Investor Relations

136INVESTOR RELATIONSthat are relatively unpleasant for company representatives always providevaluable information. IROs should see that meetings are scheduled betweenexecutives and analysts or investors whose questions can help them honetheir strategic thinking, even if they have the impression that they are beingheld in custody in an interrogation room, as can sometimes be the case withhedge-fund managers.When it comes to deciding whom to meet with and when, companiesshould recall that the market is more likely to warmly welcome strategicshifts or major acquisitions when representatives have met with all of thekey shareholders in the recent past. Regularity of meeting is essential and akey Investor Relations success factor in the long run. With the media. Dealing with the media requires a more proactiveapproach to obtain the desired exposure. It is a job in itself in that it alsorequires professional skills and expertise that are not necessarily the same asfor an IRO, which is why in most cases, the job tends to be split in two. Aspreviously mentioned, close coordination between Investor Relations andPress Relations is going to be mission critical in a number of instances.Do bear in mind, however, that the same rules about price-sensitive informationapply to all and avoid getting entangled in a dangerously off-therecorddiscussions.A strong recommendation is to avoid going off the record with a journalistwith privileged information and then expect it to be treated as such,unless: you both have agreed beforehand; you have a good, lasting relationship with the journalist.3.6.13 RoadshowsRoadshows were originally a series of meetings organized on the key financialmarkets to present financial deals. Much more commonplace today, theterm now refers to any time management goes on the road to meet with theinvestment community.3.6.13.1 Roadshow formatThere are two main categories of roadshows:Deal roadshows, scheduled to prepare for transactionsIPOsAcquisitionsCapital increases or secondary offerings.