Raises ?6.2m from Sale of Geomerics

RNS Number : 4516V

Angle PLC

13 December 2013

 



For immediate release

13 December 2013

ANGLE plc

("ANGLE" or "the Company")

RAISES £6.2M FROM SALE OF GEOMERICS

ANGLE plc (AIM: AGL), the specialist medtech company, is pleased to announce that it will receive up to £6.2 million through realising its investment in graphics technology developer Geomerics Limited (Geomerics), which has been sold to ARM Holdings plc (ARM), the world's leading semiconductor intellectual property supplier.   

The sale of Geomerics completes ANGLE's refocusing as a specialist medtech company and makes available additional financial resources for our Parsortix non-invasive cancer diagnostics business. 

ANGLE will receive a cash consideration of up to £6.2 million for its Geomerics shareholding, loans and trade receivables.  £5.5 million is receivable immediately and the balance of £0.7 million is being held as a retention, payable on 12 December 2015.    

Since the year end, ANGLE has provided additional funding support of £0.5 million to Geomerics so the net additional cash to be received by ANGLE compared to its year end balances is up to £5.7 million.  The transaction is expected to contribute a profit to ANGLE in the year to 30 April 2014 of up to £1.5 million. 

ANGLE is now in a significantly strengthened position to deliver commercial returns from its Parsortix non-invasive cancer diagnostics business during the next few years. 

Andrew Newland, Chief Executive of ANGLE, commented: 

"We are delighted by this transaction and believe that ARM, one the UK's most successful technology companies, represents the ideal custodian for Geomerics' technology and workforce. The realisation of our shareholding in Geomerics is a key step in strengthening ANGLE's ability to deliver significant shareholder returns from the deployment of our Parsortix platform in the multi-billion dollar clinical market for the diagnosis and treatment of cancer."

For further information:

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

 

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