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May 2009
Dear AVCAL Colleague

Member only registrations open for conference at 9.00am tomorrow morning, 19 May 2009. The link is on the home page. Please prepare today for your online registration and check out "Don't let this be you" further along in this email.

See the checklist (important that you read)
Check out additional conference information
Check out membership

AVCAL Award nominations are also open and will be announced at conference. Remember there is a new category this year for Excellence in Reporting.
Lobbying

The budget last week had both pluses and minuses for our industry. We were very pleased with the confirmation of the tax treatment of gains from managed investment trusts. Their treatment as capital will be enshrined in legislation. This is something AVCAL has been lobbying hard for and the Assistant Treasurer thanked us on budget night for our work in this area.

On the plus side also is the new R&D tax credit which will be especially valuable to venture-backed companies, enabling them to have a refundable tax-credit of 45%.

However, the up-front taxing of employee options even before they have vested is a serious blow to VC backed companies as they often rely on this mechanism to supplement relatively lower incomes for executives with equity opportunities. AVCAL will be following up on this to see if there is any way to ameliorate this measure for smaller companies.
Research

The AVCAL/Crescendo Deal Metrics Survey report is now available online. Covering 220 PE and VC transactions from FY05-08, this is the most broad-ranging survey of VC and PE deal activity conducted by AVCAL to date, and provides valuable insights into the characteristics of deals made over this significant period.

View the latest mergermarket Private Equity alert.

See a recent editorial on Venture Capital by AVCAL, published in the Venture Group Pty Ltd newsletter, Venture Dispatches.

Invest to exit: a pragmatic strategy for Angel and VC Investors. Download this free ebook by Tom McKaskill on strategies for profitable exits by angel and VC investors.

Austrade has released its latest International Data Comparison figures (May 2009), comparing Australia's performance and position across a range of key economic and financial related indicators.

News

The Australian Financial Review recently reported on the federal Government' plans to introduce new capital gains tax rules for fund managers. The article featured comments from Dr. Katherine Woodthorpe (AVCAL CEO) welcoming this move. More on this story.

AVCAL Awards launch

We're pleased to announce that nominations are open for the AVCAL Awards.

We've opened nominations for portfolio company awards and excellence in investor reporting awards. Contact Vivek from our Research team to learn more. Nominations close on 7 August 2009. Winners will be announced at conference.

Value Capital launch

On 1 May we launched Value Capital, the evolution of venture capital and private equity in Australia. We've had a steady stream of interest in this publication.
This report is featured on the home page of our new website. Please feel free to download a copy or you can request hard copies by contacting us.

Conference registrations

Thanks to our conference partners, without whom, a successful and professional event would not be possible. Their support of the industry, through challenging times is appreciated.

We've confirmed as conference speakers:

Jon Moulton, Alchemy Partners UK

Bill Evans, Westpac's Global Economist

UNPRI representative for a responsible investments plenary


Don't let this be you at the conference registration desk.

1. "My PA was supposed to book me in"
"I registered but heard nothing from you and assumed I was confirmed"
"I just thought I could register now"

No registration is confirmed without a tax invoice and emailed confirmation from AVCAL.

Conference registrations are pretty tightly managed, given the demand. All registrations need to be processed, paid and confirmed to you before attending.

2. "I thought that by registering for conference, this registered me for accommodation"
"I don't know where I'm staying, I think I booked it."

Accommodation and transfers should be booked through our travel partner, CTM. Flights may be booked through CTM or through your own provider.

3. "I'm here to replace Mike Smith. Please substitute me."
" My name is Mike Smith." (Ten minutes later)

Each member is only entitled to send the number of delegates designated by their membership type. This will be strictly controlled. Any substitutions received after 17 August 2009 will be charged $170 incl gst. On site substitutions will be charged onsite by credit card.

4."Is it too late to buy a dinner ticket?"

All conference events are included in conference registration, with the exception of golf which is charged as an extra but must be booked with a conference registration. No separate golf registrations are accepted.

5. Scenario:
Dressed in plus-fours on Friday, 2 October at 6.00am.
"Where is everybody?"

Golf this year has been moved to Tuesday afternoon 29 September, the day before conference. Golf must be booked at time of conference booking and is at additional cost.

Read the tips, these really will help.
AVCAL Events

11 June NSW golf day. Register now

2 July QLD Networking lunch

8 July (Please note the date change) - NSW Networking lunch, the Hon. Kim Carr.

30 Sept - 1 Oct AVCAL 2009 Conference. Registrations open on Tuesday 19 May at 9.00am.


Other Events

8th China Private Equity Summit 2009- 1 June 2009.Enjoy member rates for AVCAL members upon registration. For more information.

Medical Innovation 2009 - June 11th-12th, 2009 - Griffith University, Gold Coast. For more information

Excellence in Mining & Exploration 2009
21 - 22nd September 2009, Hilton Hotel, Sydney.
Special rates available for AVCAL members.
TO BOOK CALL + 61 2 9279 2222
More details

Other Matters

Invitation to AVCAL members to join forces with Cure Our Kids and consider supporting the 2009 Australian Alternatives Directory. Together we can make a difference!

2009 Governor of Victoria Export Awards - applications will be open until Friday 17 July 2009. More information

IMD Alumni Association has a Business Seminar and lunch- on June 5th at the Union, University and Schools Club in Sydney. Nigel Poole will be speaking about Commercialising Science and Knowledge More information



AVCAL 2009 PARTNERS

AON

Archer Capital

BOS International

Castle Harlan

CATALYST

Champ Private Equity

CM Capital

Credit Suisse

GE Commercial Finance

Intralinks

Ironbridge

INVESTEC

KKR

LEK

Maddocks

NAVIS

Next Capital

NBC Capital

Pacific Road Capital Management

Pacific Equity Partners

Propel Investments

Quadrant

RMB Capital Partners

ROTHSCHILD

Westpac

Ernst & Young

Gallagher

Disclaimer:

AVCAL is the professionally managed industry body that promotes the Australian private equity & venture capital industry.

The information contained in this e-mail, and any attachments to it, is intended for the use of the addressee and is confidential. If you are not the intended recipient you must not use, disclose, read, forward, copy or retain any of the information. If you have received this e-mail in error, please delete it and notify the sender by return e-mail or telephone. AVCAL does not warrant that any attachments are free from viruses or any other defects. You assume all liability for any loss, damage or other consequences which may arise from opening or using the attachments.