Hello! There are certainly some red flags, but also they offer a special protection for the investors, and this somewhat may compensate the red flags. I have some questions:

1) Is this token basically a fee to join your club? And if it is, is there any interest to keep high the value of token?
I mean, fees are appealing when they are low, not high, and this could be a huge problem for the future appreciation of the token.

2) As you are distributing dividends, can angel token be considered as a security? Big exchanges are not prone to list new tokens if there is that risk.

3) Is there any maximum investment for each investor? Some whales could buy a lot of the tokens with this huge discount and control the token price.

4) You declare "members agree not to buy large stakes in investments that we are collectively
considering before such an investment has been made, nor reveal such ‘insider
information’  to  any  other  3rd  party. ".  
An agreement based on what? Is it just " I promise..."? Of course everyone will try to buy secretly as soon as possible. Insider trading does still exist in the regulated fields, think about the unregulated ones.
This agreement is going to fail and one of the main purpose of the project is at risk.

I think the idea is simply great but these are my main concerns.