Monday, December 12, 2011
7:45 - 8:45 AM
Registration, Breakfast & Networking
8:45 - 8:55 AM
Opening Remarks & Welcome Address
Speakers:
- STEVEN DRESNER, DealFlow Media
- MITCH NUSSBAUM, Loeb & Loeb
8:55 - 9:55 AM
Exploring Small IPOs, Follow-ons, PIPEs, Registered Directs & Confidentially Marketed Public Offerings
This panel examines some of the options that Israeli companies seeking capital from foreign investors have in the current market environment. Panelists discuss structures and pricing terms for Private Investments in Public Equity (PIPEs), registered directs and firm commitment underwritten offerings. Panelists examine the regulatory process, customization of deal terms, stock exchange listing issues, and the importance of investor relations.
This panel examines some of the options that Israeli companies seeking capital from foreign investors have in the current market environment. Panelists discuss structures and pricing terms for Private Investments in Public Equity (PIPEs), registered directs and firm commitment underwritten offerings. Panelists examine the regulatory process, customization of deal terms, stock exchange listing issues, and the importance of investor relations.
Moderator:
- MITCH NUSSBAUM, Loeb & Loeb
Panelists:
- BRAD ACKERMAN, Hull Capital
- STEWART FLINK, Next View Capital
- NOAM RUBINSTEIN, Rodman & Renshaw
- JONATHAN SHECHTER, Shiboleth LLP
10:00 - 10:45 AM
Structured Debt Financing for Private & Public Israeli Companies
One of the many options Israeli companies have is to use debt to finance their business. Debt financing can be used for short-term or long-term goals. This panel explores the current landscape for using structured debt in Israel, and discusses the pros and cons of debt financing.
One of the many options Israeli companies have is to use debt to finance their business. Debt financing can be used for short-term or long-term goals. This panel explores the current landscape for using structured debt in Israel, and discusses the pros and cons of debt financing.
Moderator:
- MAYA LIQUORNIK, Meitar Liquornik Geva & Leshem Brandwein
Panelists:
- GIL GAZIT, Midroog (A Subsidiary of Moody's)
- MOTI WEISS, Plenus Lending Solutions
10:45 - 11:05 AM
Networking Break
11:05 - 11:55 AM
Alternative IPOs & Reverse Mergers for Smaller Companies and Pre-revenue R&D Companies
Even in the current market conditions, companies all over the world are lining up to go public via IPOs and reverse mergers. As the broader equity markets have strengthened, the initial public offering market will continue to gain momentum as more companies are seeking to list on exchanges than at any time since 2000. But traditional offerings are still mostly out of reach for smaller companies seeking capital. This panel examines what Israeli companies need to know about these alternative routes to the public market, and how to position themselves favorably to overseas investors.
Even in the current market conditions, companies all over the world are lining up to go public via IPOs and reverse mergers. As the broader equity markets have strengthened, the initial public offering market will continue to gain momentum as more companies are seeking to list on exchanges than at any time since 2000. But traditional offerings are still mostly out of reach for smaller companies seeking capital. This panel examines what Israeli companies need to know about these alternative routes to the public market, and how to position themselves favorably to overseas investors.
Moderator:
- RICH ANSLOW, Anslow & Jaclin
Panelists:
- DAVID BUKZIN, Marcum LLP
- DAVID FELDMAN, Richardson Patel
- ODED HAR-EVAN, ZAG/S&W
- MICHAEL HARTSTEIN, Palladium Capital
- YAKY YANAY, Pluristem Therapeutics
12:00 - 12:30 PM
A Macro-Economic Overview of the Israeli Economy
This presentation describes and analyzes the main macro-economic indicators in Israel, such as growth rate, unemployment, balance of payment, public debt, government deficit and fiscal and monetary policy. This session also explores how the global economy affects the Israeli economy.
Click Here to Download an Overview of the Israeli Economy.
This presentation describes and analyzes the main macro-economic indicators in Israel, such as growth rate, unemployment, balance of payment, public debt, government deficit and fiscal and monetary policy. This session also explores how the global economy affects the Israeli economy.
Speaker:
- DR. ELDAD SHIDLOVSKY; Head of Research & Economics, Israel Ministry of Finance
Click Here to Download an Overview of the Israeli Economy.
12:35 - 1:15 PM
Alternatives to Equity Lines for Small to Mid-Sized Israeli Public Companies
This session discusses alternative financing options that public companies have outside of direct private equity, PIPEs or hedge fund investments. Speakers explore cash flow options in disaster scenarios, and give advice on how to arm yourself against becoming a victim to predatory financing situations. The session examines real-life scenarios of companies that were taken advantage of, and provides guidance on how to structure your deal properly to avoid these types of issues.
This session discusses alternative financing options that public companies have outside of direct private equity, PIPEs or hedge fund investments. Speakers explore cash flow options in disaster scenarios, and give advice on how to arm yourself against becoming a victim to predatory financing situations. The session examines real-life scenarios of companies that were taken advantage of, and provides guidance on how to structure your deal properly to avoid these types of issues.
Moderator:
- SUNNY BARKATS, JSBarkats
Panelists:
- EDWARD BRONSON, Fairhills Group
- AMNON MANDELBAUM, Sunrise Securities
1:15 - 2:15 PM
Networking Luncheon
2:15 - 3:05 PM
Foreign Investor Track: Exploring Domestic Financing in Israel
In this session, experts discuss what foreign investors interested in working with Israeli companies need to know about the use of corporate collaborations, state-sponsored programs, the European Union Research & Development Program, the BIRD Fund (Binational Industrial Research and Development) and government support of research and development.
In this session, experts discuss what foreign investors interested in working with Israeli companies need to know about the use of corporate collaborations, state-sponsored programs, the European Union Research & Development Program, the BIRD Fund (Binational Industrial Research and Development) and government support of research and development.
Moderator:
- SIMONE BOTTI, MerckSerono Ventures
Panelists:
- INNA MARTIN EITAN, Blitz International
- AMIR NAIBERG, Yeda R&D Co. Ltd.
- LIMOR NAKAR-VINCENT, Israel-U.S. Binational Industrial Research and Development (BIRD Foundation)
3:10 - 3:35 PM
Flexible Financing Solutions for Undervalued Companies: Self Liquidating Debentures & Equity Lines
Increased dilution, expensive financing terms, negative market reaction, and slipping into a cycle of multiple “band aid” financings are all problems that public companies experience when raising capital. This presentation explores several solutions to these problems, using case studies to illustrate the pros and cons of each. Topics discussed include Equity Lines, Self Liquidating Debentures, Warrant Offerings (for TASE traded companies), and Backstopped Registration Rights Offerings.
Increased dilution, expensive financing terms, negative market reaction, and slipping into a cycle of multiple “band aid” financings are all problems that public companies experience when raising capital. This presentation explores several solutions to these problems, using case studies to illustrate the pros and cons of each. Topics discussed include Equity Lines, Self Liquidating Debentures, Warrant Offerings (for TASE traded companies), and Backstopped Registration Rights Offerings.
Speaker:
- UZIE OVITZ, Meitav Investment House
3:35 - 3:55 PM
Networking Break
3:55 - 4:45 PM
Foreign Investor Track: Israeli Government Sponsored Business Incubation
The aim of Israel's technological incubator program is to provide a sheltered environment in which high-tech start-up companies who have potentially marketable new products can foster their ideas, while receiving financial support, expert business advice, subsidized office resources and exposure to investors. The Israeli government is a partner in the incubator process, while public bodies, private donors, local authorities, universities and high-tech business enterprises are also involved. In this session, the chairman of the Misgav Venture Accelerator outlines Israel's government-sponsored business incubation program, and how foreign investors can become involved.
Todd Dollinger on MSNBC sharing his thoughts on why innovation is thriving in Israel.
The aim of Israel's technological incubator program is to provide a sheltered environment in which high-tech start-up companies who have potentially marketable new products can foster their ideas, while receiving financial support, expert business advice, subsidized office resources and exposure to investors. The Israeli government is a partner in the incubator process, while public bodies, private donors, local authorities, universities and high-tech business enterprises are also involved. In this session, the chairman of the Misgav Venture Accelerator outlines Israel's government-sponsored business incubation program, and how foreign investors can become involved.
Speakers:
- STEVE RHODES, The Trendlines Group
- YOSSI SMOLER, Director, Technological Incubator Program
Todd Dollinger on MSNBC sharing his thoughts on why innovation is thriving in Israel.
4:50 - 5:40 PM
Selling a Venture Backed Company
When a venture backed company is up for sale, founders need to be aware of the impacts that venture capital investment has on the company. What are the key clauses that are customarily included in VC transactions that could impact the sale? Panelists examine the effects various types of preferred stock issued in VC rounds may have, along with liquidation preferences and customary solutions including the use of a "carve-out plan" to retain key employees.
When a venture backed company is up for sale, founders need to be aware of the impacts that venture capital investment has on the company. What are the key clauses that are customarily included in VC transactions that could impact the sale? Panelists examine the effects various types of preferred stock issued in VC rounds may have, along with liquidation preferences and customary solutions including the use of a "carve-out plan" to retain key employees.
Moderator:
- ALON HARNOY, Shiboleth LLP
Panelists:
- DANIEL COHEN, Gemini Israel Funds
- MARK GOLDWASSER, National Securities
- DANNY FISHMAN, Gaia Real Estate
- STEVEN LEVY, Stifel Nicolaus Weisel
- LLOYD ROTHENBERG, Loeb & Loeb
5:45 PM
Closing Remarks
6:00 - 7:30 PM
The Alternative Finance Conference Cocktail Reception
Tuesday, December 13, 2011
8:00 - 9:00 AM
Registration, Breakfast & Networking
9:00 - 9:50 AM
Alternatives to Venture Capital: Funding Your Business without VC in Israel
Israeli companies are already familiar with raising venture capital or private equity financing. This panel examines what alternatives exist outside of traditional VC financing. Panelists also discuss how a company can secure the right investment for your market strategy, and what foreign investors will look for in a company.
Israeli companies are already familiar with raising venture capital or private equity financing. This panel examines what alternatives exist outside of traditional VC financing. Panelists also discuss how a company can secure the right investment for your market strategy, and what foreign investors will look for in a company.
Moderator:
- DAVID RAM, Goldrock Capital
Panelists:
- DR. EYAL BENJAMIN, Academic College of Tel Aviv Yaffo
- JON MEDVED, Vringo
- HAYUT YOGEV, Gala-VSM
9:55 - 10:45 AM
An Armchair Discussion on Governance, Compliance & Enforcement in Israel and the U.S.
This panel examines some of the recent changes in securities enforcement in Israel. Panelists discuss the cooperation between Israeli and U.S. securities regulatory and criminal authorities, along with U.S. enforcement priorities in the alternative capital space. The panel also explores best practices in compliance programs and governance.
This panel examines some of the recent changes in securities enforcement in Israel. Panelists discuss the cooperation between Israeli and U.S. securities regulatory and criminal authorities, along with U.S. enforcement priorities in the alternative capital space. The panel also explores best practices in compliance programs and governance.
Panelists:
- ZVI GABBAY, Gornitzky & Co.
- OREN HEIMAN, Shiboleth
10:45 - 11:05 AM
Networking Break
11:05 - 11:30 AM
Customer Needs & Business Model Innovations as a Framework for Government Incentives
This session presents a strategic link to two basic challenges that Israeli company management teams have in raising capital. How does a company identify the right opportunities for growth and innovation? What are the most suitable governmental incentives available for your specific type of incentive? The presentation demonstrates how an Israeli company can systematically generate innovative breakthrough ideas, while linking those ideas to a specific funding mechanism.
This session presents a strategic link to two basic challenges that Israeli company management teams have in raising capital. How does a company identify the right opportunities for growth and innovation? What are the most suitable governmental incentives available for your specific type of incentive? The presentation demonstrates how an Israeli company can systematically generate innovative breakthrough ideas, while linking those ideas to a specific funding mechanism.
Speaker:
- DROR YEGER, ARTTIC Israel
11:35 - 12:25 PM
Special Purpose Acquisition Companies: Using SPACs as a Surrogate to a Traditional IPO
A Special Purpose Acquisition Company (SPAC) is a publicly-traded buyout vehicle that raises money for the purpose of acquiring an existing company. SPACs raise money that goes into a trust, for an unspecified merger, sometimes in a targeted industry. This panel of experts discuss how recent changes to the SPAC structure are making smaller, high-growth companies more attractive, and how Israeli companies can use SPACs as an alternative to raising capital through a private equity fund. Panelists also explore how this structure can be an attractive route to an IPO.
A Special Purpose Acquisition Company (SPAC) is a publicly-traded buyout vehicle that raises money for the purpose of acquiring an existing company. SPACs raise money that goes into a trust, for an unspecified merger, sometimes in a targeted industry. This panel of experts discuss how recent changes to the SPAC structure are making smaller, high-growth companies more attractive, and how Israeli companies can use SPACs as an alternative to raising capital through a private equity fund. Panelists also explore how this structure can be an attractive route to an IPO.
Moderator:
- SHAY KRONFELD, Rodman & Renshaw
Panelists:
- ISRAEL FRIEDER, A.A. Pearl Investments Ltd.
- MITCH NUSSBAUM, Loeb & Loeb
12:30 - 2:00 PM
Networking Luncheon
2:00 - 2:55 PM
Dual Listings for TASE-listed Firms
Dual listing a Tel Aviv Stock Exchange company on a foreign exchange may be an attractive option for Israeli firms looking to gain liquidity and raise capital at more favorable valuations. This panel examines the issues related to dual listing on an overseas exchange including accounting, auditing and tax considerations, regulatory issues facing foreign issuers, and offers a unique perspective of the dual listing process.
Dual listing a Tel Aviv Stock Exchange company on a foreign exchange may be an attractive option for Israeli firms looking to gain liquidity and raise capital at more favorable valuations. This panel examines the issues related to dual listing on an overseas exchange including accounting, auditing and tax considerations, regulatory issues facing foreign issuers, and offers a unique perspective of the dual listing process.
Moderator:
- RICK WERNER, Haynes and Boone, LLP
Panelists:
- MARY GORMLEY, BNY Mellon
- EHUD HELFT, CCG IR
- THOMAS HIGGINS, Rodman & Renshaw
- IDO HELLER, PricewaterhouseCoopers Israel
3:00 - 3:25 PM
Growth and Expansion Stage Financing for Israeli Companies
More Israeli companies are growing to larger sizes before exit, and as a result they need more expansion stage funding. As there are currently very few alternatives for this type of financing in Israel, this is becoming an area of interest for investors. This presentation examines the various alternatives outside of Israel for growth and expansion stage companies.
More Israeli companies are growing to larger sizes before exit, and as a result they need more expansion stage funding. As there are currently very few alternatives for this type of financing in Israel, this is becoming an area of interest for investors. This presentation examines the various alternatives outside of Israel for growth and expansion stage companies.
Speaker:
- EREZ SHACHAR, Evergreen Venture Partners
3:30 - 4:20 PM
Assessing where you'll get the Best Valuation on a Foreign Exchange
More companies are considering listing outside of Israel on overseas exchanges. This panel examines why companies are taking a serious look at these options, and assesses where the best valuation for your company might be. Panelists also examine the various rules and regulations, accounting, auditing and tax considerations, and regulatory issues.
More companies are considering listing outside of Israel on overseas exchanges. This panel examines why companies are taking a serious look at these options, and assesses where the best valuation for your company might be. Panelists also examine the various rules and regulations, accounting, auditing and tax considerations, and regulatory issues.
Moderator:
- SHELDON POTTER, Fogler, Rubinoff
Panelists:
- YAIR EPHRATI, DS Apex M&A Ltd.
- SHAY KRONFELD, Rodman & Renshwan
- MIRI SEGAL, MS-IR LLC
4:30 PM
Closing Remarks
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Industry Partners
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