< Previous10 | April 20, 2020April 20, 2020 April 20, 2020 April 20, 2020 SOLUTIONS: Velrada chief executive Rob Evans hosts a virtual boardroom of WA business leaders. Velrada hosts virtual boardroom as WA embraces digital work future As COVID-19 rapidly transforms the way we work, Velrada offered solutions to WA business leaders to help fast track digital transformation and support virtual teams. The long lunch is a staple of business life – a chance to press the flesh and swap ideas. But with the coronavirus outbreak imposing social distancing and forcing many to work from home, WA business leaders are embracing technology to keep top level conversations and col- laborations going. A cross section of Perth’s business leaders held a virtual boardroom lunch meeting with Business News to share their strategies for adapting to the lock- down and what the world of work will look like once the crisis passes. Logging on from their home or remote offices, the group was led by Velrada, a Perth-based technology innovator that has been optimising remote workforces for many years through its partnership with Microsoft. Velrada’s chief executive Rob Evans told the group that instead of seeing COVID-19 as a temporary disruption to their usual ways of operation, businesses should grasp the future of work through remote digital platforms like Microsoft Teams. “It’s an interesting shift though because it’s not just a technology shift, it’s a way of working and it engenders a series of other questions around how informa- tion is managed, governance around information, and a different working style,” he said. “When something like this hits, it cer- tainly focuses the organisation beyond the need to get those things happening.” Velrada leads the way for remote work revolution Velrada has seen an upsurge in demand for its services to help busi- nesses pivot to digital services. The company does this by bringing true business context to the Microsoft stack, with software solutions allowing com- panies to optimise remote working seamlessly.April 20, 2020 11 | April 20, 2020 April 20, 2020 April 20, 2020 COMMERCIAL SUPPLEMENT Velrada chief innovation officer, Dan Hookham, told the meeting that COVID- 19 is changing the way the world works, and businesses that embrace digital workforce solutions will be in a position to thrive. “It’s not just about taking a laptop home, as I’m sure you’re all finding for your teams right now,” he said. “It is a mindset shift, but it’s also about how do you deal with some of the more soft skills or activities that your business does, workshopping, team manage- ment, leadership in those particular events. There’s a number of pieces of software we focused on, such as devel- oping capability packs that enable businesses in that regard.” Microsoft national lead for civilian government Andy Wood was also on the call to tell the virtual boardroom that its global software corporation is moving swiftly to meet huge demand for its ser- vices through partners like Velrada. “That’s been evidenced by the growth in Microsoft Teams in the space of a week, increasing by 12 million users up to 44 million users. That has been abso- lutely massive,” he said. “So the thing we’re actually focusing on at the moment is rapidly enabling remote working through collaboration tools and virtual workspaces. So that is being able to say, right, how can you do the things that you need to do on a daily basis in a different way from a different location?” WA business sector digitally adapts to COVID-19 Throwing the discussion open, Mr Hookham invited the group to detail their organisation’s responses to the COVID-19 lockdown. Gary Cox, the chairman of intellectual property group Wrays, said its employees had to move swiftly to adapt to working remotely. thousand employees generally,” he said. “From my previous experience in the public sector and the general norm, that sort of project would be about 14 to 18 months deployment from go to whoa.. They successfully did it in four days.” Velrada offers help for WA business sector With so much demand for remote working solutions, Mr Hookham said Velrada is ramping up its efforts to help businesses across Australia turn COV- ID-19’s temporary disruption into an optimised way of working for the future. “For 10 years, we’ve been helping optimise remote workforces, in terms of getting the most productivity they can out of being not at a desk. That has been out in the field, that has been at home, that’s been in different locations across the planet. “We took that particular aspect and we’ve accelerated that. And we contin- ued to help organisations, with assisting them in moving to a remote workforce, and with a focus on optimisation around productivity,” he said. The need for many workers to retain centralised elements of their jobs and have access to digital solutions was a major discussion point. Trevor Whit- tington, chief executive officer of WA Farmers, said whilst most agricultural work is classed as an essential service, the sector is increasingly reliant on dig- ital connections. Tom Griffiths, Managing Director of the South West Group, said councils he works with are juggling the need to pro- vide services and stay within the rules of the lockdown. “There are certainly different arrange- ments for different staff across the member councils depending on their role and service area. “I suspect that by the end of this week or next, councils will shut down their offices to the public and a greater pro- portion of staff are directed to work from home or are redeployed to other service areas.” he told the virtual boardroom. With Velrada, Mr Hookham said innovative solutions like Microsoft’s tech- nology stack are used to integrate the needs of both frontline and remote work- ers, allowing each to support the other. “We don’t consider remote working to be something that just impacts desk workers by any stretch of the imagina- tion,” he said. “We see technology around things such as mixed reality as a great “We’ve sort of moved from one end of the spectrum, where I’ve had full teams of offices in Sydney, Melbourne, Adelaide, and Perth, to having what is effectively – as of this Friday – completely moving the business into the virtual environment, which was something I never really expected would happen so quickly,” he said. WA state manager for AGL Energy, Jackie Shervington, told the online group the company has embraced Microsoft Teams as it implements remote working for much of its workforce and continues its business’s mission. “It’s very much about trying to under- stand where the opportunities are to keep growing…as well as knowing where are the weaknesses, where are the pain points, and how do we support those people who are in pain?” Jody Nunn from the WA division of the Australian Institute of Company Directors said her organisation has been forced to suspend many of its development courses, but was pivoting to offer more online content. “We had over 2,000 people logged into our webinar on the COVID-19 pan- demic and how boards can respond. This will be followed by a program of timely webinars examining business turnaround strategies; boardroom deci- sion-making in a crisis; and the board’s role in business renewal,” she said. Acknowledging these quick adapta- tions, Mr Wood said COVID-19 was a ‘once in a lifetime event’ that requires digital solutions like those offered by Vel- rada. He said the Western Australian Police Force had just rolled out a digital remote working tool in record time with Microsoft’s help. “A highly complex organisation had the urgent need to be able to deploy a collaboration tool set across their entire organisation, so eight and a half opportunity here for adoption in that particular area to drive productivity with frontline workers.” Velrada’s positive vision for the future of work COVID-19 has had a severe impact on economies around the world. Leadership WA’s chief executive officer, Dominique Mecoy, told the virtual boardroom that her main focus was helping their Alumni, program participants and other WA leaders navigate the virus’s many challenges. But she’s also keen to see the business sector lead the community’s recovery. “There are going to be organisa- tions who are going to say: ‘As well as our survival, what can we do to rebuild our community? What can we do to respond? What can we do to recover?’ That’s where I want Leader- ship WA to be, and that’s where I’m hoping a lot of other organisations can see themselves.” The ultimate point of any long business lunch is to build relationships and foster cooperation. Summing up the virtual version of this business ritual, Mr Evans said Velrada is ready to help usher in the future of work today with innovative workplace solutions. “Microsoft has opened up access to technology to small and mid tier organ- isations and we can certainly help with that, and those things are not expensive or time consuming and we can develop a lot to enable the mid-tier. We’ve packaged out some of that IP and knowledge that we can share and I think for the long term, I’m optimistic.” Seeking ways to use technology to improve your business performance? For more information call 1300 835 723 or visit www.velrada.com It’s very much about trying to understand where the opportunities are to keep growing…as well as knowing where are the weaknesses - Jackie Shervington We don’t consider remote working to be something that just impacts desk workers by any stretch of the imagination - Dan Hookham So the thing we’re actually focusing on at the moment is rapidly enabling remote working through collaboration tools and virtual workspaces - Andy Wood12 | April 20, 2020 Investors hope historical form guides COVID-19 recovery While circumstances change and these times are unique, the market will bounce back; always has, always will – the only question is timing. PRESSURE: Recovery time from the COVID-19-inspired collapse remains uncertain. Photo: Stockphoto G LOBAL markets were exceptionally robust before the COVID-19 outbreak, with the Dow Jones trading at an all-time high in February and the ASX 200 also hitting a new peak. Just a few weeks later and we’re living a new reality. However, with so many once-re- vered companies trading at prices that would make speculators froth at the mouth, it is only a matter of time before punters and fund managers start to drag global indices back up. Some investors consider pick- ing the market’s highs and lows to be an art, while others view it as a science. Others, perhaps wisely, like to take their lead from history, which has proved the cyclical nature of markets time and again. The US banking crisis in the 1790s, the depressions of the 1870s and 1930s, the oil price shocks of the 1970s, the 1987 stock market is unprecedented, but history is still the best guide when it comes to making decisions on these matters. COVID-19 struck when mar- kets were running up all-time highs and credit was in easy supply. Since the market highs of early February this year, equity markets across the globe have experienced the sharpest bear correction in the history of exchange-traded securities, cour- tesy of coronavirus. But while history does not nec- essarily repeat itself, there are always trends to highlight how people have dealt with and tri- umphed over all manner of crises. “If you look at events that investors responded to with fear over the last 100 years, you will see similar spikes to what we crash, and the 2008 GFC were all extremes in the history of mar- kets. In almost every case the markets rebounded, and in some cases it didn’t take long. Notably, the one difference about these crises and the one we’re going through now is that they were all financial crises at heart. Certainly we are facing a financial crisis today, however, the current financial conditions are more the effect than the cause, with health at the core of today’s upheaval. Nevertheless, there are lessons that can be drawn from previous health-related market falls. • Bird flu As measured from March 2013, bird flu drove the Austral- ian market down 9 per cent to a trough in June that year before recovering all loses by Septem- ber 2013 (just six months after the outbreak started and only three months after the market low). Bird flu actually hit twice, with a second wave ripping almost 6 per cent out of the ASX between November and December 2013. The time to recovery for the second wave from the trough was 3.5 months. • Zika virus Tanked the market by nearly 10 per cent from October 2015 to February 2016. Once again, the recovery took just three months with the ASX 200 regaining all of its losses by May 2016. • SARS The 2003 outbreak took an 8.5 per cent bite from the ASX in three months, which then took four months to recover. • Swine flu Combined with the tail end of the GFC, swine flu managed to drive the Australian market down by nearly 16 per cent from peak-to-trough in just one month between January and Febru- ary 2009. By April that year the market had regained all of its event-driven losses. To be clear, what is casting a pall over financial markets now see now during the 1918 Spanish flu outbreak, the October 29 1929 stock market crash and Great Depression, WWII, and the con- flicts that followed in Korea and Vietnam,” US business magnate Warren Buffett says. Even if recovery is not immi- nent it is at least inevitable, but it does take time. Every time we see a market crash, the doomsayers tell us that this one is unlike any crash before, it is deeper and more severe than we have ever seen before and we may never recover; but we always do. Does the depth of the COV- ID-19-inspired crash mean we will never fully recover? Does it make a mockery of the historic two to three months to recovery that we have seen in previous health-re- lated crashes? Can we look to the fact that there were no underlying finan- cial issues hanging around before this crash to bask in some level of manufactured comfort? When the governments of the world get a handle on the spread of COVID-19 (or better still find a vaccine), can we safely predict that markets will come roaring back? There have been 37 equity market declines of more than 10 per cent since 1950. The average of peak-to-trough decline lasted 3.5 months and every decline was completely erased by subsequent bull market rallies. There are some general rules the majority of professional market traders have always con- sidered carefully. Manage your risk, don’t average down, trade tight, stop losses and ride the trend, remembering always the trend is your friend – that is until the bend. Considering current market gyrations, these principles clearly still hold true. The question of whether to sell now or wait on the expectation that markets will rise from the ashes, just like they did in all of history, is best left to your profes- sional advisers, but in considering this question we can again look to Mr Buffet for some inspiration. “Be fearful when those are greedy, and greedy when those are fearful,” he said. The greater question now is, are you fearful, greedy or just plain over it? • Matt Birney is managing editor of ASX-listed company financial news media outlet, Bulls n’ Bears. EQUITY MARKET DECLINES >10% SINCE 1950 Matt Birney editorial@businessnews.com.au OPINION 13 | April 20, 2020 PHOTO ESSAY COVID-19 hits PerthSPONSORED CONTENT . “Looking into 50 people’s faces and telling them that the Busselton Jetty had to close and we would have to stand down staff was the hardest thing I have ever had to do – I was in tears and saw everyone else looking back at me – they were in tears too.” That was March 24, only 12 days after COVID-19 was declared a Pandemic. “We had tried everything in 12 days to stay open and still observe the rules but when restaurants and amusement parks closed, we had to also,” said Busselton Jetty Inc CEO Lisa Shreeve. The 155-year-old Busselton Jetty has withstood cyclones, fires, SARs and the GFC, but nothing has been as bad as COVID-19. “We were having a record year and looking at about 700,000 annual visitors but records don’t mean much when everyone around you is hurting.” On March 25, the Jetty team got together and brainstormed a ‘Diversification Plan’, using Blue Ocean Strategy thinking to meet new demand and look at how they could supply a product or a service in a unique but also fun way. “Our people are amazing, they jumped straight into solution mode and we looked at any way we could earn new income, solve a common problem, but also be a good corporate citizen.” “And we had some weird and crazy ideas which made us all laugh, but in the end we also came up with some positive, uplifting ideas that used the varied skill set that our staff have, at work and outside of work. It really was a great team effort, said Ms Shreeve. What has resulted was the launch on April 3 of 14 online tours including Live Streaming Underwater Observatory Tours which are now being beamed around the world at 2pm each day and means the marine science tour guides can come back to work. Available on the Busselton Jetty’s website www.busseltonjetty.com.au are now: • Virtual Running or Cycling Tours on the Jetty-for people to watch on a Smart TV and exercise in front of; • Virtual Dancing on the Jetty – and the Jetty is encouraging Celeste Barber imitations sent in via video; • Virtual Personal Training with home- made weights on the Jetty by the Jetty’s Safety Manager and former Gym Instructor Orlando; • Virtual Yoga on the Jetty with UWO Tour Guide and personal trainer Sean; • Virtual Walking on the Jetty for those who want to do something a bit calmer while enjoying the Ocean view; • Virtual Busselton Jetty Train Ride featuring train driver Paul live on air like a radio rock star; • 2 Marine Education workshops with Marine Scientist Amy; • Jetty History workshops also with Amy in full teacher mode; • 360 degree Virtual Underwater Tour of the marine life by a local Diver; • Virtual Day and Night Tours of the Jetty –with Jetty Marine Scientist Sophie and Tour Guide Neil who tells us what naughty things fish get up to in the dark! “It was a huge effort to get all of these planned, recorded and edited in 8 days and then to market the tours was a bigger effort from the marketing team.” “We set this up and then the staff kept coming up with new ideas like a Spotify Jetty playlist to walk, run or even clean your house to, Birthday greetings underwater to those in isolation missing a party, Cocktail making on the Jetty, Photography Tips and Jetty wallpaper for your phone or Zoom meeting.” “Our team also includes managers who have run accredited leadership programs and personality profiling so we may look at doing this online as well so people at home can work on self-improvement.” But it’s not all about the Jetty and Busselton. Ms Shreeve said the staff talked about at the end of the pandemic what would they want to be proud that we did. “Supporting our staff and volunteers was key, but also bringing tourism back to WA and helping the industry to get back on its feet was critically important to us.” This led to a unique partnership with Squid Productions owner Sarah Coote to set up the Virtually Australia website and launch it at the Busselton Jetty and then encourage adventure tour operators around Australia to load their online tours and experiences on the site to promote to the world. “This has been great for us because we are now getting visitors from the US, Canada, UK, India, Philippines and China in our first week for our marine science live tours.” “Hopefully these people get a ‘taste- test’ of what Australia has to offer and when the airlines open up and people are confident to travel again, their first stop is Western Australia. Perth might be the most isolated City in the world, but maybe that’s a new competitive advantage after COVID-19 – visit somewhere safe and sunny because we’ve got some passionate people here ready to welcome you back.” BLUE OCEAN THINKING AT THE BUSSELTON JETTY OPENS UP UNDERWATER WORLD Busselton Jetty’s Underwater Observatory is 1 of only 6 natural aquariums in the world and you can now do a live tour on your computer. www.busseltonjetty.com.au/ virtualtoursApril 20, 2020 15 | April 20, 2020 April 20, 2020 April 20, 2020 School fees mostly a private matter As students transition to remote learning ahead of a new school term, private schools are grappling with whether to adjust tuition fees. COST IN KIND: St Stephen’s principal Donella Beare says the school will lower fees to aid families affected by the pandemic. Photo: Gabriel Oliveira WESTERN Australia’s private schools are taking divergent approaches to cost and income management as they approach the new term. In response to restrictions associated with the COVID-19 outbreak, some private educators are seeking to maintain current fee levels while others are aggressively cutting school fees. The issue has arisen following a nation-wide shift to remote learning at the end of term one, which is expected to continue throughout term two. Although students are encouraged to stay home where possible, Prime Minister Scott Morrison said earlier this month that schools must remain open for students whose parents were essential workers or otherwise could not be supervised by another caregiver. Among some of the schools in WA to cut tuition fees in recent weeks are St Hilda’s Anglican School for Girls , Hale School and Perth College (see table). All Saints’ College principal Belinda Provis wrote to parents earlier this month announcing a reduction of up to 25 per cent for tuition, noting that while most of the school’s costs were fixed, students were unable to access campus facilities or co- curricular activities that their fees would ordinarily pay for. “[T]he college has been focused on prudently managing “We will also continue to work with those families who have been heavily affected on a case-by-case basis. “We will work with them in confidence to come up with a personalised fee plan.” The school’s offer to assist students on a case-by-case basis has been mirrored by Newman College, Methodist Ladies College, Penrhos College and Aquinas College . Those have so far decided against reducing tuition fees overall. our resources at this time, making cost savings where possible in the interests of the entire community. This has seen us implement some significant measures in order to minimise expenditure,” she said. “Sadly, and while doing all we can to support the majority of our hardworking and dedicated staff at this time, our necessary cost cutting has unfortunately seen us having to stand down some staff, and we very much look forward to those staff rejoining us when we return to on-campus learning. “Cost-saving measures have also seen cuts to a range of college operations, and the deferral of some important projects.” While some schools will reduce overall tuition fees on top of overall cost cutting in the upcoming term, others such as St Stephen’s School plan to offer fee relief of up to 10 per cent to families who make the request. In a statement to Business News, principal Donella Beare said she understood the need to offer relief to families who had been economically affected in recent months. “For families who may still be in a position to continue to pay the full amount, we are urging them to do so to further support the school community, however, the offer of help in this difficult time is there if needed on a pro rata basis for term two,” she said. In an email to parents earlier this month, Penrhos College principal Meg Melville said while she was aware other schools were reducing fees, the college had a responsibility to ensure its operational sustainability during the pandemic. “This means adopting measures that match the financial circumstances of Penrhos, not those of other colleges,” she said. “As a result, the college is not, at this stage, considering a general discount to tuition fees. “The college is exploring any available government support that it may be eligible for and will review its approach if significant support becomes available.” Aquinas College principal David McFadden has echoed that sentiment. Although Mr McFadden wrote in a letter to parents that all currently enrolled students would continue to be taught regardless of their financial circumstances, fees overall would not be reduced. “We are well aware of the response to economic pressures by some independent schools,” Mr McFadden said. “However, the majority of our costs are fixed, and it is the board’s responsibility to safeguard the integrity and sustainable future of Aquinas College. “This means decisions need to be made in regard to the financial circumstances of Aquinas and not those of other colleges.” St Stephen’s School There are 8 results from our index of 102,622 articles, 10,137 companies and 38,279 people . com . au Tuition Fee Reductions for Term 2 SchoolsYr 12 Fees reduction for Term 2 (%) St Hilda’s Anglican School for Girls$27,120 25 All Saint’s College$22,745 20 Christ Church Grammar School$28,320 20 Perth College$23,940 15 Hale School$26,400 10 NEWS & ANALYSIS Jordan Murray jordan.murray@businessnews.com.au We will work with them in confidence to come up with a personalised fee plan - Donella Beare 16 | April 20, 2020April 20, 2020 April 20, 2020 April 20, 2020 Corporate lawyers pivot to new priorities Perth’s top corporate lawyers have been busy helping their clients navigate the fallout from COVID-19. OBLIGED: Michael Bowen says the main concern for his clients is their ASX disclosure obligations. Photo: Gabriel Oliveira M ICHAEL Bowen speaks for many of his peers when he reflects on the past few years. “It’s been a very good market for corporate lawyers over the past three years,” the DLA Piper partner said. Gilbert + Tobin’s Justin Man- nolini shares his assessment. “We had seen pretty good year- on-year growth since 2016, which looking back was definitely the low point,” Mr Mannolini told Business News. The relatively buoyant trading conditions were reflected in the BNiQ database, which recorded Mr Bowen said his firm was advising clients on new ‘safe har- bour’ provisions, which allowed companies to continue trading at times of financial stress. He has also been helping clients understand the new guidance on insolvent trading, one of many regulatory changes designed to help businesses during the pandemic. “The words on face value are simple and plain but what does it mean in practice?” Mr Bowen said. “The other issue we are seeing is capital raising opportunities that are arising right now. “It’s really volatile.” Mr Bowen’s firm, DLA Piper, topped the BNiQ league tables for the year to March 2020 as the top adviser on both mergers and $5.8 billion worth of Western Aus- tralia-related corporate finance deals in the March quarter. But that’s old news for corpo- rate lawyers who have swung in to support their clients deal with rapid changes in the regulatory and economic environment. The fallout from COVID-19 restrictions has been reflected in deals that have been cancelled or repriced. One of the first deals to be scrapped was Downer’s proposed sale of its mining division. Perth-based contractor Per- enti Global was seen as the most likely buyer. Another deal to fall over was the plan by ASX-listed biotech OBJ to pay $85 million for Danny Pavlovich’s Perth-based dietary supplements business, Nutrition Systems. That was canned after OBJ said it was unable to raise the required funds on the agreed terms and timeframe. Another deal left at the start- ing gate was the $115 million sale of Perth-founded Liquefied Natural Gas Ltd to private Singa- porean company LNG9. A ‘live’ deal facing a shaky future is the $120 million sale of Pioneer Credit to global private equity player Carlyle. Pioneer has accused its suitor of trying to push down the price to a very low level or abandon the deal altogether. As well as these examples, there have been multiple small capital raisings that have been cancelled or repriced. And then there were the pro- spective deals that were in the works and may never see the light of day. Mr Bowen said he had differ- ent priorities right now. “Without doubt, the number one issue facing our clients is continuous disclosure,” he said. “The ASX has no carve-out for pandemic issues and the consequences can be very far reaching.” Many listed companies have responded to the uncertainty by withdrawing their earnings guidance. acquisitions and equity capital markets transactions in WA (see table). It advised on 17 M&A deals and 27 ECM deals, servicing companies ranging from junior explorers and technology firms through to large miners such as Saracen Mineral Holdings and Resolute Mining. “We had a good year last year,” Mr Bowen said. “We’ve kept some of that momentum up.” He said strong relationships built up over many years were key to success in the Perth market. “You need to be the trusted adviser they can rely on.” Added to that was the back- ing of a global brand like DLA Piper, which Mr Bowen said was especially valuable when he was doing outbound work for local clients. Mr Mannolini said the first response from clients to the pan- demic was to focus on the safety of their people; that was followed by operational updates to ensure FEATURE . bn MARCH QUARTER DEALS Mark Beyer mark.beyer@businessnews.com.au @AMarkBeyer Corporate FinanceApril 20, 2020 17 | April 20, 2020 April 20, 2020 April 20, 2020 * Ranked by deal values for 12 months to March 2020 | ** HWL Ebsworth and Bellanhouse Lawyers combined MERGERS & ACQUISITIONS Law firm Number of deals Value of deals $m DLA Piper17 3,354 King & Wood Mallesons 11 2,113 Allens8 2,043 Herbert Smith Freehills 17 2,006 Ashurst7 1,974 Allen & Overy7 1,362 Gilbert + Tobin 23 899 MinterEllison7 514 Corrs Chambers Westgarth7 503 Norton Rose Fulbright 3 476 HopgoodGanim9 351 Steinepreis Paganin 10 280 EQUITY CAPITAL MARKETS Law firm Number of deals Value of deals $m DLA Piper271,464 Herbert Smith Freehills 8 987 Gilbert + Tobin33893 Ashurst 2 815 Corrs Chambers Westgarth13575 Steinepreis Paganin70449 HWL Ebsworth ** 48 338 Allen & Overy5296 Allion Partners11178 King & Wood Mallesons 8 154 UNEXPECTED: Justin Mannolini is surprised markets are still functioning effectively. Photo: Attila Csaszar There will be some great buying opportunities - Roger Davies FEATURE ”We’ve given lots of advice on withdrawal of earnings guidance and how to deal with continuous disclosure. “There have been lots of ques- tions around interruptions of contract and force majeure.” He said many transactions people had been working on had been put on hold, but he saw opportunities on the other side. “Will it put the brakes on M&A for a while? Absolutely it will,” Mr Davies said. “There will be some great buying opportunities. Some of the bigger companies that have plenty of cash and are willing to be nimble will pick up some well- priced businesses.” Herbert Smith Freehills partner Simon Reed said the reg- ulatory changes adopted by the likes of the Australian Securities and Investments Commission had been helpful. “It’s relieving some of the pres- sure on those businesses that do need to raise capital,” Mr Reed said. “It’s not fundamentally shift- ing things but it all helps.” Mr Reed is hopeful that regu- lators learn from this experience. “I’d like to see that reassess- ment of regulatory impact continue as the deal flow begins to pick up,” he said. “It’s important they take a measured approach when reg- ulating what might be a fragile recovery.” Mr Reed said there were companies on the lookout for opportunities. “I think there are people already out there who are well capitalised and don’t rely on debt markets who do see buying opportunities,” he said. “They are still undertaking the analysis.” Allen & Overy partner Geoff Simpson maintains a positive longer-term view for the energy and resources sectors, which underpin his firm’s local practice. “I can’t really see that being impacted in the medium to long term,” he said. Mr Simpson said the mining sector was looking very solid, helped by the buoyant price for commodities such as iron ore and gold. In the oil and gas sector, he said project proponents tended to look through short-term price cycles, although the recent fall in oil prices was unusually steep. Mr Simpson said A&O’s inter- national network provided a big boost. “What helps us tremendously is the offshore work,” he said. “It adds a lot to the nature of our practice.” Mr Simpson said he was look- ing to add restructuring to the corporate, litigation and banking practices in A&O’s Perth office. “We’re always looking to grow; that is an obvious area.” SEARCHAllen & Overy There are 96 results from our index of 102,622 articles, 10,137 companies and 38,279 people they could continue operating profitably. “With everybody focusing on those priorities, it’s logical that deal making is a long way down the track, and there is so much uncertainty it will be a while before people focus on deal making unless they have to,” he said. Mr Mannolini said the rapid policy reaction had helped mar- kets continue functioning. “There has not been a collapse of liquidity,” he said. “The system seems to have been kept afloat amazingly well, certainly better than I expected. “Markets are still trading, they are still functioning, people that need capital can still raise it, at a price.” Ashurst partner Roger Davies said the number one question from his clients was how long the current restrictions would go on. That’s not easy to answer, nor are some of the other questions his clients have raised. “For boards, there have been immediate concerns around how to hold their AGM,” Mr Davies said. WA’s Top Legal Advisers* . com . au Source: Perenti Global – buying Downer’s mining division Pioneer Credit – $120m sale to Carlyle Group Liquefied Natural Gas Ltd - $115m sale to LNG9 OBJ – paying $85m for Nutrition Systems CANCELLED OR SHAKY DEALS18 | April 20, 2020April 20, 2020 April 20, 2020 April 20, 2020 LEADERS: Cisco leaders Miyuki Suzuki and Kevin Bloch were among the keynote speakers at the recent Cisco Live APJC Virtual Event , live streamed worldwide. Navigating innovation during rapid digital change Digital transformation is no longer a ‘nice to have’, with the recent Cisco Live APJC Virtual Event outlining how businesses can leverage recent technological expansion to gain long-term advantages. MANDATORY working from home has already started to shake up the workplace; themed video conference backgrounds have made meet- ings more interesting; people can bring their pets to work every day of the week and blazers have been swapped for… more comfortable attire. From virtual meetings and messenger apps, to online platforms enabling instant document collaboration organisations are now having to navigate new digital ways of working–many for the first time. And it’s easy to see this rapid digital transformation at play: in March alone, technol- ogy multinational Cisco hit an all-time record of 324 million attendees on its video confer- ence software Webex. But as the race to digitally upskill continues in the face of the coronavirus pandemic, will this period of enforced remote working actually have a lasting impact? Live streamed worldwide earlier this month, the Cisco Live APJC Virtual Event shared insights on some of the effects, opportunities and efficiencies businesses could leverage post-crisis survival mode. As Cisco APJC president Mi- yuki Suzuki pointed out, times of upheaval were catalysts for change, sometimes for the better. “In recent years organisations have taken steps to accelerate workplace transformation,” Ms Suzuki told event attendees. “But this business environ- ment has never before seen such challenges. “We have to make sure we learn the lessons from this pe- riod and make lasting changes which will benefit businesses, the markets and our communi- ties at large.” For many businesses, the digital world has been the only option for continuity during COVID-19 and Cisco’s response to provide free use of Cisco Webex collabora- tion technology, its security software and Cisco Meraki (a solution for cloud-managed IT and security) has been a welcome lifeline. “We as tech leaders have a duty to support all segments of the market–enterprise, small to medium businesses, the education and health sectors and governments–to achieve business continuity so they can strive through this very difficult period,” Ms Suzuki said. “Empower your teams–make sure they have the right tools to collaborate and make deci- sions.” RETHINKING CONNECTIONS In just under two months, Cisco shifted more than 140,000 employees from 498 offices across 94 countries to remote work. Cisco Customer and Seller Experience IT vice president Bailey Szeto outlined the pow- er of flexibility in IT and the importance of breaking down department silos in order to implement change swiftly. “Planning can’t be done in a vacuum,” he said. “It can’t just be IT to ensure the company continues, there has to be a partnership be- tween IT and all the business functions.” Since the coronavirus outbreak, Cisco has assisted hundreds of partners and customers to embrace a new period of ‘connected’ isola- tion, working with healthcare providers to enable informa- tion dissemination as well as creating a secure platform for governments to communicate, all via Webex. Cisco has supported the West Australian Department COMMERCIAL SUPPLEMENT ciscolive.comApril 20, 2020 19 | April 20, 2020 April 20, 2020 April 20, 2020 of Education with access to Webex for all public schools to enable remote learning, making it easy for students and teachers to meet virtually, and has also done this for the Victorian, and South Australian Education Departments. Telecommunication compa- nies now face increasing pres- sure, with Australia’s National Broadband Network recording a 70 to 80 percent data de- mand increase during daytime hours in March. And although Australian retail service providers are now able to increase the amount of capacity they purchase from the NBN by 40 per cent, is it a long-term solution? Cisco Australia and New Zealand chief technology officer Kevin Bloch said the world needed to rethink the future architecture of the inter- net from both a technical and commercial perspective–not just for now, but to compete with the existing predictions for growth in internet-driven user experience and video. TRANSFORMING THE NETWORK Mr Bloch said emerging technologies and ICT trends in cloud capabilities, edge computing, artificial intelli- gence and the development of a ‘cognitive internet’ would pave the way for the neces- sary network transformation. COVID-19, he said, had also emphasised how critical security measures needed to ATTENDEES IN MARCH CISCO HIT AN ALL-TIME RECORD OF million Webex AS workplaces transition to the current reality of enforced remote working, the in- creased reliance on tech- nology has created a whole range of complex challenges and security pressures for businesses. When increasing digital capabilities rapidly small busi- nesses are likely feeling the pinch more than most–faced with consistent tight budgets and the lack of support from a large IT team. In response, Cisco has introduced a new portfolio under the Cisco Designed brand to deliver curated products to enable small businesses to scale. “Cisco’s goal is to give small businesses access to the same best in class technology innovation as our enterprise customers,” said Cisco APJC managing direc- tor head of commercial and small businesses, Bidhan Roy. The new Cisco Designed Portfolio combines machine learning with artificial intelli- gence and cloud-driven capa- bilities to deliver end-to-end solutions for small businesses. This includes applications for specific small business use cases such as enabling quick Microsoft Office setup; seamless remote working experience; ransomware protection and safe business transactions. In addition, Cisco is dou- bling partner investments for the small business market in order to create an easy, fric- tionless experience for both partners and customers, with faster response times and im- mediate access to expertise. “The new Cisco Designed Portfolio aims to improve the customer experience to help small businesses implement solutions quickly and easily, with a view of offers enabling them to see what suits their needs,” said Cisco Australia and New Zealand’s head of small business and distribu- tion Luke Power. The new small business bundle includes Cisco’s new Business Wireless Mobile App that simplifies the con- figuration and management of networks in any location from a smartphone. Small businesses will also be able to integrate secure connectivity via Cisco Meraki, which helps to avoid network downtime and security issues that can impact revenue, customer loyalty and data security. The offer extends to the Meraki cloud-managed smart cameras, powered to deliver business insights on areas ranging from foot traffic and identifying which displays are attracting attention to parking utilisation. “As our customers focus on navigating through turbulent times, we are here to ensure technology works as hard as they do,” Mr Roy said. Cisco gets down to business Cisco has introduced a new suite of tailored products and offerings to give small businesses a boost in the wake of the coronavirus crisis. SUPPORT: Cisco’s new product portfolio aims to help small businesses find their feet to implement new solutions quickly and easily. As we emerge from this crisis, we will come out stronger and we will find new ways to work Chuck Robbins Cisco chairman and CEO keep pace–with other brand- ed online platforms recently experiencing gatecrashing and phishing attempts. “That (security) perimeter is no longer sufficient, especially now as we’re in lockdown,” he said. “Workload is no longer on your premises, your server or your machine, it could be on any public cloud. “A hacker only needs to get in once.” Mr Bloch said a complete systems approach including AI, cloud, identity management and zero-trust security solutions, like Cisco Duo, was becoming integral for the front line of cyber defence both in the home and at the office. THE FUTURE OFFICE What sort of office will people return to once the lockdown is lifted? For Cisco distinguished systems engineer Vanessa Sulikowski, the future offers the best of both worlds. “Workplace transformation in the past decade was heavily focused on the physical workplace… but did we really change the way people were working?,” she questioned. “Workplace transformation for this decade needs to involve both the physical workplace and the workforce experience.” Ms Sulikowski said this involved creating a space that, “... enabled connection, collaboration and co-creation in the physical workplace, but also remotely”–driven by virtual platforms, collabora- tion and communication tools like Webex Teams, programs many of us have now become accustomed to at home. With a 16 per cent increase in employee engagement and a 14 per cent lift in workplace productivity since implement- ing these tools companywide, Cisco has already experienced the benefits. And we can only imagine what further advancements in AI and cognitive workspaces (helping organisations to au- tomate tasks that ‘waste time’) could do to create even more efficiencies. “As we emerge from this crisis, we will come out stronger and we will find new ways to work,” Cisco chair- man and CEO Chuck Robbins said in his address. “People aren’t afraid of this technology, they understand how to use it. To find out more about Cisco’s small business offerings, visit cisco.com/c/m/en_us/covid19.html To find out more about how Cisco can help your business, visit cisco.com/c/m/en_us/covid19.html Next >