‘THE THEORY AND PRACTICE OF VALUING COMPANIES’
SPEAKER PRESENTATIONS (click on speaker name for presentation)
SESSION 1: THE CVCA’S GUIDELINES ON VALUATION PRACTICES
Howard Riback, General Partner & CFO, Ventures West Capital Ltd.
Mr. Riback, a member of the CVCA Valuation Committee, will review the latest guidelines
from the CVCA on recommended valuation practices. He will describe how the Conservative
Value method has evolved into the currently adopted Fair Value method and will list some
of the key open-ended issues facing the investor community in the adoption of this method.
SESSION 2: GAAP VERSUS CVCA RECOMMENDATIONS
Susan Glass, Partner, KPMG
Ms. Glass will review the application of the CVCA’s recommended valuation guidelines, how
the guidelines meet the GAAP definition of “fair value”, and the factors that she, as a valuator,
considers in assessing reported “fair value” for audit purposes.
SESSION 3: INVESTORS’ APPROACH TO VALUATIONS
Kevin Melnyk, Partner, PRIVEQ Capital Funds
Howard Riback, General Partner & CFO, Ventures West Capital Ltd.
Mr. Melnyk and Mr. Riback will each discuss the internal processes they use for valuing
companies in their respective private equity and venture capital portfolios and highlight
some common complexities that arise in this process.
SESSION 4: VALUATIONS AT INVESTMENT AND EXIT
Kenneth Johnston, Senior Manager, Deloitte
Mr. Johnston, a member of the CICBV, will explain the impact that various
economic, control and other rights being negotiated into a term sheet have on valuation
and provide some methods to quantify them.
John Easson, Head of Media Communications & Technology Group, BMO Capital Markets
Mr. Easson will describe valuation methodologies used by acquirers and investment
bankers at the time of exit and highlight some of the reasons for the departure from the
estimates used by investors.
2007 SERIES SPONSORS
 
 
THIS SEMINAR TOOK PLACE IN TORONTO WAS VIDEO BROADCAST INTO VANCOUVER, CALGARY, REGINA, WINNIPEG, OTTAWA, MONTREAL, FREDERICTON, HALIFAX AND ST.JOHN’S.
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