Founder and Chief Executive, Andrew Newland, commented:

"We are pleased that this matter is now concluded and that we have received the outstanding balance in cash.  Our strategy of observing the third party action against the purchaser, rather than participating in litigation, was successful in avoiding substantial legal costs in collecting this balance."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Cenkos Securities Stephen Keys, Adrian Hargrave (Nominated adviser) Andy Roberts, Christian Hobart (Sales)	020 7397 8900
Buchanan Mark Court, Fiona Henson, Sophie Cowles	020 7466 5000

 

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