We agree. In particular, as you pointed out, in the province of Quebec there are two major funds, Solidarity and Fondaction, that have played a very significant role in providing financing across all sectors of the economy, and in particular, I guess to some extent, the technology sector. This could have a pretty dramatic impact in terms of their future investing in the rest of Canada.
There are only about eight funds that are left in this asset class, and already we've seen evidence that some of these funds are having liquidity issues, or will have liquidity issues. This is why it's important, in a transition, to provide rules that negate the negative impacts for shareholders and portfolio companies.
We're quite concerned that the VCAP program, while great in principle, is taking longer to get up and running, as I said earlier, and to actually create these pools of capital for Canadian entrepreneurs. This is why we would ask the government to reconsider its decision.
We accept the decision, but we would prefer to have a longer runway in terms of the phase-out of the tax credit, in order to give us more time to nurture the companies and get to liquidity events, which will negate the impact of this reduction of the tax credit.