Braveheart, the Scottish investment group, said yesterday it is considering making an all-share offer for Angle, a Surrey-based investor in early-stage technology companies.

However, Braveheart also said the approach would not necessarily result in an offer being made for Angle's entire issued share capital.

The news of the approach failed to impress investors in Angle.

The company's shares closed 0.25p lower at 41.25p - a loss on the day of 0.6%.

A spokesman for Angle, which is based in Guildford, said it had received an indicative proposal letter envisaging a price of 60p per ordinary share - more than double its current share price. That would value the company at around £16m. Its current market value is just above £7m.

"The board of Angle is evaluating the approach on its merits ... and will update shareholders accordingly," the Surrey company said in a statement to the London Stock Exchange.

"The board remains focused on creating shareholder value, principally by enhancing the value of its investee companies," Angle added. "The board remains optimistic as to Angle's prospects for the foreseeable future."

Braveheart said it intends to meet Angle's board of directors to seek information about the company and discuss a possible offer.

Braveheart was formed in 1997 by four Scottish businessmen as an investment vehicle so that they could pool their money and knowledge to reduce risk.

It puts money into young emerging companies, most of which are not listed on the London Stock Exchange at the time of investment.

Shares in Braveheart were unchanged at 115.5p.