Snowdog Roadshows' Tamsin Miles has over a decade of experience running Roadshows in both European & US banks and Private Equity. Here she gives us some insight into this rapidly evolving industry.
OTR:What are the challenges currently faced by roadshow teams?
TM:Modern roadshow co-ordinators face two major challenges. The first is ‘local knowledge’. What else is going on in a city where the roadshow is planned? A trade show could mean there are few good hotels available; or roadworks might make it difficult for investors to get to meetings on time. An IPO may be two years in the making, but if not enough thought is given to the roadshow, investor meetings could be wasted opportunities. The second major challenge lies in ensuring compliance with ongoing regulatory updates. It’s important for everyone to ensure that any engagement with potential investors meets the needs of compliance, which needs great communication all round.
OTR:Will physical roadshows ever be eclipsed, or even replaced, by online meetings?
TM:There’s no doubt the landscape is evolving. There are companies such as Phoenix IR’s CorporateAccessNetwork, Ingage & WeConvene who are matching investors with issuers, and who are getting colossal numbers of hits on their websites every day. The uptake of online roadshows is increasing year-on-year, and as investors can be geographically widely-spread, it’s difficult to engage effectively with them and remain cost-effective. A flat fee of £1,500 for an online iRoadshow is one example where the move online has helped, reaching a wider audience and – via the ability to permanently record all investor activity – better meet the needs of compliance. Nothing, however, is ever likely to replace the strength of relationships built via face-to-face meetings with investors.
OTR:How can online services help with these challenges?
TM:Matching investors with issuers speaks for itself, but the online forensics offered by other companies in the sector is another matter. For instance, QuantiFire has pioneered a highly successful form of perception research, and actively encourages marketing to a wider geographical spread of investors. And of course, iRoadshow’s Page Level Reporting helps issuers and bankers understand exactly which pages of a presentation or Prospectus each investor is spending time on, helping them understand exactly what is – and isn’t – important to the investor, which is invaluable in preparing ahead of their meetings.