Dear AVCAL members and associates,

A busy calendar of events is listed in this newsletter. Networking events around the country have started for the year with strong registrations. I shall be getting to as many as possible so I'll look forward to seeing you there.




Communications

At the Asian Venture Forum last week there was a consensus about the importance of responding to the media pressure and getting on the front foot. AVCAL continues to work with stakeholders such as the media and policy makers. We are working to inform them and to provide hard data to support our case through initiatives such as our recent report on "Economic Impact of Private Equity and Venture Capital in Australia". Equally important though, is the role of everyone involved to promote the industry.

As part of the Communications strategy, AVCAL worked alongside Financier Worldwide Magazine on the publication of their Australian Private Equity Feature.

The report published in the February 2007 issue of Financier Worldwide magazine, examines both domestic activity and international interest in Australia's private equity market. A paper from AVCAL opens the feature with a summary of activity over the last 12 months. Leading deal makers participated in an extensive roundtable report to provide insight into why the market has become such a hot bed of activity.

To ensure our members are able to read these articles, we have provided you with complimentary access to the digital version of this report. To view please Click Here, please allow a couple of minutes for this to open up in your browser.





AIFRS

An issue that has been quietly developing as a result of AIFRS is whether Preference Shares should be treated as Debt in the books of the Investees. It appears that at least one large accounting firm has now made a determination that where a Liquidity Event Distribution Preference exists, these Preference Shares need to be treated as Debt.

This will obviously have a major impact on VC investees and may compromise the investees solvency. If any members have had the same information from their auditors could you let Ed Day at AVCAL know so that we can ascertain whether this is being implemented across the board.





AVCAL State Events

Vic Lunch - Professor Robin Batterham, Rio Tinto

Date: Friday 16th March
Time: 12noon - 2pm
Speaker: Professor Robin Batterham, Rio Tinto Limited
Topic: Convergence Of New Technologies
- An Investment Opportunity?
Venue: Park Hyatt, Melbourne
Cost: $65 AVCAL Members & $85 Non Members
REGISTER


NSW Dinner - Kerry O'Keefe, Former Test Cricketer

Date: Wednesday 28th March
Time: 6:30pm for 7.00pm
Speaker: Kerry O'Keefe, Former Test Cricketer
Venue: Hotel Inter-Continental, Sydney
Cost: $85 AVCAL Members & $95 Non Members
REGISTER


NSW Breakfast - Peter Crosby, Ventracor

Date: Tuesday 3rd April
Time: 7.15am - 9.00am
Speaker: Peter Crosby, Ventracor, CEO
Topic: Healthcare Technology and the Stockmarket
Venue: Quay Restaurant, Sydney
Cost: $50 AVCAL Members & $60 Non Members
REGISTER





"Using Patented Inventions for Research" seminar

Melbourne, March 26
AVCAL members and associates are entitled to a 10% discount.
For more information please click here





Welcome to this month's new Members

Student
Todd Sullivan

Individual
Jeremy Balkin
Craig Crosbie
Tony Natoli
Allan Titterton

Organisation
ABD Asset Management Pty Ltd

Private Equity Firms
CCMP Capital Asia Pty Ltd

Regional Corporate
Partners in Performance International Pty Ltd
Stone Ridge Ventures



Kind regards,


Katherine Woodthorpe
Chief Executive