Chairman's Address - 2009/2010

The following address was delivered by Mr Nick McNaughton, Deputy Chairman, Capital Angels:

This year has seen much progress on many fronts with Capital Angels. I am delighted to table my report.

People

Mr. Uwe Boettcher was appointed as the new Chairman and Director of Capital Angels Pty Ltd at the executive committee meeting on the 17thNovember 2010. In addition, Mr. Nick McNaughton was appointed as Deputy Chairman and Mr. Steve Bennett reaffirmed as Company Secretary. All positions commenced on 2nd December 2009 and run for two years.

It was also agreed that the three directors of Capital Angels Pty Ltd as at 2.12.2009 would be Mr. Boettcher, Mr. McNaughton and Mr. David Malloch

Mr. Malloch continued on the Board as the representative for Capital Angels to the AAAI.

During the year we had a number of changes to the Executive Committee. Mr. Dan Bisa and Mr. Kevin Cox resigned due to work and time commitments. We thank them for their time and contribution. These positions were replaced by Mr. Lachlan Blackhall and Mr. Ken Kroeger. Anna Pino replaces Roslyn Hughes as representative for Epicorp Limited.

Membership

The Committee reviewed the current CA shareholders and membership list. The Committee decided to create a formal membership process:

  • A member should pay $1 to become a shareholder. The Executive Committee makes the decision on who will be admitted as a shareholder. A shareholder can attend investment dinners at a reduced price (current cost $68 per person).
  • A member also pays a $500 membership fee (including GST)
  • If a shareholder wants to exit Capital Angels their share will be bought back by CA Pty Ltd for $1.
  • Non key participants (i.e., non investors) will be allowed to attend investment dinners for the increased price of $100 per person.It was further resolved that Capital Angels would not make AAAI membership compulsory as part of these changes, but it will encourage shareholders and associates to become members.

Capital Angels now has a total of 20 paid-up member/shareholders.

Organisation

During the year the committee formally appointed Lighthouse Innovation Centre as the logistics and administration partner of CA. Their role involves:

  • Organisation and hosting of meetings
  • Preparation of all meeting notes and minutes
  • Screening of all prospective companies
  • Organisation and management of all CA events
  • Management of CA finances
  • Liaison with Executive Committee and DirectorsCommunication with CA Membership
  • Membership management and renewal management
  • Financial liaison with AAAI
  • Attendance at the AAAI Annual Conference (on behalf of CA)

On behalf of the Board, the Executive Committee and the membership I would like to thank the whole team at Lighthouse for doing such a fabulous job throughout the year. In particular I would like to thank Anna Pino for her relentless positive support of the group and her focus on ensuring a productive and close alliance with CA. I would also like to extend hearty thanks Cindy Reese-Mitchell for all of the day-to-day work in ensuring the wheels of the CA machinery run smoothly and all prospective candidates are treated in a professional, proactive and productive way.

CA owes a great debt to Lighthouse for their tireless support. We look forward to the continuation of this relationship in 2011.

Events:

During the year we held a number of events including:

Annual Holiday Garden Party

We would like to thank both Uwe and Denise Boettcher for hosting this event at their home on December 2nd 2009. The event was a great success with friendships made and renewed and the coffers of CA replenished! The 2010 event takes place on Tuesday 30th November in association with Lighthouse.Dinner meetings

During the year we held dinner meetings in March, June, August and November? These meetings were well supported with (70,57,44,25) attendees at each event. This shows a healthy support for the group.

Member Luncheons

Mr. David Malloch hosted the first CA Member luncheon on Friday 29th October with Mr. Martin Hosking. We heard about Mr. Hoskings successes with Aconex and RedBubble.

Sponsorship

To assist with group finances the committee agreed in November 2009 to offer sponsorship packages for the 2010 Dinner meetings. These were all pre-sold prior to the end of 2010 leaving the group with cash in the coffers to fund activities. Sponsors included: Clear Corp, ACT Government—Department of Business and Industry Development, AusIndustry, Ernst & Young, , and Blue Cove Ventures. We appreciate their support and look forward to working with them again in 2011.

Companies

During the year we had a total of 19 companies express an interest in pitching to the Capital Angels group. From this yy presented at the Dinner meetings. Companies that pitched during the year included: CIMTech, Shiftr, ,Perimeter Security, Triplethink, Renewable Processes, Bike Techniques Australia. CIMTECH was the stand-out in terms of successful in raising fund . This deal represented the group’s first co-investment with BioAngels in South Australia using Angelsoft.

Finances

The finances for FY2009/2010 were run by Mr. Steve Bennett from Clear Corp. He was ably assisted by Ms. Lyn Robbins from Lighthouse. We extend our thanks to both Steve & Lyn for their efforts throughout the year.

Documentation

During the year the committee worked on the production of a Code of Conduct, and update on the Constitution, and an ASIC Disclaimer.

AAAI

CA is an affiliate of the Australian Association of Angel Investors. Mr. David Malloch is the CA representative on the Board of the AAAI. CA has supported the AAAI in a number of ways throughout the year:

Attendance at the AAAI National Conference in Adelaide in Feb 2010Participation in the AAAI National Group Leaders WorkshopVoluntary support of AAAI Membership by CA members (a total of 15 CA members are now AAAI Members)Promotion of AAAI events to CA Membership