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Tax Breaks Proposed to Encourage Startup Investment
7/4/2016
As part of its focus on innovation and Australia’s entrepreneurial culture, the Turnbull government has proposed significant tax incentives to encourage seed investment in high growth Aussie startups.
ASIC targets algorithms in offering carrots, sticks and exchange programs to fintech startups
31/3/2016
Since establishing its Innovation Hub almost 12 month ago, ASIC has guided 75 fintech startups through the Australian regulatory regime and has granted 10 of them licenses.
New employee share scheme tax concessions are good news, but not the only options
20/7/2015
The employee share scheme (ESS) laws changed on 1 July 2015 to reverse some unpopular measures and to introduce an additional tax concession for startups. The ATO also released a "safe harbour" valuation methodology to complement the new startup concession. However the ESS tax concessions are not the only options for companies looking to incentivise staff. Ultimately, the type of ESS that best suits a company will be a function of the interplay between tax, accounting and reporting considerations as well as the company's objectives in establishing the scheme.
Startup Fundraising and Valuation
2/4/2015
The terms of the capital issued by a startup in a funding round can disguise the real valuation of the startup implied by that round. This paper looks at three common securities - ordinary shares, convertible preference shares and convertible notes, and uses some simple examples to illustrate how certain terms can impact on valuation.
How the penalties doctrine can re-cut the terms of M&A deals and other corporate transactions
5/2/2015
This article looks at some common commercial terms that, unless properly structured, are at risk of challenge under the penalties doctrine.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 9 of 9)
17/4/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the ninth in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 8 of 9)
11/4/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the eighth in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 6 of 9)
27/3/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the sixth in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 7 of 9)
26/3/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the seventh in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 5 of 9)
19/3/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the fifth in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 4 of 9)
12/3/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the fourth in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 3 of 9)
5/3/2014
For private business owners or managers looking to sell
their business or a stake in it, or to fund its next stage of
growth, this is the third in a series of nine articles
which provide a guide to understanding private equity
and the private equity buy-out process.
Private Equity and MBOs - How to Sell Your Business or Attract Equity to Grow Through a Private Equity Buy-Out (Article 2 of 9)
26/2/2014
For private business owners or managers looking to sell their business or a stake in it, or to fund its next stage of growth, this is the second in a series of nine articles which provide a guide to understanding private equity and the private equity buy-out process.
Exclusion of Liability, Limitation of Liability and Consequential Loss: Regional Power Corporation Rejects the Peerless Formulation
21/1/2014
A question that Australian courts have been grappling with for the past six years is where to draw the line in calculating damages when a contract expressly excludes "consequential loss". Following the decision in Regional Power Corporation a limitation of liability clause that excludes simply "conseguential loss" will leave a lot to chance.
Pre-emption Rights and Rights of First Refusal - First Mover Disadvantage?
8/7/2013
Rights of pre-emption and rights of refusal can be used in corporate and commercial contracts to give one party (‘preferred party’) rights to buy or sell just about anything from the party granting the rights (‘grantor’). In shareholders agreements for example, they are often used in favour of shareholders where one shareholder proposes to transfer its shares. There is a danger in overlooking the exact nature of these kinds of rights.
M&A Purchase Price Calculations – the Locked Box Mechanism
9/11/2012
A ‘locked box’ is an alternative approach to preparing completion accounts, in the context of calculating the purchase price for private M&A transactions. Locked mechanisms will likely become more common as M&A activity picks up in favour of sellers, so it is thus timely to look at their advantages and the factors to consider when employing them.
Addisons Contractual Interpretation Series – Entire Agreement Clauses – Entirely Reliable?
18/10/2012
This is one of a series of articles in which we review the judicial interpretation of some words and phrases that are commonly used in contracts. In this article we look at “entire agreement clauses”.
‘Trapped Leavers’ - The Risk of Having to Buy Back the Equity of Sacked Managers
11/7/2012
Terminated managers normally pack up their desks. Now, they may also be able to cash in their chips. In a recent case two sacked managers of a private company obtained orders that forced the majority shareholder to buy back their equity at fair value. Private Equity firms should consider the significance of this decision when putting in place a management equity package.
Launching a Takeover Bid? A Pre-Bid Strategy Will Help It Get Lift Off
15/6/2012
For a bidder launching a takeover or scheme of arrangement, a pre-bid strategy can give them a better chance of achieving lift off. This paper summarises our analysis of takeover and scheme data for the past decade, and it is hard to ignore the correlation between pre-bid strategies and success rates. We then identify different strategies that bidders should consider, from the most common to the less well known, and we also present a hybrid strategy of our own.
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