BBAA Newsletter, October 2011

Dear Reader,

Welcome to the October 2011 issue of the BBAA Newsletter. I hope you find this a useful source of information on developments in the Angel and early stage investment market.

We should like to begin by reminding you that the BBAA’s Winter Investment Workshop for 2012 will be held in London, hosted by NESTA on 26^th January 2012. This event which we have entitled “Catalysing growth in Angel investing” offers an excellent opportunity to review the impact of new developments in the market place as key policy initiatives come on stream in 2012 and in the face of a continuing financial crisis. It will be preceded by the BBAA Winter Networking Dinner on 25^th January which once again will be held in the prestigious and historical premises of the Royal Society at Carlton House Terrace. This will offer an excellent opportunity for exchange of experience and networking and BBAA’s website for this event is now open for registration with more information on key speakers and themes coming on stream shortly. Please visit:

http://www.bbaa.org.uk/events/bbaa-networking-dinner-winter-investment-workshop-2012-25012012

I am also pleased to confirm that BBAA submitted by the deadline a response on behalf of its members to HM Treasury’s consultation on “Tax Advantaged Venture Capital Schemes”. , reviewing the current EIS scheme and new proposals for a Business Angel Seed Investment Scheme (BASIS), to offer additional tax relief to incentivise business angels to invest in seed stage.

The BBAA’s response reflected the views of over 20 of BBAA’s members that had either submitted their written responses or through the consultation meeting with HM Treasury organised by BBAA. There was overwhelming support for the proposed new scheme, but a number of key changes were suggested to HM Treasury notably to ensure synergy with the existing EIS scheme and to ensure a connected market place. We understand that legislation will be drawn up this autumn with the draft Finance bill being launched at the beginning of December. A copy of the BBAA’s response is available on the website:

http://www.bbaa.org.uk/sites/default/files/media/files/tax_advantage_venture_capital_schemes_bbaa_response.pdf

We are also delighted to see that there continue to be a good number of interesting deals being done by the angel and early stage community across the UK and these are set out in this newsletter. This is very promising, despite recessionary fears, and hope we can all continue this momentum in the months ahead.

We are pleased to include articles and information from our members and should like to remind you to continue to send us news of your activities and deals done so that we can publish these on your behalf in the BBAA website and this newsletter.

We are delighted to welcome CAMCO and DC Consulting as new Associate members of the BBAA. For more information on all of our members please see the BBAA website directory:

http://www.bbaa.org.uk/member-directory

We should also like to remind you that we welcome individual angel investors or small groups of angels to become members of BBAA.

Regards,

Anthony Clarke

BBAA – Chairman

BBAA News

Member News

Events

BBAA News

The BBAA Networking Dinner & Winter Investment Workshop

British Business Angels Association

25 January 2012 - 26 January 2012

On the back of the very successful BBAA National Investment Summit held in July, which many of you will have attended, we are delighted to announce that the BBAA’s Winter Investment Workshop for 2012 will be held in London, hosted by NESTA on 26^thJanuary 2012. With several new initiatives and tax measures being launched in the first part of next year, many of which are detailed in this newsletter, this event will offer an important opportunity to review the implementation of these new developments and how these wil

State Aid Approval for the Enterprise Investment Scheme

British Business Angels Association

7 October 2011

The BBAA is pleased to announce that the European Commission has approved for State aid purposes the increase in the Enterprise Investment Scheme (EIS) income tax relief rate to 30 per cent. This is in respect of investments made in EIS qualifying companies on or after 6 April 2011.

Please visit:

http://www.hmrc.gov.uk/news/news-061011.htm

for more information.

BBAA Response - HM Treasury Consultation: Tax Advantaged Venture Capital Schemes

British Business Angels Association

29 September 2011

The BBAA are pleased to announce that the response from the BBAA to HM Treasury Consultation: Tax Advantaged Venture Capital Schemes was submitted this week.

We should like to thank all those who sent their consultation responses. We should also like to thank all those that attended the consultation meeting with HM Treasury on 15^th October.

Attached below is a pdf version of the document. It reflects a composite of the responses received.

File Attachments:

tax_advantage_venture_capital_schemes_bbaa_response.pdf

Policy and Regulatory Updates

Member News

Beer & Young September 2011 Update

Beer & Young

30 September 2011

Now we are all fully back into the swing of work, we are pleased to offer a short case study of a business we raised investment for during the summer period. In fact the time from initial meeting to completion was less than four weeks, a real achievement for all parties involved.

Shell Springboard Programme

Verco

6 October 2011 - 4 November 2011

The BBAA is pleased to announce that the Shell Springboard Programme is well underway.

Social Impact Co-Investment Fund Awareness Events 2011

FSE Group

18 October 2011 - 16 November 2011

FSE Group are pleased to annouce a series of events held in conjunction with leading business angel networks and other financial intermediaries to raise awareness of impact investing in the business angel community.

Angels and other interested parties are welcome to attend and hear from existing impact investors and ambitious social enterprises who have successfully obtained growth finance.

Understanding the Value of Intangibles

Inngot

13 October 2011

It has long been recognised that intangibles account for around 75% of the value stock markets attribute to corporates. The recent Hargreaves Review also highlighted that company investment in this area now outstrips expenditure on tangible assets (by £137bn to £104bn in 2008). However unquoted companies, especially early stage businesses, often find it difficult to identify and leverage their IP and intangibles, which are generally off-balance sheet.

MBM Commercial LLP merge with Stuart Malcolm LLP

MBM Commercial

1 October 2011

MBM Commercial LLP and Stuart Malcolm LLP, specialist corporate and technology law firms, announce their merger with effect from 1 October. From this date, the combined practice will operate from Edinburgh and Oxford as MBM Commercial LLP.