A talk given at the March 2012 Meeting of the Canberra Capital Angels Group.

1. Experiences as an Angel
Investor
Sylvia Tulloch
Capital Angels 29 March 2012

2. My Own Start-up Dyesol
• The Investment Model – Angel/Seed at $0.08 per share,
then early listing on the ASX.
• The IPO - $3 Million at 20
cents
• Peak Price - $2.35 (July 2007)

3. Dyesol Achievements
• Founded to commercialize and supply 3rd
generation Dye-Sensitized Solar Cell (DSC)
technologies worldwide
• Dyesol provides technology and materials to global partners with routes to
market for solar enabled building products, and supports market
development by supplying materials and equipment for R&D and pilot
lines.
• Dyesol’s credentials as the global leader in 3rd generation solar cell
technology are:
- Demonstrated ability to leverage its R&D and IP portfolio to expand
solar applications
- The quality of its global partnerships with top tier industrial
corporations – Tata Steel Europe and Pilkington North America
www.dyesol.com

4. AFR Article 17 Mar 2012 – Tony Featherstone
Pre IPO Investment: 12 steps to assessing what’s on offer
Understand the risk - esp liquidity
Understand the law – re sophisticated and professional investors.
People - What is their record? Have they taken companies to IPO before? Have they
managed listed companies, or show capacity to do so? What is their ownership stake
and remuneration? Are there any restrictions on founders offloading stock after capital
is raised? Ask to meet management; Focus How focused is management on this
company? Do they have a Promotion Plan and capability?
Funding rounds; IPO path; Escrow provisions and Plan B
Capital structure Consider issued shares and also options, performance rights or
other incentives that can dilute founding shareholders upon exercise.
Communication with shareholders; Governance.

5. Today
• Perimeter Security Industries Pty Ltd – I am Director / co-founder / angel
investor in PSI, commercialising fibre optic sensor technology and
systems for the commercial security sector.
Family/friends/seed/now listing on Australian Small Scale Board (ASSOB)
• Uniflow Power Ltd – I am a non-exec Director and angel investor in
Uniflow, which is commercialising next generation steam engines for
electricity generation.
Family/friends/seed
• A couple of mistakes
• Joined Capital Angels
• And still Dyesol Limited – I was the founding Managing Director and am
now a non-executive Director, consultant & significant shareholder.

6. Perimeter Security Industries
The SecureMat®
perimeter system is
a new & innovative
approach to
protecting industrial
sites, municipal areas
and commercial buildings.
 On ground sensor mats detect any
intruders within a monitored area.
 The mats contain fibre-optic cable and any Won New Inventors Episode
disturbances are electronically processed.
Demonstration projects are underway
 Genuine alarms are flagged and an alert
SMS is sent to nominated mobile phones Global perimeter security market size
or central system is large ($4 billion in 2010)
 False alarms are minimal due to detection Patent, Trademark and website
algorithms that distinguish footsteps from secured
wind and falling debris.  External validation – CA and ASSOB
due diligence
www.perimetersecurity.com

7. Uniflow Power
Uniflow Power Ltd is an unlisted public company,
dedicated to commercialising next generation steam
engines.
The Uniflow Generator is a small scale, biomass fuelled, combined heat
and power, 5kW modern steam generator. In the last three years two
advanced prototypes of the Uniflow Generator have been built for testing
and development work. Hundreds of enquiries have already been received
from all over the world for this simple but revolutionary approach to
creating electricity using woody fuels and waste, such as coconut husk or
sawdust.
Markets to replace diesel generators esp in remote locations, and for CHP
(combined heat and power) in Northern hemisphere homes where
standard heating is by boiler.
www.uniflowpower.com.aui

8. Key Identifiers
The most important things I look for before becoming involved:
• I have to understand the technology and/or market, and ideally both
• It must be either a cleantechnology company, or developing
advanced technology products.
• Intellectual Property
• Born Global
- located in Australia but working towards global markets, with the
greatest potential not in Australia.
• There must be a meeting of minds with the founders.
• The business will make a difference

9. In Conclusion
Satisfying Fascinating
Business Technology
Save the
World
For Coming
Generations
Angel Investment – for me, the best combination of
hobby and investment with potential for high return, and
self-managed risk.