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Date: Friday 18 Jul 2008

LONDON (ShareCast) - Investment firm Braveheart may launch an offer for Angle after the technology company investor rejected its 60p all-share bid approach earlier today.

Angle broke off all discussions with the Scottish firm and said it is looking forward to focusing its attention exclusively on running its business in difficult market conditions.

In its statement Angle said that Braveheart has confirmed on a number of occasions that its existing cash resources would not be made available to any significant extent for investment into the Angle portfolio, but that it would seek third party investment to provide this funding.

It has repeatedly asked for written comfort that additional funding would be available to the Angle portfolio but has not received this as yet.

The statement also said it has continuing concerns with regard to relative valuations and the lack of synergy between its business and that of Braveheart.

This afternoon’s announcement from Braveheart emphasised a precondition of any new bid would be that no material adverse findings arose from due diligence.

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