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The National Business Valuation Committee

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John E Gibson CA 
Partner 
Ernst & Young, Sydney
 
 
 
John Gibson is a director of Ernst & Young Transaction Advisory Services Limited and a partner of Ernst & Young. John is a member of Ernst & Young's Valuation Services practice and specialises in the valuation of shares, businesses and intangible assets. John is a Chartered Accountant (Australia) and a Chartered Business Valuator (Canada). John has over 20 years experience in valuations and independent expert reports covering a range of industries including insurance, media, property, construction and engineering, infrastructure, healthcare and telecommunications.  
 


 
Sean Collins CA 
Director - Corporate Finance 
KPMG, Sydney
 
 
Sean Collins is a Director in KPMG's Corporate Finance group. His 13 years of experience includes working in a Chartered Accounting environment in Australia and several years working for Investment Banking firms in the United Kingdom. 
 
Sean has provided a wide range of corporate advisory services but currently focuses on the provision of valuation advice, including the preparation of Independent Expert Reports.  
 
Key interests: Valuations, IERs and corporate advisory services.  
 

 
Simon Dalgarno CA 
Director 
Leadenhall VRG, Sydney
 
 
Simon Dalgarno is a Director of Leadenhall VRG Pty Ltd. Since joining the Leadenhall consulting practice in 1998 he has specialised in the valuation of businesses and intellectual property. 
 
Simon has significant experience in the valuation of intangible assets for purchase price allocation and impairment testing. He has also provided structuring advice for an initial public offering, advised on the sale of businesses (including the preparation of Information Memorandum, identification of potential buyers and negotiation of heads of agreement) and has undertaken numerous evaluations to assist in capital expenditure and investment decisions for public and private sector clients. 
 
Simon is a regular speaker at professional development seminars for legal and accounting professionals on valuation related topics including for the Securities Institute of Australia. He is also a major contributor to the leading valuation text, Australian Valuation Handbook. 
 
He is a qualified Chartered Accountantand an Associate Member of the Securities Institute of Australia. 
 
Prior to joining Leadenhall, he had several years’ experience in the management of manufacturing companies, including the Amcor and George Weston Food groups. 
 

 
Hamish Blair CA 
Partner, Corporate Finance 
Deloitte Touche Tohmatsu, Melbourne
 
 
Hamish joined Deloitte's Corporate Finance division in 2005 as a partner specialising in valuations, having spent over 10 years with the Corporate Finance division of another Big 4 firm. He has considerable experience in the preparation of valuations and independent expert reports across a wide range of industries, including biotechnology, leisure and gaming, timber and forestry, infrastructure, manufacturing, distribution, energy, the telecommunications and related Internet industries, and the financial services sector. Hamish has prepared valuations of companies, shares and intangible assets for the purposes of mergers and acquisitions, and taxation and accounting requirements. 
 
Hamish regularly lectures in the areas of mergers and acquisitions, corporate and structured finance, applied valuation and corporate financial management for the Financial Services Institute of Australia (Finsia). 
 
Key interests: Valuations of businesses, securities and intangible assets; IFRS; tax consolidation. 
 
 

 
Brendan Halligan CA 
Principal  
Halligan & Co, Sydney
 
 
Brendan specialises in valuation services and forensic accounting services. Until he recently established his own firm, he was a valuation partner with Ernst & Young and before that was the national head of Andersen's business valuation practice and before that a partner in Andersen's forensic accounting practice. Brendan was one of the co-founders and the first national chairman of the Forensic Accounting Special Interest Group. 
 
Key Interests: Valuations and forensic accounting. 
 

 
Liz Smith CA 
Director 
Grant Thornton, Melbourne
 
 
Liz is the Director who heads up Grant Thornton’s valuation practice in Melbourne. 
 
She has managed a wide range of corporate finance engagements, including valuations, independent expert reports, financial due diligence, initial public offerings and mergers and acquisition advice. She now primarily focuses on the provision of valuation services, including the preparation of Independent Expert Reports. 
 
Liz has substantial valuations experience across a broad range of industries, including construction and engineering, education, financial services, healthcare, infrastructure, leisure and gaming, manufacturing, mining, property and telecommunications. She has undertaken business and share valuations, independent expert reports, intangible asset valuations, valuations for tax purposes, valuation of hybrid securities, employee option valuations and litigation support assignments. 
 
Liz is a regular exam marker for mergers and acquisition, corporate and structured finance and applied valuation subjects for the Financial Services Institute of Australia (Finsia). Liz is also a regular facilitator for the Institute of Chartered Accountants (ICAA) CA Program. 
 

 
Cathy Montesin CA 
Executive Director, Transaction Advisory Services 
Ernst & Young, Brisbane
 
 
Cathy has more than 13 years experience in providing valuation, capital raising, financial modelling and other corporate finance advice to major public and private companies in Brisbane, Sydney, San Francisco and London. 
 
Cathy primarily focusses on the provision of valuation services and this includes independent expert's reports and due diligence reviews. She has significant valuation experience across a broad range of industries including; financial services, retail, manufacturing, mining and aviation, tourism and transportation. 
 

 
Secretary:  
Jane Eden 
Institute of Chartered Accountants 
Tel. + 61 2 9290 5712 
Fax. + 61 2 9262 1310 
Email. jane.eden@charteredaccountants.com.au 
 

 
Please note:  
The following committee members have retired from the Business Valuation Special Interest Group Committee. The Institute would like to sincerely thank Caleena Stilwell, Mark Reading and Mark Butterfield for their commitment and contribution to the BVSIG during their time on the committee. 
 

 
Mark Butterfield B.Ec, CA 
Partner, Corporate Advisory 
PKF Corporate Advisers Pty Limited, Sydney
 
 
 
 
Mark is a Partner in the Corporate Advisory division of PKF. He joined Price Waterhouse in 1981 and PKF in 2003 and has over 17 years experience specialising in business valuation. He has provided value opinions and advice for a wide range of organisations and purposes, including publicly listed Australian and overseas companies, government and privately held concerns, independent expert reports on takeovers and acquisition transactions, expert opinion for litigation and dispute resolution, mergers & acquisitions, capital structuring, value management, taxation, stamp duty and other regulatory needs. 
 
Mark is, a Director of PKF Corporate Advisers Pty Limited a member of the Securities Institute Education task force for Advanced Valuation and has completed the formal course of studies of the Canadian Institute of Chartered Business Valuators. 
 
 

 
Caleena Stilwell CA ASIA 
Director 
Grant Samuel, Sydney
 
 
Caleena has over 18 years broad corporate finance experience. She joined Grant Samuel in 1994 and has been directly involved in many of Grant Samuel’s assignments since that time including general corporate advice, asset acquisitions and divestments, valuations and independent expert’s reports. Caleena specialises in the provision of meaningful analysis of complex transactions and of results driven independent corporate advice. 
 
In 1982 Caleena began her career in the Business Services Group of Arthur Young (now Ernst & Young) providing all aspects of financial and taxation advice to small and medium sized businesses. Caleena joined Arthur Young’s Corporate Advisory Services Division in 1987 and worked on a wide range of valuation, expert reports and acquisition and public listing due diligence assignments. In 1993 Caleena established the National Technical role for the Corporate Advisory Services Division of Ernst & Young providing specialist valuation and technical and quality control services to the Division nationally. 
 

 
Mark Reading CA  
Partner 
PricewaterhouseCoopers, Sydney
 
 
Mark joined PwC in 1983 and has since 1985 specialised in the provision of corporate finance related advice – in particular advice regarding the valuation of businesses and intangible assets, mergers and acquisitions, and financial restructuring. 
 
Mark’s international experience includes London (1989), Singapore (1993-95) and Bangkok (1995-98).He has provided valuation advice in respect of more than 500 businesses in Australia, Singapore, Indonesia, Malaysia, Thailand, Hong Kong, Myanmar, India, the Philippines, Sri Lanka, Laos and the United Kingdom. 
 
Some of the more unusual or noteworthy assignments which have been led by Mark include:
  • advising the Indonesian Bank Restructuring Authority (IBRA) on the value and optimal disposal strategy for its interests in over 100 companies across a diverse range of industries. 
  • the financial restructuring of a number of Thailand’s largest corporate groups, including Alphatec Electronics (the first successful restructuring after the onset of the Asian financial crisis), TelecomAsia, Thai Petrochemical Industries and the Premier Group. 
  • advising Telstra on the appropriate carrying value of its investments in Asia 
  • independent expert reports on M&A and share buy-back transactions for companies including Fairfax, Burns Philp, CSR, Jupiters, PowerTel and Solution 6
Key interests: The valuation of businesses and their key intangible assets and providing assistance to companies undertaking M&A and capital raising transactions.