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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.
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.
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.
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.
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 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
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by return e-mail or telephone. AVCAL does not warrant that any attachments
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any loss, damage or other consequences which may arise from opening or
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