The Montreal Workshop Committee invites you to join us for a much-awaited social and networking event on Wednesday December 11, 2019.  Please join us to enjoy connecting or reconnecting with fellow valuators and to celebrate the students success.

Complex capital structures are becoming more and more prevalent in the private sector, and thus, it is imperative to know this component of valuation to stay ahead of the curve. The following is a synopsis of the topics that will be addressed:

• Users of complex capital structures
• Preferred vs. common vs. debt valuation nuances
•  Typical Preferred features
  •  Economic vs. noneconomic
•  Four methods of Allocation:
  • Probability Weighted Expected Return Method (PWERM)
    • Simplified Scenario (fully-diluted)
    • Relative Value
    • Full Scenario
    • Pros/Cons
  • Option Pricing Model (OPM)
    • Equity vs. Enterprise inputs
    • Pros/Cons
  • Current Value Method (CVM)
    • Pros/Cons
  • Hybrid Method (PWERM/OPM)
    • Pros/Cons
• How to select the right method?
  • Going concern
  • Rank of security
  • Cost/Benefit of the approach – is it practical for the client?
• Market Benchmarks
• Additional considerations
• Why was the structure chosen?
  • Warrants
  • Series Volatility
  • Discounts
  • Mark downs
  • Company/Industry specific components

Presenters: Gregg Hamilton-Piercy, CFA, ASA & Tom Hamilton-Piercy, CFA – MFA Global, Montreal

Registration is limited to 60 attendees

The Montreal Workshop Committee invites you to join us for a much-awaited social and networking event on Wednesday December 5, 2018.  Please join us to enjoy connecting or reconnecting with fellow valuators and to celebrate the students success.

Space is limited to only 70 individuals.   Register early so as not to miss this must-attend event of the year!

The valuation of a business interest can be key in proper estate planning, including in the application of the 21-year deemed disposition rules. This presentation will provide an overview of issues facing the valuation of a business interest held by a trust in the context of a recent case, Ozerdinc Family Trust No. 2[1]. The court addressed a number of valuation, tax and litigation matters, including:

• Definition of fair market value
• Use of audited vs. internal financial statements
• Use of hindsight information
• Valuation of preferred shares
• Illiquidity and lack of marketability
• Treatment of shareholders’ advances in arriving at equity value
• Whether to consider embedded or latent income taxes in valuing a holding company
• Treatment of refundable dividend tax on hand (RDTOH)
• Applicability of minority discounts
• Control premium
• Family control
• Code of conduct for expert witnesses regarding independence and impartiality
• Fiduciary duties of the trustees

Join Catherine Tremblay (Partner, MNP LLP) as she provides an overview of the case facts and provides some general discussion points and valuation concepts  in light of the issues of the case.

[1] M. Kathleen Grimes and M. Ersin Ozerdinc. Trustees of the Ozerdinc Family Trust No. 2 v. Her Majesty the Queen, 2016 TCC 280.

Each year, billons of dollars are invested in Québec’s private equity.  Clean technologies, life sciences, fintech, information and communications technology are all sectors that benefit from these investments.  Where is Québec in relation to the rest of Canada and elsewhere?  Let’s take a look at this sector, unknown, yet so important to Québec’s economy.

Click here for more information

The Montreal Workshop Committee invites you to join us for a much-awaited social and networking event on Thursday December 7, 2017.  Please join us to enjoy connecting or reconnecting with fellow valuators and to celebrate the students success.

Space is limited to only 70 individuals.  Register early so as not to miss this must-attend event of the year!

The CICBV Montreal workshop committee would like to invite you to our next breakfast conference on Wednesday April 12 from 8:00 to 10:00, at the offices of MNP located at 1155, boul. René-Lévesque W., 23^rd floor. Our guest speakers, Ms. Anastasia Rawicz, Investment Advisor, TD Wealth, and Mr. Brad Simpson, Chief Strategist, Private Services, TD Wealth, will address the latest economic events and stock market trends.

The discussion will focus on foreseen trends, opportunities, and threats to consider in the management of investments. Brad and Anastasia will, among other things, discuss investment strategies with a view to controlling risk in these increasingly unpredictable and volatile markets.

Click here for more information.

The Montreal Workshop Committee invites you to join us for an examination of the benefits and pitfalls of using rules of thumb in valuation:

• Rules of thumb – an overview
• Sources of rules of thumb data in valuations
• Example – an examination of the “Business Reference Guide” by Tom West
• Benefits and pitfalls of using rules of thumb to value business interests
• Application example
• Comments from Canadian Courts with regard to the use of rules of thumb for valuation purposes

Click here for more information

The Montreal Workshop Committee invites you to join us for a much-awaited social and networking event on Tuesday December 6, 2016.  Please join us to enjoy connecting or reconnecting with fellow valuators and to celebrate the students success.  Space is limited to 70 – register early to secure your spot.

The Montreal Workshop Committee invites you to join their panel as they discuss the following issues as they relate to working capital:

• LOI vs. Definitive Agreement
• Pricing transactions
• Working capital and earn-out mediation and arbitration
• Negotiating working capital
• Negotiating employment contracts and non-competes
• GAAP vs. historical accounting practices
• Financing and due diligence

Registration is limited to 60.  Register early to secure your spot.

Click here for more information.

The Montreal Workshop Committee invites you to join us for a high-energy, much-awaited social and networking event on Thursday December 3, 2015.  You will want to attend if you answered yes to any of the following questions:

• Enjoy connecting or reconnecting with fellow valuators.   
• You or someone you know and/or work with has recently passed the 2015 Membership Qualification Exam and need to celebrate in proper CBV style.
• You have been working way too hard during 2015, and deserve to have a good time with your peers.
• It’s December and you are looking forward to the holidays. 
• Interested in a Scotch and Whisky tasting tutorial presented by Savori, affiliated to the SAQ (a first tasting will take place at 6:20 and a second at 7:10).
• Hear an update from Pierre Maille, Chair of the CICBV Board of Directors, on what’s happening at the CICBV.

 During the evening, we will be collecting non-perishable food or money donations that we will give to Moisson Montreal. Be generous!

Space is limited to 70 so register now!

The Montreal Workshop Committee invites you to join us for a high-energy, much-awaited social and networking event on Wednesday December 3, 2014.  You will want to attend if you answered yes to any of the following questions:

• Enjoy connecting or reconnecting with fellow valuators?
• You or someone you know and/or work with has recently passed the 2014 Membership Qualification Exam and need to celebrate in proper CBV style?
• You have been working way too hard during 2014, and deserve to have a good time with your peers?
• It’s December and you are looking forward to the holidays?
• Want to hear an update from Pierre Maille, Vice Chair of the CICBV Board of Directors, on what’s happening at the CICBV?

Le Comité de Montréal vous invite à vous joindre à nous pour un événement de réseautage haut en énergie qui se tiendra le mercredi 3 décembre 2014. Si vous répondez par l’affirmatif à une des questions suivantes, c’est que vous voudrez être présent!
• Vous appréciez connecter ou reconnecter avec des confrères évaluateurs.
• Vous, ou quelqu’un que vous connaissez ou avec qui vous travaillez, a réussi l’examen final de l’Institut et doit donc célébrer dans le style « EEE ».
• Vous avez travaillez beaucoup trop fort en 2014, et avez besoin de bons temps avec vos collègues.
• Nous serons en décembre et vous avez hâte au temps des fêtes.
• Vous voulez une mise à jour de Pierre Maille, Vice-Président du Conseil d’administration, sur ce qui se passe à l’ICEEE.

This seminar provides an overview of recent developments affecting CBVs involved in litigation support and a refresher on the legal and regulatory contexts shaping our profession.

 The recent Ontario Superior Court of Justice decision in Moore v. Getahun (2014 ONSC 237) has brought to the forefront the issue of communications between legal counsel and independent experts, particularly with respect to report drafting and preparation for testimony at trial.  We will discuss potential issues raised by this case, even as it is being appealed and a task force has been formed by the CICBV to study its implications. We will also review relevant changes arising from the new Quebec Code of Civil Procedure, particularly those promoting the use of a single expert, and briefly provide an overview of rules applicable to expert evidence in Ontario.  Finally, we will examine recent guidance relating to the use of draft reports in Canada and proposed changes in the United States with respect to the retention of draft reports in litigation matters.