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In this Edition |
Issue
No.47 |
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| 'Welcome'
from the Editor |
Dear
Reader
I am writing this from the excellent EBAN 2008 Congress which is proving to be a fascinating and valuable event. There is so much going on here that there is not time to write about it this month, but we will be writing a special article on it in next month's AngelNewsletter Online. Thank-you so much for all your great comments about our NEW
WEBSITE! The Useful
links page is now up – hope it helps!
This month we have a great interview
with Andrew Miles, Group Managing Director of Pera Innovation
Ltd. We also have an article picking
up our recent survey results. Check out “It’s a buying
opportunity for investors”. You might also enjoy our guest article
from Nick Gurney-Sharpe from 3en who has written about Doing it differently, Doing it well.
We have changed the format of the AngelNewsletter Online this month
with lots of ads and events from amongst others Imperial Innovations,
the Institute of Chartered Accountants in England & Wales and
also a great one from SIP Drinks who have launched a new healthy
ice lolly! I hope you like this format, but let us know if there is other content you would like us to start including. I would love you to email
me with comments as it is great to hear what we are doing well and what we could do better. My email is Modwenna@angelnews.co.uk
. If you would benefit from having more exposure on our AngelNewsletter Online, please email
adverts@anglenews.co.uk
and we will try to help. The AngelNewsletter goes to investors,
entrepreneurs, governments, journalists and many more in 58 countries
in the world these days, so we thought now might be the time to invite you to engage with us a bit more!
Have a great month.
Best
Modwenna
[Top of page] |
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That’s neat,
that’s neat, that’s neat, that’s neat, I really
love your…. ...with apologies
to Mud
| Animal Healthcare... |
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Pets’ Kitchen ltd completes fund
raising |
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| Brokers’ Tips... |
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11 April 2008 Prodesse (PRD.L) - BUY
Price: 370.5p Target price: 600.0p |
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| Computer software... |
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Procession and Microsoft reach agreement
over Procession’s Patent complaint |
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| Consumer: gaming... |
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AliceServer Nominated for TIGA's 2007
"Best Technology" Category |
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| Environmental... |
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Quiet Revolution’ makes a big
impact on micro energy regeneration |
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| Financial services... |
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Giles scores hat-trick in the Midlands |
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| Social Networking... |
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Huddle has just announced new features |
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| Acquisition... |
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GLE Group signs landmark acquisition
to become Europe’s largest source of early stage funds
in Europe |
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For more information on these stories look
at the new AngelNews website www.angelnews.co.uk
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| Launch
of Brokers’ Tips |
| If you have visited the AngelNews
website in the last month, you would have noticed a new section
titled ‘BROKERS TIPS’. We are now working alongside
Daniel Stewart to publish their morning reports on the state of
the stock market and to give you up to the minute research on stocks
and shares covered by Daniel Stewart’s team of analysts.
There are two reasons why we have launched this section on our
website:
- We know that you, as professionals in the investment industry,
are interested in quoted stocks, as well as private deals, and
we thought you would find it invaluable to have a high quality
source of information on which ones are likely to perform well
or badly.
- It provides a further way for you to do a competitive analysis
on companies operating in the sector which your existing or target
private company is exploiting.
We have been publishing these morning reports since 19th March
and here is an idea of how some of the shares have performed since
Daniel Stewart tipped them:
The three best tips in March
|
Date of Tip |
Company |
Share Price at time of
Tip |
Target Price |
Advice |
Price Today |
| 19.03.08 |
ICAP |
551p |
620p |
BUY |
622.50p |
| 28.03.08 |
Roc Oil Co. |
86.5p |
180p |
BUY |
91p |
| 31.03.08 |
Kellan Group |
17p |
40p |
BUY |
21.50p |
Brokers Tips is to become a regular feature in our newsletter
and every month we will include a short summary of the recommendations
made by Daniel Stewart. We will also shortly be adding Daniel Stewart’s
general sector research to our site.
[Top of page |
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| ALERT! |
| Now is your chance to get
involved in HM Government’s Consultation on the Enterprise
Investment Scheme.
HM Revenue & Customs and HM Treasury have issued a white paper
on the EIS Scheme seeking responses on a number of questions.
You can download it here http://www.hm-treasury.gov.uk/media/4/C/bud08_eis_758.pdf.
We are currently considering the detail included in the document
and also the questions that have been asked. Next month we will
let you know our observations and also invite you to respond to
our survey so that we can reflect your views when we submit our
views to HMRC & HM Treasury.
In the meantime if you have any immediate comments, feel free to
email us at Modwenna@angelnews.co.uk.
[Top of page |
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| Green
at Investing? Give us a couple of hours and find out the inside
knowledge you need |
Does
Clean Tech investment fill you with excitement and dread at
the same time?
Do you want to back environmental
technologies, but do not know which ones are really going
to be good for the world?
Are you a green entrepreneur
who needs to understand what the VCs really want before they
invest in your business?
We have brought
together four experts.
They will give you answers and may even be able to make something
explosive happen!
Rachael Nutter
The Carbon Trust
Rachael Nutter manages the Carbon Trust Business Incubator,
which aims to help early-stage, low-carbon companies
raise investment, secure licences and partnerships to
grow. Through the incubator Rachael has been involved
with companies developing technologies across both the
supply and demand side.
Prior to joining the Carbon Trust Rachael worked for
PA Consulting Group, with several years consulting in
the energy sector. She started her career working for
Shell as a Petroleum Engineer after graduating from
Cambridge University in Mechanical and Manufacturing
Engineering.
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Cédrianne De Boucaud
The Sustainable Technology Fund
Cédriane has over 12 years experience in venture
capital and corporate finance and has been involved
in VC funding for more than 20 companies. She has special
expertise in market research analysis, strategy and
finance.
Prior to E-Synergy, Cédriane worked with Katalyst,
a US venture fund as interim management for various
mid-stage portfolio technology companies. Her roles
included business and capital strategy formulation.
She was previously with Arthur Andersen and PriceWaterhouseCoopers
as Manager in the Corporate Finance Services Group.
Cédriane has a Masters' and Bachelors' Degree
from Cornell University in the US.
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Paul Tranter
Pera
Paul is Managing Director of Pera's three UK research
institutes, who have helped over 100 UK companies access
in excess of £200 million of funding in the last
decade for new product development.
Since joining Pera in 2002, Paul has been involved
in over 30 development programmes to create step change
in the performance of products and manufacturing solutions
for clients ranging from small to large enterprises.
He has helped enterprises to manage new product introduction
from concept to volume production involving materials
and processes for application in a wide range of industries
from Aerospace to FMCGs across Europe. These have often
benefited from significant financial leverage, provided
by domestic and European Government.
Paul has an Honours degree in Applied and Analytical
Chemistry and a Distinction for his MSc in Polymer Technology
from Loughborough University. He is a corporate member
of the Royal Society of Chemistry and the Institute
of Electrical Engineers. |
|
Benet Northcote
Chief Policy Advisor, Greenpeace UK
Benet Northcote is Chief Policy Adviser to Greenpeace
UK, one of the world's leading environmental NGOs. He
specialises in climate change issues, especially energy
policy, illegal logging and transport.
Prior to joining Greenpeace he served on the board
of the Conservative Party's Quality of Life Policy Group,
chaired by John Gummer and Zac Goldsmith.
He has a long track record advising companies and NGOs
on communicating environmental and sustainability issues,
and was responsible for the Virtual Exhibit at the World
Summit on Sustainable Development in Johannesburg.
After University, Benet joined the BBC as a trainee,
working across the corporation in Television and Radio.
After a spell at London's Capital Radio, he moved to
ITN, where he played a key role in building the broadcaster's
online presence. |
| At our “Green
at Investing!” seminar on 30th April 2008, starting
at 3.00pm |
Time:
Place:
Cost: |
3.00pm
– 6.00pm
Central London
FREE
|
| Agenda:
|
3.00pm::
3.30pm:
3.35pm:
3.50pm:
4.05pm:
4.20pm:
4.35pm:
4.55pm:
6.00pm: |
Coffee
and registration
Introductions – Modwenna Rees-Mogg, AngelNews
“Leveraging €50 Billion of funding for Green
Investors” – Paul Tranter, Pera “It's
not easy being green!” – Rachael Nutter, The
Carbon Trust “Simple rules for green investing”
- Cédrianne De Boucaud, The Sustainable Technology
Fund “Climate Change – The Real Opportunities
and Threats” – Benet Northcote, Greenpeace
Q&A
Networking with panel members and others Close
|
To
reserve your place (numbers are limited): email: modwenna@angelnews.co.uk
or telephone: +44 (0) 1275 333 443
Looking forward to seeing you
there! |
[Top of page] |
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| Doing
it differently, doing it well |
| DOING
IT DIFFERENTLY, DOING IT WELL - By Nick Gurney-Sharpe, CIO, 3en
Ventures
In the UK it has never been easy to raise money for a new business,
but in the current economic climate it is particularly difficult;
even for those businesses that are progressing well, the days of
a quick Initial Public Offering (IPO) are over.
Investors, both private and institutional, are reluctant to part
with cash, and the due diligence process is now measured in months
- rather than weeks.
VC’s, along with all other investors, now cast an ever more
sceptical eye on many of the same business plans that once received
prompt support.
Even if the shakeout following the collapse of sub-prime has brought
a more rational approach to investing, the country is effectively
in a period of non investment.
The outcome for an entrepreneur in the UK looking for funding is
that the search is now harder than ever.
It is within this context that the two visible - and measurable
- sources of capital for early-stage businesses need to be reviewed.
The Enterprise Investment
Scheme (EIS) – the major tax break for private investors.
The latest BERR numbers suggest that EIS is flat when Capital Gains
Tax, Inheritance Tax and Income Tax receipts have risen steadily,
and the stock market has performed strongly.
Fortunately HM Government has just issued a consultation document
on EIS which will give everyone an opportunity to contribute
to the debate.
The Small Firms Loan Guarantee
Scheme (SFLGS) the principal source
of unsecured debt for early-stage private businesses.
Recently released data from BERR has evidenced that the level of
SFLGS funding has declined by 46% over the last 12 months.
The banks are looking at failure rates of between 20% and 40% on
DTI sponsored loans, versus their normal level for NPLs (non-performing
loans) of around 3-5%
Hence individual managers have become increasingly cautious about
recommending such schemes to their credit committees.
It is within this context of an increasingly tough market for raising
early-stage risk capital that 3en has developed its Ten Rules of
Investment:
1. WE ONLY INVEST IN STRONG (EVEN IF NOT QUORATE) MANAGEMENT TEAMS
… AND ONLY WITH PEOPLE WE LIKE AND RESPECT
We recognize that early-stage companies are high-risk investments
and therefore it is vitally important that management can identify,
address and solve problems quickly and use limited capital efficiently
- to create real value.
This is the hallmark of the successful entrepreneur.
Equally working with people you both like and respect will make
the process of managing investments much easier; there will be sufficient
issues in regards to the development of the business without “chemistry”
creating further tensions
Hence we want to see the core management team in place before we
commit.
2. WE USE NON-EXECUTIVE DIRECTORS IN ORDER TO FOCUS AND DRIVE STRATEGY…
WE GET THE “RIGHT” N.E.D.’s ON BOARD
We have built up a strong register of experienced non-executive
directors who are both willing and able to operate in relatively
unformalised environments; we look for a track record of building
similar early-stage businesses.
We avoid private investors looking to “buy” themselves
jobs.
3. WE ONLY INVEST ONLY IF BUSINESSES DON'T REALLY “NEED”
MONEY - BUT WANT IT IN ORDER TO DRIVE GROWTH… YOU CAN'T OVERCAPITALISE
AN EARLY STAGE BUSINESS….
Early-stage high-technology companies will always run into problems,
and will always be short of capital, as they have to continually
invest in their technology and resultant products.
Hence we invest in support of an opportunity - not a problem; it's
not the VC’s responsibility to sort out the disarray created
by management, or earlier inappropriate lending and investment.
Entrepreneurs, by nature, are optimists; they will often need breathing
space before their businesses can achieve profitability, and management
needs to be focused on the commercial and operational issues - not
shepherding cash.
4. WE LOOK FOR LARGE BUT DEFINABLE, AND HENCE TARGETABLE, POTENTIAL
MARKETS …
Large markets are intuitively more attractive than small; this
is because the cost of development of a technology / product in
a small-market is the same as for a large-market.
If management cannot name its five key target customers, its five
key competitors, and the five businesses most likely to buy it,
they don't really know their sector.
5. WE IDENTIFY A FAVOURABLE ENTREPRENEURIAL ENVIRONMENT …
Companies within an entrepreneurial environment of “critical
mass” e.g. with a number of similar companies, will enjoy
a larger pool of available employment talent.
Should one company fail, employees can easily move to other companies,
and fill their emergent needs.
A fragmented but high-growth sector suggests both user demand,
and the opportunity for a consolidation-play; larger businesses
may well be using acquisitions in order to fuel growth, and thus
present potential VC exit routes.
6. WE USE EXTERNAL DEBT TO BOTH LEVERAGE RETURNS, AND LAY-OFF RISK…
We rarely fully fund an investment alone; we almost always syndicate
risk with other funders.
The presence of 3en as venture capitalists - through tacit commercial
endorsement - makes such syndication easier.
7. WE LOOK FOR SOME EARLY-STAGE REVENUES, IF NOT PROFITABILITY…
Banks will not fund losses, but we often must.
We look for recognizable customer “names”…. both
actual and potential, and undertake detailed analysis of the putative
sales pipeline; we invest only on a construct based upon realistic
cash flows.
8. WE LOOK FOR A SUSTAINABLE INCOME STREAM - WHICH IS ANNUITY-BASED….
Businesses which continue to receive an income stream post-sale,
have a much better chance of survival than those depending on large
“one-off” sales; having a list of potential customers
is not the same as having a long term commercial relationship.
In all matters - cash is king.
9. WE LOOK FOR SOME INTELLECTUAL PROPERTY RIGHTS, EVEN IF NOT PATENTED
NOR FORMALLY PROTECTED…. AND ABOVE ALL, WE NEED TO SEE VIABLE
TECHNOLOGY
With the exception of medical devices and biotechnology, patents
mean very little; anything worth copying will be copied.
We accept the principle that IPR is difficult to protect legally,
but we don't want to divert a disproportionate amount of management
focus and capital towards patent attorneys.
What separates strong companies from weak ones is implementation.
First-mover advantage doesn't often matter; the real key is "first
to scale."
Technology needs to meet a need; if not proven in-vivo, it is probably
of little commercial value.
We believe risk can be mitigated by offering funding in stages,
investing only as the company passes each technical or commercial
milestone.
10. FINALLY, WE FOCUS UPON SUCCESS - NOT FAILURE…
We believe time spent nursing sick investments is better spent
assisting the high-performers - that will generate the returns that
the fund requires.
Ultimately the VC is a fund, not a business manager, and it is
the role of management - and to a lesser extent the non-execs appointed
by the fund - to address the inevitable problems and challenges
that will arise.
Nick Gurney-Sharpe is chief investment officer
of 3en Ventures - a Hampshire-based venture capital fund.
3en is one of a number of funds managed by
Innvotec, and in common with most of its siblings, focuses upon
early-stage ICT investments.
The fund is unique in a number of ways, but
principally by being the only fund in the UK which is capitalised
entirely by local authority - Basingstoke & Deane - set up under
the aegis of what is known as a Section 106 scheme.
(NB Section 106’s Agreements are used
to secure capital contributions from developers; contributions are
used for the development or enhancement of local social assets,
and more recently for the enhancement of the resident economic infrastructure
- to deliver sustainable development.)
The fund has also bucked the trend of many
early-stage technology funds, and to date shown a relatively low
failure rate alongside a number of high performing investments.
Nick puts the success down to a combination
of timing, luck and critically a contrarian’s approach to
investment, and the “rules” that fund managers often
apply.
It also demonstrates that a relatively small
fund can be run both profitably and fruitfully; this again Nick
puts down to an unorthodox approach, and in particular inflexibility
in regard to the fund's requirements for investment.
Nick can be reached at nickgurneysharpe@aol.com
or through 3en’s web site www.3enventures.com
[Top of page] |
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| EASY
Investment Forum, Spain, 21st-22nd April 2008 |
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| EASY
Investment Forum, Barcelona, 21st-22nd April 2008
CCIB, International Conventions Centre of Barcelona
EASY
Barcelona partners announce that the Spring 2008 EASY Investment
Forum will be held in Barcelona, Spain.
This important cross- border event aimed at the early stage investment
market is being hosted by 22@, BANC and HGP. The event will be included
in the local annual Investment Forum organized by CIDEM (Centre
for Innovation and Business Development of Catalonia), giving it
an international scope.
This event offers business angels, seed funds and early stage venture
capital funds from across Europe the chance to identify investment
opportunities in 15 selected European companies representing the
following 3 sectors:
- Med-tech and Healthcare
- Media and IT
- Cleantech
During the event, 10 additional selected Spanish companies will
be allowed to display their activities through video presentation.
Entrepreneurs:
Entrepreneurs wishing to apply to participate in the EASY Investment
Forum event will need to comply with the following core requirements:
- High growth potential in the agreed sectors
- Marked international focus
All the selected companies will receive coaching for preparation
for the event and further specific preparation the day before the
Investment Forum event presentation.
the Investment Forum event presentation.
The deadline for receipt of
applications is scheduled for the 10th March 2008.
Please register to the EASY Investment
Forum by clicking
HERE
Investors: The
Easy Investment Forum in Barcelona on 21st & 22nd April 2008
is aimed at investors interested in seeking cross-border investment
opportunities in internationally focused businesses across Europe
seeking up to €2m in the above 3 sectors.
You will receive details of all of the 15 selected companies in
advance and see pitch presentations from each of the companies,
including the opportunity to meet and network with fellow early
stage investors from across Europe and with a view to potential
syndications.
If you are interested in participating in this event, please register
to the EASY Investment Forum by clicking HERE or contact info@earlystageinvestors.org
Please
find here the Forum Brochure
[Top of page] |
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| It’s
a buying opportunity for investors |
| It’s a buying opportunity
for investors: Only 1 in 5 entrepreneurs do not expect to be hit
by the credit crunch
Our survey of AngelNews companies and readers in the middle of
March revealed that the effects of the credit crunch are not just
being felt by the City. Only 19.2% of entrepreneurs who responded
told us they have not been affected by the credit crunch and do
not expect to be in the next 6 months. About 11.5% don’t yet
know and the rest 68.9% have already been badly hit or expect to
be within the next 6 months.
In contrast roughly half of investors have not been affected by
the crunch and do not expect to be and half are already badly hit
or expect to be in the next 6 months. Only one third of advisers
are not and do not expect to be affected in the same period.
Blame for the credit crunch is being placed squarely on the government:
“The UK government’s response to this has been too slow.
Compared to the US, which is in a worse state theoretically, they
are dithering and that does not inspire confidence. I’m assuming
that they want to be re-elected?” said one entrepreneur.
“Resign” said one investor.
The general view is that we remain an overtaxed and over regulated
country, particularly in the workplace. The repeated message we
receive from entrepreneurs and angels is that they want lower taxes,
through reductions of both direct and indirect taxes and they strongly
want reduced regulation in the workplace. The last clear message
is that the heavy handed approach to regulation around investment
should also be dropped.
But the credit crunch has created great buying opportunities for
investors especially in great target sectors like med tech and B2B
ICT which are less exposed to a consumer downturn, financial services
and property. A good example of someone exploiting the opportunity
is Amphion Innovations (LSE: AMP) which is an investor that builds
shareholder value in the med tech sector with a very hands on approach.
Take a look at Myconostica (see www.AngelNews.co.uk) which it is
backing. Really early stage companies which have had some funding
will also be good targets. As one investor put it:
“As an equity investor we are seeing a high number of quality
opportunities that have previously would have been debt funded entirely.”
Another told us:
“The credit crunch is not an issue for young companies equity
funded by investors. There is a barrier to achieving/making investment:
compliance is so heavy handed that the two sides are prevented from
getting together.”
So investors are in pole position to exploit the opportunity and
with any luck will not take the downturn as an excuse to shut up
shop.
What about views on the government’s post credit crunch tactics?
Interestingly they may not be getting it as wrong as one might guess.
We asked what people felt government tactics should be in terms
of dealing with the credit crunch. Only 22% of investors, 23% of
advisers and 39% of and entrepreneurs wanted more government backed
venture funds – so ironically with the government only launching
3 ECFs this year (of which one is very likely to be a film fund)
it appears to be listening to the market! People are less keen on
the government supporting the liquidity of the banks (22% of investors,
32% of advisers, 35% of entrepreneurs were supportive), but are
keener on giving more government contracts to growing businesses
(33% of investors, 41% of advisers and 37% of entrepreneurs). This
last point is becoming a cornerstone of government enterprise policy,
so well done them!
As you know we never believe that the government has done enough
to help enterprise. So what else can they do to help entrepreneurs
and encourage the investors that back them? Doing more for our market
might mean we can do something to stop the slide into recession.
We and some others are looking to the review of EIS which is currently
underway as a potential solution to the problem. (More about that
next month).
But the most original ideas always come from the market. Take R
Williamson’s idea that there should be a flat tax for business
at 10% and that the banks collect it on behalf of government!
Richard Price of Treenergy Ltd had other original ideas:
“For many, some kind of structured VAT/PAYE “holiday”
could provide a short term lifeline. Some method of underwriting
development capital in a more accessible way would also be welcome.”
Dennis Cox of Risk Reward wants a change in accounting policies
IAS39 and SFAS 157 which have been mucking around with how assets
and liabilities are reported which is affecting balance sheets and
profit & loss statements and therefore investment and credit
worthiness.
The overall the message to government is clear: if you are going
to tinker, keep it simple and make sure changes are about reducing
not raising taxes; don’t waste taxpayers money on things that
do not stimulate enterprise; and whatever you do, do it quick. The
most important thing now is to stop the drain of entrepreneurial
and investment talent abroad.
In the words of Pete Smith co-founder of Songkick www.songkick.com
”Britain is missing a wonderful opportunity, and meanwhile
the US is waking up to the cost of their restrictive visa laws.
Although Songkick is based here in the UK, we are seriously considering
leaving for New York within a year. Incentives to stay would make
a big difference to us.”
Regardless of government, investors now need to take a view on
what they should do. We know the non-dom angels are leaving, and
may never come back, so the pool is shrinking. Here at AngelNews
we think the combination of factors is good news for angels and
other early stage investors with cash available. Ignore the old
stock-broking adage of “sell in May and go away”; but
instead “buy in May, but don’t overpay to play!”
[Top of page] |
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| Imperial
Innovations |
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| Imperial Innovations, the
IP commercialisation and investment company based at Imperial College
London, was ranked second in the UK on volume of deals by Director
magazine in 2007. We thrive on being at the forefront of innovation
and start-up company incubation.
To enhance the quality of our deal flow pipeline in the cleantech
sector, we are collaborating with the Carbon Trust and WRAP to deliver
incubation services to the best low-carbon and recycling technology
start-ups in the UK.
What we are looking for?
Low carbon or recycling potential (for the Carbon Trust and
WRAP respectively)
- Strong IP position
- Commercial potential
- Working prototype
- Committed team that we can work with
|
|
What's in it for you?
We are able to provide up to £60,000 worth of services
sponsored by the Carbon Trust or WRAP.
These services include: IP guidance, business plan preparation,
market research and customer engagement. Through our network
of strategic partners we are also able to make introductions
to legal firms and investors. |
What's in it for us?
An opportunity to work with the best UK-based businesses and potentially
invest in their further development.
If you are interested, please contact:
|
Mr Fabien Holler
Imperial Innovations ltd
12th floor, EEE building
Imperial College
London SW7 2AZ |
Email: f.holler@imperial.ac.uk
Tel: 0207 581 4949
|
[Top of page] |
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| How
to make money out of angel investing part 6 - taking advice |
| Angels
are typically experienced business people. More often than not they
have made their money by building and disposing of their business.
Others may have made their money “in the City.” When
they start out, not all angels realize that investing in angel deals
is not going to be the same as investing in and building their own
business. Angel investing is much more akin to investing in property
or other assets such as the stock market or commodities. Few people
would invest in any of the latter without talking to experts who
understand those markets, and yet many angels seem to think that
they do not need to take advice on their angel investment portfolio.
Sure, they may ask their lawyer to take a cursory check over the
legal agreements or they may talk to their accountant about the
tax effectiveness of their investment structure, but unless you
are backing a company which is operating in exactly your sector
or have done so many angel deals that you really understand the
issues it is wise to take as much advice as you possibly can, both
free and what you must pay for.
The first step to taking advice is to understand what budget you
wish to allocate to that advice and who is going to pay the advisory
bills. It is normal for upto 10-15% of the value of the investment
to be spent the costs of doing the deal. Perhaps 5% of that will
be paid away in commissions to the people arranging the deal e.g
the business angel network or the corporate finance adviser to the
company, but this still leaves 5-10% which can be made available
for advice.
These are the sorts of advice taken by people who are exceptionally
good at angel investing.
1. Checks on the management
There are great merits to the “look them in the eye”
approach to management due diligence, but with simple credit checks
costing a £5 via Experian there is really no reason not to
do this and it may throw up some interesting facts about how the
management treat other peoples’ money. Clearly if you are
investing in a business involving vulnerable people, a police check
might also be a good idea. Always take up references and double
check CVs,not just on the people you meet but also on the senior
people in the team behind them. Some VCs have been known to hire
private investigators – possibly this is going too far, but
it may be worth employing a headhunter or making a few phone calls
yourself to see if the senior people have a reputation for delivering
on their promises. If there have been employees who have left the
firm or directors who have resigned, find out why.
2. IP due diligence
It’s a very common misperception in the angel world that a
company with patents is stronger than one without, particularly
in technology businesses. In a previous article AngelNewsletter
Online #43 Carpmaels & Ransford talked about IP due diligence.
The main point to reiterate here is that a patent can be issued
and give the company the right to make/deliver something, but if
someone has a wider patent over the area concerned this may prevent
your investee company from ever commercializing the opportunity
because they would immediately breach the other patent. If a patent
has not yet been issued, it is possible that it may never be, so
why not talk to a patent lawyer about the likelihood of this happening.
Remember a patent is no guarantee that something will actually work
in a commercial arena.
Copyright is a major issue. Do the web designers actually own the
copyright to the website and does the designer own the logo? What
is going to the cost of buying out the copyright?
3. Due diligence on the financials of
the investee company
The worst story I have heard about an angel deal was one where it
took the company 3 days to spend £250,000 of new money paying
off old debts. Have a really thorough check of the financial history
of the company and relate it to where they are today. Did that website
really cost only £5,000 or is there another bill for £20,000
hidden away. Check with the people who built the website.
One of the most important reasons to employ an accountant is to
look at the future cash projections. Working capital is often seen
as an old fashioned concept, but it is none the worse for that.
What is the margin for error in the cashflow projections? Have a
chat to the company’s bank manager to see if, in these credit
crunch days, the company may find its credit facilities may be pulled.
Those of you who have lived through this experience in the past
will know what I mean.
4. Tax advice on your position as an
investor
Lots of deals are sold on their EIS qualifying status. There are
three things to think about here. One, it is all too easy for a
company or indeed other investors to take an action that breaches
the EIS rules ending in all investors having their EIS relief pulled.
If this happens not only will you not qualify for breaks on the
profits when you exit, but also you will have to repay with interest
any relief you have already claimed. EIS is also under review at
the moment so things may change. If you have any doubts, it would
be worth doing a deal with the entrepreneurs so that you are compensated
if the relief is pulled.
Secondly, I can see no logic in investors paying a higher price
for EIS qualifying shares than for other shares, simply because
the shares qualify for EIS. Your tax position as regards EIS should
be between you and the taxman, not between you and the company.
So think long and hard before accepting a deal where others are
getting a better deal than you are because you can buy EIS shares.
Thirdly, remember that EIS is available on ordinary shares only,
but this does not mean you cannot also buy preferred shares or options
and lend the company money. As long as there is not a direct return
of capital to you via the other types of share or option, which
has clearly come to you because you have also invested in the EIS
shares, you should be in the clear, but this article is not tax
advice. Pay a good accountant who understands personal tax and tax
effective schemes to help you out.
5. Checks on the “quality of the
deal”
It’s amazing how many new investors do not talk to other existing
and potential investors in a company which they plan to back. Make
those phone calls and find out what other people think, even if
it is an informal view. Chat around the industry in which the company
operates. You will be surprised how many of the big corporates will
have already spotted their potential challengers and the businesses
with who they might want to trade at some point.
Chat also to VCs and others who have a good handle on current valuations
– compare the valuation to quoted companies on AIM, PLUS MARKETS
or NASDAQ. The cost here may be your time, but there are also plenty
of deal databases that your accountant or friendly corporate financier
can get details from.
6. Environmental impact
The rules and regulations around CO2 emissions are only going to
get tighter. It’s a brave investor who does not consider the
potential impact of carbon taxes etc on a business, even if it is
only because the costs of rubbish collection are much higher than
you originally thought! Talk to one of the many bodies such as The
Carbon Trust or use a good environmental consultant or lawyer to
help you out.
7. The legals
It goes without saying that you should use a lawyer to check out
the legal agreements you are about to sign, but are you using the
right lawyer who really understands angel deals. The lawyer you
use for your commercial affairs or for family matters may not have
the detailed experience of angel agreements, particularly in the
context of companies that may need several rounds of investment
before you can exit. A good lawyer might be able to write an agreement
that does not simply get torn up the next time new investors come
into the deal.
8. Insurance
Often overlooked, but mistakenly so. Does your potential investee
company actually have the right insurance and in the right amounts.
If a business suffers from a major fire, it can take 18 months or
more to get back up and running: check out the loss of profits cover
as soon as possible. Also think about key man insurance; your devoted
entrepreneur may be prepared to work for peanuts, but what if they
become incapacitated and you have to hire a professional from outside
to do their job?
As a rule, people of all types feel warmly about angel investments
and will give you a lot of help for little money. Sometimes this
is because they like the idea of helping and sometimes they have
an eye to building a relationship with you as an investor or the
investee company itself, thus generating good fee income in the
future. Take advantage of goodwill and use your advice budget wisely.
[Top of page] |
 |
| ICAEW: The Corporate Finance Faculty AIM Forum Series
ICAEW |
| The Corporate
Finance Faculty AIM Forum series 2008 |
| Date: |
3 practical half day forums
in:
London 6 June 2008
Bristol 13 June
Leeds 20 June |
| Place: |
AIM Forum London, Chartered
Accountants' Hall – 6th June 2008
AIM Forum Bristol, Bristol Marriott City Centre – 13th
June 2008
AIM Forum Leeds, The Met Leeds – 20th June 2008 |
| About the event: |
This
unique interactive event, designed by practitioners and the
ICAEW Corporate Finance Faculty, brings together all the relevant
advisors for a company considering the AiM market, in workshop
and 'surgery' format. You can ask the questions you want and
get the information you need directly from the experts.
There are three events running in June. The event is aimed
at senior executives from companies considering their funding
options and in particular whether an admission to AIM is suitable
for them. The forum is designed to provide a practical, step
by step walkthrough to an admission to AIM. There will be
workshops run by Nomads, brokers, lawyers and accountants
led by specialists.
This forum also includes a networking lunch.
|
| Cost: |
Company rep* Free*
Faculty member £52.88 including VAT
Non-member £58.75 including VAT
*The event is free to representatives from companies and business
considering a listing. |
| Contact: |
Book online at http://www.icaew.com/index.cfm?route=154619
and download a booking form at http://www.icaew.com/index.cfm?route=154031
Alternatively you can phone Richard Steele on 0207 920 8769 |
[Top of page] |
 |
| Something
to make you smile |
| Two
Venture Capitalists went to lunch.
One said to the other, “Let’s relax while we eat and
talk about something other than investment for once.”
“Good idea”, said the other, “Let’s talk
about women.”
“Okay, common or preferred?”
[Top of page] |
 |
| SIP
Drinks launches LicketySip |
 |
| Story
of the Month |
| Furniture producer turns
itself into an automotive technology company
Andrew Miles told us of this story about an old customer of his
from his days in the plastics sector.
Prior to my time at Pera, I was involved in machinery sales in
the plastics sector. After some time with Pera, one of my old customers
was facing a hard time selling to the furniture industry, and with
the introduction of global sourcing by his main customers, the business
looked in terminal decline.
The MD’s brief was to help him change business models and
sectors, but with very limited budget! Running through the front
end market focused work with him, we identified a gap in the market
for self powered devices, where we pull otherwise wasted energy
parasitically from the environment that the device is operating
within.
Our first approach to the EC resulted in €1million to develop
a self-powered tyre pressure monitoring device for the automotive
sector. Together with the associated IP portfolio we helped him
to create, he is now on the cusp of signing up his first licence
deal. Along the way, we realised that there could also be a significant
market in the haulage fleet market, and when approached the EC agreed
to a further €1.4m to develop this second market opportunity.
You would struggle to find a nicer guy, and it was real pleasure
helping him to transform his business, but neither he nor I could
possibly have believed that when we started out on this road that
we would end up building his business into a hi-tech company in
a completely different sector!
[Top of page] |
 |
| Lucifer
Lines:
|
“Larry Ellison says “When you
innovate, you've got to be prepared for everyone telling you you're
nuts.”
But Lucifer says:
“When you invest as an angel, you’ve got to be prepared
for even the other angels telling you you’re nuts!”
|
 |
| The
deal that was |
| If you
had been investing back in March 1983, these are the sort of opportunities
that would have been on offer to you!
Did you back any of them or do you know someone who did? Perhaps
you know what happened to them for some other reason. If so, please
let us know – we would love to find out (email replies to
modwenna@angelnews.co.uk)
|
Company Name |
Management |
Location |
Funds Sought |
Hist. Turnover |
Activity |
Stage |
| Russell Shear Ltd |
Brenda and Roy Powell |
Rotherham |
150,000 for 25% |
150,000 |
High Quality Scissors |
Expansion |
| Airmaran |
Peter Francis Reid Corson |
Surrey |
35,000 for 35% |
- |
High-speed Water Craft |
Development Capital |
| Tri-Chess |
Anthony Patton |
Yorkshire |
75,000 for 40% |
- |
Chess game for three players |
Development
Capital |
| GND Cable Jointing Services |
Geoffery Newton |
Lincolnshire |
20,000 |
32,426 |
Electrical Services |
Development Capital |
| Multi-point Ltd |
Paul Eisinger and Alan Gardner |
Surrey |
38,000 for 45% |
- |
Silk Screen Printing and Furniture |
Expansion |
| Aircraft |
Simon Dell |
London |
56,000 for 50% |
- |
Catenary wing aircraft |
Launch |
| Restaurant Chains |
Richard Fleming |
Northants |
75,000 for 75% |
- |
Launch restaurants to sell on at
profit |
Launch |
| Document Reader |
David Mentz |
Avon |
30,000 for 40% |
- |
Computer Program which recognises
characters read by TV camera |
Development Capital |
| Shopfitting Business |
Robert Douglas |
London |
25,000 for 25% |
- |
Electrical Shop Signs |
Expansion |
| Children's Books |
Fill Bullock |
Sussex |
30,000 for 40% |
- |
Children's Peel off Picture Books |
Development Capital |
| Judith Mortimer Ltd |
Judith Mortimer |
Yorkshire |
60,000 for 75% |
173,968 |
Soft furnishings |
Expansion |
| Aquarium Supplies |
Robert Baxter |
London |
30,000 for 30% |
- |
Aquarium Wholesaler |
Development Capital |
[Top of page]
|
 |
| Events |
| We know you all want to meet
each other, get more out of us and our Preferred Partners and generally
make AngelNews work for you. So we have decided to up the ante on
the number of events we would like to invite you to. Here is a list
of them. We do hope you will be able to make it to one soon.
| The Entrepreneurs’
Summit |
| Date: |
Tuesday 15th April, 2008 |
| Place: |
The Marriott, Grosvenor
Square, London. |
| About the event: |
The ultimate gathering
of entrepreneurial talent in the UK!
This is your chance to meet the entrepreneurs setting a new
agenda in 2008. It will be the ultimate gathering of entrepreneurial
talent in the UK.
But don’t just take our word for it. Here is what some
of last year’s delegates said about The Entrepreneurs’
Summit:
“One of the best conferences I have ever attended”
Modwenna Rees-Mogg, founder, Angel News
“An excellent way to share knowledge, experience and,
as importantly, passion to help the next generation of successful
entrepreneurs understand how much they can achieve.”
Mike Jatania, CEO, Lornamead
|
| Cost: |
£395 + (£69.13
VAT) = £464.13 |
| Contact: |
Visit http://www.realbusiness.co.uk/EventSites/Entrepreneurs-Summit/booking.thtml
or contact Sylvia on 020 7368 7123 and sn1@caspianpublishing.co.uk |
| Growth Strategies Conference
2008 |
| Date: |
Wednesday 23rd April 2008 |
| Place |
Merrill Lynch Financial Centre, 2 King Edward
Street, London, EC1A 1HQ |
| About the event: |
Now in its fourth successful year, the
Growth Strategies Conference 2008 is a one-day conference
tailored to the needs of 250 CEOs and senior directors of
fast growing medium sized businesses.
Run through Growing Business magazine, the conference is
aimed to pack each session with tips, advice and inside stories
from some of the UK’s most successful entrepreneurs
and experts.
Our goal is that every session is interactive, offering delegates
an unrivalled opportunity to have specific questions answered
by people who’ve been through the issues that they are
facing.
|
| Cost: |
£349 (£410.08 WITH VAT) Conference
fee inclusive of all conference materials, lunch, light refreshments
and post
conference drinks reception.
Early booking discount: £249 (£292.58 with vat)
per delegate if booked before 7th March 2008. Any additional
delegates are charged at £149 (£175.08 with Vat
) |
| Contact: |
020 8334 1680, events@crimsonbusiness.co.uk |
| For: |
Founders, CEOs, MDs, FDs of fast-growing
medium-sized businesses turning over between £5 - 250
million annually. |
| Six Degrees Of Separation -
Effective Networking Skills for Business Development & Career
Management |
| Date: |
Tuesday, 22 April 2008, 09.30 – 17.00,
with coffee, lunch and tea breaks |
| Place |
Central London |
| About the event: |
A good idea, a well-thought out business
plan, and seed funding are necessary, but not sufficient,
conditions for business success. You also need to be able
to recruit a talented and committed in-house team –
and, equally importantly, nurture a network of people who
can and will support you in every way conceivable.
If you’re already running a start-up or are contemplating
doing so, you’ll have already realised that you can’t
do everything yourself. The old image of the entrepreneur
as hero is outdated, and has been replaced by a view of the
entrepreneur as akin to the conductor of an orchestra, bringing
together a whole host of people and resources.
But how do you go about building, and maintaining an effective
network? Networking is about creating, nurturing and maintaining
relationships; it's about finding the right person to speak
to; it's about making effective cold calls and follow up calls;
it's about meeting people and doing something productive with
that contact ... it's about finding out what really makes
people tick and recognising that sometimes giving can be better
than getting.
And just in case you think that networking is only important
for young start-ups, numerous research studies have demonstrated
that networking plays a vital role in career progression,
business development & sales, team building and general
business leadership. The good news is that the skills needed
to network effectively are also skills which can be codified,
taught and put into practice with immediate effect.
This one day course offers practical coaching in a ‘workshop’
environment. There’s ample opportunity for role play
to try out new techniques and approaches in a safe, supportive
environment.
The workshop covers the following key topics:
• How networks really work – Harnessing the power
of your network
• Making a good impression and getting the best from
events and meetings
• Creating rapport and building relationships
• The importance of effective follow up
• Contact management essentials
• Networking for long term benefit
• Setting goals and making it happen
At the end of the day participants will:
• Appreciate networking as a tool for business and
career development
• Be able to network effectively with colleagues and
new contacts
• View networking as a positive and enjoyable activity
• Have added lots of practical tips and tricks to their
personal ‘toolkit’
• Be able to make more (and better) telephone calls
• Be more confident when meeting people at networking
events
• Know how to stay in touch with contacts and develop
long-term relationships
|
| Cost: |
AngelNews has negotiated a discount for
subscribers of 10% on this workshop. The cost (which includes
refreshments, lunch and comprehensive Course Notes) is just
£256.50 (+ VAT).
The normal price is £285 (+ VAT). |
| Contact: |
• Download a booking form: http://www.manadvan.com/booking_forms/22apr08londonsds.pdf
• Please mark the form clearly ‘AngelNews discount’.
• Contact Judith Perle by emailing jperle@manadvan.com
or calling 07947 010 342 |
| For: |
Anybody who needs to network in order to:
• Launch a new business
• Develop and maintain client relationships
• Communicate internally
• Improve their personal profile
• Gain sales
• Stay ‘in the know’ about what’s happening
externally and internally
• Raise finance |
| London Stock Exchange: Investor
Relations Seminars |
| Date: |
23rd April 2008, 24th June 2008, 21 October
2008, London. 8.30am to 4.30pm |
| Place |
London Stock Exchange, 10 Paternoster Square,
London EC4M 7LS |
| About the event: |
This course aids IR practitioners in
dealing with the increasing pressures of the corporate communications
market.
Topics will include:
• Understand the needs and wants of the key audiences
• Communicate with the buy and sell side
• Manage relations with the financial media
• Target your shareholder base
• Explore the opportunities the internet presents for
communicating with investors
• Gain an insight into the mind of an institutional
investor.
|
| Cost: |
Angel News subscribers get 20% discount
off usual price of £650 + VAT = £520 & VAT
To receive the discount, please quote code “Angel2008”
when making a booking by telephone or post |
| Contact: |
To book please click on this link: Or tel:
Claire McKoy on 020 7797 1739 or email cmckoy@londonstockexchange.com |
| For: |
• Chief executives and finance directors
• Company secretaries
• Investor relations officers
• Corporate communications staff
• Newly appointed board directors
• New entrants to the IR profession. |
| Green at Investing |
| Date: |
30th April 2008, 3pm – 6pm |
| Place |
Central London |
| About the event: |
Does Clean Tech investment fill you with
excitement and dread at the same time?
Do you want to back environmental technologies, but do not
know which ones are really going to be good for the world?
Are you a green entrepreneur who needs to understand what
the VCs really want before they invest in your business?
We have brought together four experts: They will give you
answers and may even be able to make something explosive happen!
Rachael Nutter -The Carbon Trust Rachael Nutter manages the
Carbon Trust Business Incubator, which aims to help early-stage,
low-carbon companies raise investment, secure licences and
partnerships to grow. Through the incubator Rachael has been
involved with companies developing technologies across both
the supply and demand side.
Cédrianne De Boucaud - The Sustainable Technology
Fund Cédriane has over 12 years experience in venture
capital and corporate finance and has been involved in VC
funding for more than 20 companies. She has special expertise
in market research analysis, strategy and finance.
Paul Tranter – Pera Paul is Managing Director of Pera's
three UK research institutes, who have helped over 100 UK
companies access in excess of £200 million of funding
in the last decade for new product development.
Benet Northcote - Chief Policy Advisor, Greenpeace UK - Benet
Northcote is Chief Policy Adviser to Greenpeace UK, one of
the world's leading environmental NGOs. He specialises in
climate change issues, especially energy policy, illegal logging
and transport.
3.00pm: Coffee and registration
3.30pm: Introductions – Modwenna Rees-Mogg, AngelNews
3.35pm: “Leveraging €50 Billion of funding for
Green Investors” – Paul Tranter, Pera
3.50pm: “It's not easy being green!” – Rachael
Nutter, The Carbon Trust
4.05pm: “Simple rules for green investing” - Cédrianne
De Boucaud, The Sustainable Technology Fund
4.20pm: “Climate Change – The Real Opportunities
and Threats” – Benet Northcote, Greenpeace
4.35pm: Q&A
4.55pm: Networking with panel members and others
6.00pm: Close
|
| Cost: |
FREE |
| Contact: |
To reserve your place (numbers are limited):email:
modwenna@angelnews.co.uk
or telephone: +44 (0) 1275 333 443 |
| Islamic Finance for corporate
financiers |
| Date: |
Thursday 8th May 2008, 12.00 - 14.00 with
coffee on arrival and a networking lunch afterwards |
| Place |
Chartered Accountants' Hall, Moorgate Place,
London EC2P |
| About the event: |
Islamic finance is now worth about £250bn
globally with estimates of 10 to 15 per cent growth in recent
years. The expert speakers will explain the Islamic (Sharia'a)
framework, exploring its relevance to corporate finance. The
seminar will include a case study, delivered by the advisor,
of Aston Martin, a high profile Sharia'a compliant deal.
This event is aimed at those wishing to learn more about
Islamic finance in the context of corporate finance and would
suit those considering investing in companies in the Middle
East wishing to understand Sharia'a. The seminar is run by
the ICAEW Corporate Finance Faculty, the largest professional
body of corporate financiers in the world. It will feature
an interactive question and answer session and is hosted by
Deloitte. This seminar may count towards your CPD. |
| Cost: |
Corporate Finance Faculty member £39.95
including VAT
All other attendants £52.88 including VAT
|
| Contact: |
Book online at http://www.icaew.com/index.cfm?route=101543&sO=38
and download a booking form at http://www.icaew.com/index.cfm?route=154031
Alternatively you can call Richard Steele on 0207 920 8769 |
| India Investors’ Summit |
| Date: |
19th -20th May 2008, all Day, London |
| Place |
Sheraton Park Lane |
| About the event: |
The two-day event will attract more than
300 of the world’s leading chief executives, bankers,
investors, politicians and opinion formers to debate the business
and investment opportunities into and out of one of the world’s
largest free-market democracies.
Other topics such as the scope and opportunities of capital
markets, private equity, banking and finance sectors will
be covered at the Summit as well as the growing power of the
Indian economy and scrutiny of India’s top investment
‘hot spots’.
Confirmed speakers include:
• Yogesh Chander Deveshwar, Chairman, ITC Limited
• Sir Bill Gammell, Chief Executive Officer, Cairn Energy
• Pradeep Jain, Chairman, Parsvnath Developers, India
• Digby, Lord Jones of Birmingham, Minister of State
for Trade and Investment, UK
• Amit Khanna, Chairman, Reliance Entertainment
• Dr. Ashwani Kumar, Minister of State for Industry,
India
• Ketan Patel, Chief Executive Officer, Greater Pacific
Capital LLP
• Dr. Sam Pitroda, Chairman and Chief Executive Officer,
World-Tel Limited
• Sangita Reddy, Managing Director, Apollo Health Street
• Subodh Kant Sahai, Minister of State for Food Processing
Industries, India
• Vir Sanghvi, Editorial Director, Hindustan Times
• Dr. Abhishek Manu Singhvi, Spokesperson of the Indian
National Congress Party
• Sir Martin Sorrell, Chief Executive Officer, WPP Group
• Gavin K O'Reilly, Group Chief Operating Officer of
Independent News & Media PLC, President of the World
Association of Newspapers
A gala dinner will be held on the evening of May 19
|
| Cost: |
Early Bird Discount of £700 expires
on 18 January!
Total Cost: £1995 – £700 = £1295 + VAT |
| Contact: |
To book please click
on this link Or tel: Jacqueline Nuttall on 020 7309 7784
or email jknuttall@efinancialnews.com |
| For: |
This event is for the world’s leading
chief executives, bankers, investors, politicians and opinion
formers. BOOK NOW to avoid disappointment! |
| The Corporate Finance Faculty
AIM Forum series 2008 |
| Date: |
3 practical half day forums in:
London 6 June 2008
Bristol 13 June
Leeds 20 June |
| Place |
AIM Forum London, Chartered Accountants'
Hall – 6th June 2008
AIM Forum Bristol, Bristol Marriott City Centre – 13th
June 2008
AIM Forum Leeds, The Met Leeds – 20th June 2008 |
| About the event: |
This unique interactive event, designed
by practitioners and the ICAEW Corporate Finance Faculty,
brings together all the relevant advisors for a company considering
the AiM market, in workshop and 'surgery' format. You can
ask the questions you want and get the information you need
directly from the experts.
There are three events running in June. The event is aimed
at senior executives from companies considering their funding
options and in particular whether an admission to AIM is suitable
for them. The forum is designed to provide a practical, step
by step walkthrough to an admission to AIM. There will be
workshops run by Nomads, brokers, lawyers and accountants
led by specialists.
This forum also includes a networking lunch.
|
| Cost: |
Company rep* Free*
Faculty member £52.88 including VAT
Non-member £58.75 including VAT
*The event is free to representatives from companies and business
considering a listing. |
| Contact: |
To book please click
on this link Or tel: Jacqueline Nuttall on 020 7309 7784
or email jknuttall@efinancialnews.com |
| For: |
Book online at http://www.icaew.com/index.cfm?route=154619
and download a booking form at http://www.icaew.com/index.cfm?route=154031
Alternatively you can phone Richard Steele on 0207 920 8769 |
[Top of page]
|
 |
| The
Headlines |
| DO YOU MISS US LISTING ALL THE NEWS
STORIES IN THE ANGELNEWSLETTER ONLINE? IF SO, LET US KNOW BY
EMAILING: news@angelnews.co.uk |
|
 |
| Profiles
of AngelNews companies |
| Animal Healthcare |
|
|
| Pets Kitchen Ltd |
Ever since I qualified
as a vet at Bristol university in 1996, I've been interested
in pet nutrition, and the effect a good diet can have on health
of pets. Over the last few years I've combined this interest
with my creative streak to come up with a range of recipes for
dogs and cats. |
+44 (0) 1451
812 201 Bedford, Bedfordshire |
| Business Services |
|
|
| BusinessGrowthUK |
The BusinessGrowthUK
range of services aims to support the Business Development objectives
of all companies, from start-up ventures to established businesses.
BusinessGrowthUK offer a range of related services, which are
delivered on a project basis. BusinessGrowthUK's services cover
both Operational and Strategic issues. |
+44 (0) 1202
313 611, Bournemouth, Dorset |
| Collective Thought |
Collective Thought is
a group of experienced business people, based in Wales and the
South West, who are looking for active involvement in businesses
that show growth potential. It's a nasty, global, competitive,
ruthless world out there. To succeed in business, you need an
edge. Collective Thought can provide that edge. |
+44 (0) 7906
995 110, Cardiff, South Glamorgan |
| Equity Dynamics |
Equity Dynamics specialise
in promoting private equity houses, generating deal flow and
raising the profile of portfolio businesses in the lead to exit.
They have a wealth of experience working for some of the top
mid-market private equity firms all of whom are testament to
the fact that creating a strong and consistent corporate communications
campaign has a lasting impact on the way a business is viewed
within the market. Current clients include Close Brothers Growth
Capital, Matrix Private Equity Partners, Dunedin Capital Partners
and PPM Capital. |
+44 (0) 7825
326 440, London |
| Mission Possible Ltd |
Mission Possible helps
entrepreneurial and career women to achieve their goals in business.
Founded in 1997 by Sue Stockdale, the first British woman to
walk to the Magnetic North Pole, the company has helped hundreds
of business-women across Europe by providing a variety of services
including an award-winning networking group, website resource,
executive coaching and Mission Growth peer support groups for
women owners with turnover between £75K and £500K that are planning
to grow. |
+44 (0) 1367
244 855, Faringdon, Oxon |
| Omnii Solutions Ltd |
Omnii Solutions Ltd
was formed to develop CHECKIT (TM), a web-based rporting and
analysis application, principally for the mortgage lending market,
that enables advisors to instantaneously and cost effectively
validate client identity, perform anti-money laundering checks,
establish basic credit worthiness as well as obtain an automated
property valuation and reinstatement value. |
+44 (0) 1926
678 449, Gallows Hill, Warwick |
| Computer hardware |
|
|
| babelTECH |
bebelTECH's mission
is to design and produce innovative PC peripheral products that
both increase a computer user's efficiency by addressing an
individual's needs. The first product is the Elexia enhanced
keyboard to help people with dyslexia. |
+44 (0) 115
878 1580< Nottingham, Notts |
| Computer software |
|
|
| Symltech |
Symltech Ltd was formed
in 2003 to develop a software system for a specialist plant
operating company. The idea was to draw together expertise from
the software industry and the operated plant industry to produce
a system that would run on the Internet-enabled PDA's that were
emerging. |
+44 (0) 0870
759 4405, Swansea |
| utellus Limited |
utellus is a customer
service solutions provider. Our UK website, www.utellus.co.uk,
acts as a portal between company and consumer, allowing them
to correspond with each other in confidence until a resolution
is reached. It provides a secure record of the correspondence
to which both parties can refer, and strives wherever possible
to take the emotion out of the problem. |
+44 (0) 7726
310 351, Cardiff |
| Consumer : food and drink |
|
|
| Safesip |
Disposable cover to
prevent drinks from spilling or being contaminated, which allows
drinking through a straw. |
+44 (0) 1425
471 349 Wales |
| Consumer: gaming |
|
|
| Globech Ltd |
A binary options/betting
exchange. The company has sigbificant USPs that will enable
it to generate customer demand on a global business. Although
the exchange is capable of matching any form of bet, it has
developed interesting and innovative new bets for the financials
and commodities markets. |
+44 (0) 203
006 0151, London |
| Martian Gaming |
Martian Gaming is a
Mobile Channel Development Partner for operators/providers of
mobile gambling applications and solutions in Eastern/Central
Europe. |
+44 (0) 7900
971227, Leominster, Herefordshire |
| Consumer: leisure |
|
|
| DMC |
DMC has vast experience
in many areas of golf within the modern era, ranging from publishing
(Todays Golfer, Golf Monthly, Golf World, Golf Weekly etc),
player management, European Tour events through to European
golf exhibitions, world wide golf manufacturing companies such
as Mizuno, Titleist, Callaway, Taylormade, corporate events,
golf course design and consultancy to name a few. |
+44 (0) 1745
535 189, St Asaph, North Wales |
| Sound Approach Ltd |
Sound Approach Ltd owns
the patents to a wet-wipe dispensing system called KlenzPod,
a range of dispensers which can be adapted to any type of wipe
(flushable wipes, baby wipes, hand cleansing wipes, etc). The
proprietary consumable features a unique reliable nozzle design.
|
+44 (0) 1753
647 797, Farnham Royal, Bucks |
| The Priory |
The Priory is a unique
function venue created by John and Ann Hope in a 16th Century
tithe barn in the grounds of their home Wymondley Priory near
Hitchin in Hertfordshire. |
+44 (0) 1438
748 647, Little Wymomndley, Herts |
| PlugPal Ltd |
The PlugPal was invented
due to health and safety issues raised whilst working in a commercial
kitchen. With a multitude of kitchen gadgets, from microwaves
to blenders, it was found that there was a lack of sockets in
the kitchen to enable all appliances to be left plug in to the
wall socket. |
+44 (0) 7976
362 341, Pyle, Bridgend |
| Consumer services |
|
|
| Prime Care Holdings Ltd |
Prime Care Holding Ltd
is expanding via franchising to create a national network of
home care companies which will operate under exclusive licence
to Purple Care Franchising Ltd (Purple Care). |
+44 (0) 1323
491 975, Seaford, East Sussex |
| Environmental |
|
|
| aeristech |
Aeristech Limited is
developing a hybrid turbocharger system to reduce CO2 emission
from vehicles. Aeristech is working with Lotus Engineering and
other partners. A major European vehicle manufacturer completed
an independent review and is pressing forward. Aeristech is
looking for further funding to accelerate its technical and
commercial activities. |
+44 (0) 121
331 5400, Birmingham |
| Oxsenis Ltd |
Oxsensis is pioneering
a new breed of optical instrumentation for precision controls
in super harsh environments such as highly efficient car and
aero engines, and in industrial, electrical, nuclear and space
applications. Our Mission is to enable the Global "Advanced
Energy Initiative" effort on cleaner and safer Power, Manufacturing
and Transport by means of our next generation Instrumentation.
|
+44 (0) 1235
778 110, Didcot, Oxon |
| Films |
|
|
| Eyebrid Blaze Digital |
Eyebrid Blaze Film produces
Independent and Commercial film for Cinema and TV presentation.
It draws upon the commercial experience and in-house postproduction
facilities of the founder and Director Darrel J Butlin. |
+44 (0) 117
974 4925, Bristol, Somerset |
| Film Stars Ltd |
Production of UK and
International indie films. Actors and crew talent hunters. |
+44 (0) 1287
637 966, Redcar, Cleveland |
| Financial services |
|
|
| Daniel Stewart |
Daniel Stewart &
Co is an investment bank offering both corporate advisory and
institutional stockbroking services and focusing on small and
mid-size companies. Our philosophy is that we will succeed only
if our clients' requirements are clearly understood and met
in a professional and timely fashion. Daniel Stewart is authorised
and regulated by the FSA. |
+44 (0) 207
776 6550, London |
| Independent International Investment
Research Plc |
Independent International
Investment Research PLC (IIR.L) is the UK's leading source of
truly impartial research and strategy on global equities and
currencies for broker-dealers, investment banks and asset managers
- worldwide |
+44 (0) 207
232 3090, London |
| SHARES INTERNATIONAL |
OUT SOURCING/OFFSHORE
IT DEVELOPEMNT AND OFFSHORE INVESTMENT BANKING |
+00 233 (0)
2870 66086, Accra, Ghana |
| Media & communications |
|
|
| Eicom |
Eicom plc's core business
is the management and exploitation of digital TV channels. Eicom
currently owns and operates two TV channels, Performance Channel
and SciTech TV. Eicom is committed to building a portfolio of
digital TV channels which will be exploited not only in the
UK, but on international satellite and cable platforms and across
the world's broadband download and IPTV (Internet Protocol Television)
platforms. |
+44 (0) 1275
463 931, Bristol, Somerset |
| Movix (UK) Ltd. |
We specialise in the
creation of high quality virtual environments and 3D worlds
for business and education. |
+44 (0) 1248
675 090, Bangor, Gwynedd |
| Null-Hypothesis |
Null-Hypothesis pokes
fun at the world of science and technology to highlight all
the weird and wacky stuff out there. We present articles that
are often so far fetched you can't believe they can possibly
be true. |
+44(0) 117
915 1276, Bristol, Somerset |
| OffWestEnd.com |
OffWestEnd.com exists
to celebrate the full spectrum of Off West End theatres and
to draw increasing numbers of the general public into the heady
darkness and dangerous passion of these little powerhouses perched
above a pub, tucked under a railway bridge, packed into a disused
warehouse, built around a butcher's shop or suspended above
a shopping centre. Off West End theatres play a very important
role in London and in society as a whole - important on stage
in taking risks to push the boundaries of live performance,
important for the audience in entertaining the intellect and
stretching the imagination and, most of all, important as a
breeding ground for new talent and new ideas that feed into
our culture, reinventing and reinvigorating us. |
+44 (0) 779
141 0501, Chester, Cheshire |
| sportsyndicator.com |
Sportsyndicator has
a one-stop shop for sports online advertising. The company provides
a platform to connect sports enthusiasts around the world by
aggregating and categorising sports sites with advertisers and
online merchants who want to reach them |
+44 (0) 7858
103 559, London |
| Medical: instruments |
|
|
| C & G Medicare Ltd |
C&G Medicare Ltd
is headquartered located in South Wales UK. The company was
established in 2006 to raise awareness about incontinence and
develop a new medical device to help control stress incontinence
in women. Since then it has grown steadily specializing in incontinence
products, and supplying the European market with its own brand
of products. |
+44 (0) 845
2000 761, Glamorgan, Wales |
| Dexela Ltd |
Dexela is dedicated
to tomosynthesis and other low dose 3D X-ray imaging and has
developed a leading technology and intellectual property portfolio
in tomosynthesis image acquisition, reconstruction and review.
Initially, Dexela is focusing on breast imaging but its technology
has a broader range of applications in medical imaging, as well
as security and industrial applications. |
+44 (0) 207
148 3107, London |
| Melys Diagnostics Ltd |
Melys Diagnostics Limited
is a medical devices company specialising in non-invasive technologies.
The company has developed an Atrial Fibrillation Screening Monitor
and is involved in the development of a non-invasive tissue
glucose monitor. |
+44 (0) 1994
240 265, Carmarthenshire, Wales |
| Electronic Health Media |
EHM aim to become the
leading providers or on-screen health information to patients,
visitors and healthcare professionals in the UK healthcare sector
by: providing information in real time in GP practice and hospital
waiting rooms; allowing staff to communicate directly with their
patients; and providing an attractive and affordable advertising
channel for both local and national healthcare organisations.
|
+44 (0) 845
521 0144, Corsham, Wilts |
| Property |
|
|
| Damac Properties UK LTD |
DAMAC Properties is
the largest private developer in UAE (Many projects in DUBAI)
and currently worth in excess of $7 Billion Dollars. We currently
have over 80 developments in our portfolio. The parent company,
Damac Holdings has been trading for over 26 years and has built
up a strong reputation for quality and customer service. Our
properties range in price from £60,000 up to 7 Million pounds
for our Signature Series properties. |
+44 (0) 118
900 1605, Reading, Berks |
| Social networking |
|
|
| Huddle.net |
Huddle.net (www.huddle.net)
combines online collaboration, project management and document
sharing using social networking principles. It offers an easy,
secure and inexpensive online service for everyone from individuals
through SMEs and enterprise to government. Huddle is also free
for charities. With Huddle you can instantly create a network
of collaborative team workspaces, each time bringing together
the right team for the right project. Huddle's customers include
Reuters, Boots, Unicef, John Lewis and Edelman. Management team
boasts former employees of Library House, lastminute.com, Fibernet
and Dunnhumby. |
+44 (0) 207
793 2400, London |
| Groofty |
Groofty is a new and
unique website for listing events and activities on a map of
the UK. Event organisers (e.g. music, food, auctions etc) and
activity centres (e.g. golf clubs, bowling alleys, bingo halls
etc.) can register and advertise their event by placing a marker
on the map. The public can then search for these events by postcode,
venue or date, and click on the marker to see details of the
event. This service is unique in that it's a visual guide to
what's on in a particular location. |
+44(0) 0208
363 2162, Enfield, Middx |
| Technology |
|
|
| Blackstar Amplification Ltd |
Blackstar Amplification
is a cutting edge manufacturer of electric guitar amplification
and associated products based in Northampton. Their uncompromising,
award-winning products are revolutionising the sounds and features
available to guitarists. So whether you're playing live or recording,
with Blackstar you can finally get 'the sound in your head'.
|
+44 (0) 1536
312 620, Northampton, Northants |
| Transportation & Environmental |
|
|
| Climatecars |
Climatecars is an environmentally
friendly taxi service which supplies companies and individuals
across London. Launched in June 2007 with 5 cars it has now
grown to 14 cars, nearly 200 accounts and has completed over
10,000 journeys. The revenue mix is 80% corporate account business
and 20% cash business. |
+44 (0) 208
206 7620, London |
| Venture Capital Fund |
|
|
| Rainbow Seed Fund |
The £8.5m Rainbow Seed
Fund is an evergreen venture capital dedicated to investing
in technologies from its publicly funded research base but independently
managed. The Fund was established in 2001 with funding from
the Office of Science and Innovation to commercialise scientific
research in a leading group of the UK publicly funded institutions,
our partners. |
+44 (0) 121
710 1990, Didcot, Oxon |
| Wireless telecoms |
|
|
| DMC Golf |
DMC manufacture what
many of the worlds leading golf professionals say is the best
Golf GPS system in the world. The only product to use aerial
photographs, the CaddyAid device literally tells the golfer
the distance from where they are standing to literally any blade
of grass on the hole. |
+44 (0) 1745
535 189, St Asaph, Denbighshire |
| intellistream |
Intellistream has developed
a platform for deploying interactive mobile video applications.
The company is concentrating on the security sector and has
completed its first significant sale to a CCTV system developer
focussed on the SME and consumer markets with a customer base
in over 15 countries. |
+44 (0) 207
710 5460, London |
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|
| Best
Modwenna Rees-Mogg
Editor: AngelNews
Email: modwenna@AngelNews.co.uk
AngelNews
Web: www.AngelNews.co.uk
Tel: +44 (0) 1275 333 443
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