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MEETING NOTICE AND CLAIM OF THE VOLATILITY

E 'to the shareholders that the legal system places restrictions for the protection and the obligation of reporting financial information that the company must perform.

I draw inspiration from what was written by Elizabeth Corvi on shareholders in his book "Business Communication and Investor Relations" to add some of my considerations.

Shareholders are stakeholders apparently homogeneous and require different information needs. Moving it to their sub, you can find two different classes of interests: the majority shareholders and minority shareholders. To

majority shareholders compete the fundamental role of establishing and implementing business strategies, therefore, they are also responsible for producing most of the business information issued. It follows then that the need for information by the controlling shareholders is almost irrelevant to the political viability of communication, both when the majority shareholders of the company and the leaders do not match (as in the public company, designed as large-cap) is for informational asymmetries that may occur that facilitate the top management of the company, as the majority shareholders, play a special role, they can always request and obtain additional information.

The extraction of the majority shareholders may be financial or industrial nature.

• Shareholders Financial are those who fall into the category of institutional investors (investment banking, venture capital, funds, etc). If the shareholders' financial investment policy will be long-term will not create problems of information asymmetry as the objectives of the company and the objectives of its shareholders will tend to coincide as these are aimed at maximizing the value of economic capital. If the investment policy will be rather short period, the shareholder will be seeking as much information as possible.
  

The financial disclosure required by shareholders will be an informative and highly technical specialist with a high rate of information flow.

• are industrial shareholders, who generally through an industrial enterprise as another control group logic.

Again communication is important for the minority shareholders and not those of the majority.

The Minority Shareholders may instead express very different information needs. Even among the minority shareholders can find categories of shareholders, financial or industrial action, but mostly you will find small shareholders or HNWIs.
For this class of shareholders, will be relevant to the investment philosophy, which characterized the distinction between shareholders more or less interested in the affairs of companies (shareholders active and dormant shareholders), and between shareholders with long-term vision (drawers) and shareholder-speculators .
Given that the financial reporting to shareholders, whether majority, minority or to any third party should always be set to greater transparency, when the minority shareholder plays an active role, it is essential by those who control the company, reports set of absolute transparency and honesty in order to obtain not only consent, but cooperation and trust.
Shareholders' d ormienti "(or cassettes) will be more interested in profitability will be limited in time and therefore to receive dividends or be attracted to the Capital Gains achievable by higher values \u200b\u200bof the shares they held over time. When their goal rather than short term they fall into the category of minority shareholders, so-called "speculators" thus manifesting a request for confidential information on corporate developments to exploit opportunities in Borsa nals.
While speculation is useful to provide liquidity to Tit stock oils, excessive speculation can lead to deviant phenomena that can produce negative effects for the company over the long term.
Therefore, while the demand for information from shareholders speculators will not be "interesting" for the company, the information needs of shareholders' sleeping-drawer "should be indulged and satisfied by the establishing a direct relationship with them as this class of shareholders is an important factor of stability in ownership and title. The small shareholders in fact, if properly informed and believe will suit all faithfully business development through the subscription of capital increases, and as operators of the primary market (new issues) and secondary, are, by their conduct, the most significant signal of intrinsic credibility and validity of the listed company.

The financial disclosure requirements that a listed company has been entrusted are therefore primarily intended to inform and protect small shareholders and third parties.

Mysore Malliga Free Viedos

'MARKET CAUSES CHANGES IN THE CONDUCT OF INVESTOR RELATIONS CORPORATE

According to a new survey of the Bank of New York Mellon Investor Relations activities on a global level, concerns about credit stimulate changes communication and increase in the contents of the communication company with analysts .

companies, worldwide, are turning their different strategies in the Investor Relations to face up the credit crunch and the high volatility in the last 18 months the stock market, which led to increase communication with analysts and fund managers.

And 'This is clear from the last annual report Global Trends in Investor Relations Bank of New York (BNY) Mellon, the global leader in asset management and securities services.

benchmanking Developed as a tool for customers of depositary receipts, the report is the result of a survey conducted by BNY Mellon, in collaboration with the U.S. National Investor Relations Institute (Niri). The results have made use of the contribution of 270 companies in 42 countries and show that the listed companies manage the assets of Investor Relations (IR) in the current economic climate, including how to access the investor, reporting and completeness, the relationships with the brokers, the approach to the "sell side" and the issues of costs.

The sample of companies that responded to the survey is as follows:

a) market capitalization (in USD): • 7%
Mega Cap (over 25 billion)
· 25% large cap (5 to 25 billion)
· 31% Mid Cap (1 to 5 billion)
· 26% Small Cap (from 150 million to one billion)
· 11% Micro Cap (up to 150 million)

b) geographic distribution:
· 31% North America
· 24% Western Europe
· 19% Asia-Pacific
· 16% EEMEA (Emerging Europe, Middle East and Africa)
• 10% Latin America

From the report it shows the following:

• 
  90% of respondents has increased or maintained the same level of communication with analysts and investors due to increased market volatility over the past 18 months. More than half of respondents said they had implemented the communication
  
• 
  
  financial companies were the ones that have most increased communication (67%) than companies in other sectors. The same financial companies have indicated, in 65% of cases, have also changed the time horizon perspective on business;


• 
  
  
  the focus of analysts in 2008 focused on credit worries (66%) followed by temporal perspective on business (50%) and cost containment (50%);


• 
  
  
  North America was the region in which concerns about credit have most prevailed (73% of cases), followed by Western Europe ( 70%) and the Asia-Pacific (54%);


• 
  
  
  89% of companies surveyed participate meetings with hedge-fund using intermediation of brokers. 52% of these companies said that the type of hedge funds met is adequate, both in terms of company size and investment style, while 21% of the company claims that their meetings with brokers procure funds are too small or too aggressive or turnover is too high. 27% of respondents said they did not know or do not have sufficient information to judge the quality of the hedge-fund managers;


• 
  
  
  only half of the financial sector, which was attended by the survey, have a habit for political Internal draw up a written document on the management of the crisis, compared to two-thirds of the energy companies that produce it. In geographical terms, 60% of the companies in the Asia-Pacific, Latin America, Eastern Europe and the Middle-East do not prepare written communications programs on the management of the crisis, while 52% of companies in Western Europe and 46% North American companies produce it;


• 
  
  
  47% of respondents said they had a budget for the IR between 250,000 and one million dollars, while 21% of the budget over a million USD ;


• 
  
  
  level the United States is the world's most popular destination for the roadshows, covering 52% of the total time devoted to them. Not considering the responses of companies in North America, the United States is still the main destination, occupying 36% of the time spent on roadshow from the remaining companies (up from 32% in 2007);


• 
  
  
  the U.S. companies are reluctant to organize road shows outside of their market: 93% dedicated its activities to the domestic and the remaining companies are market driven mainly UK;


• 
  
  
  in two thirds of the cases meetings with analysts and investors attended by the senior management of companies, while in 51% of the meetings and see the presence of senior management that the IR. The behavior change in large-cap and mega , in which the team participates in the IR of all the meetings and leads them alone in 65% of cases ( mega) and 47% (large )


• 
  
  about 70% of respondents aware of conflict of interest relating to brokers because of their primary attention to the commission. Nevertheless, on average, 73% of respondents make use of brokers and, in general, sell-side facilities for organizing meetings;


• 
  
  for 2009 respondents of the mega caps will seek to increase access to investors using more of their internal team to IR (40% ) or structures of their custodian (35%);


• 
  45% of respondents said that the quality of sell-side research on their company stood at the same level as the previous two years, while 24 % showed a decline in quality.
  

The survey also shows:

three main objectives pursued structures of Investor Relations for the period 2008-2009:
1) effectiveness of the disclosure in the statement (51%);
1) greater participation in decision making and strategy of their company (34%);
3) diversification of the base of 'share (33%);

and three variables to monitor the efficiency of a structure of Investor Relations:
1) informal feedback from the financial community (55%)
2) more efficient use of time of senior management (43 %)
3) number of one-on-one meetings with the financial community (36%)


The full report is available online at www.bnymellon.com / dr .

_________________________________________
Source: The Bank of New York Mellon Corporation (excerpt) February 2, 2009
Translation and summary by Nicola Fiore, Associate Partner Polytems Hir

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WHY' HNWI INVESTORS FOR THE COMPANIES 'FINANCIAL COMMUNICATION

A good IR program for small cap companies should avoid (or minimize) the speculative investors and focus not only on institutional investors who manage small-cap funds, investors also HNWI (High Net Worth Individual) because it reveals, for the Company, a solid foundation and an investment vital.

HNWIs are fundamental to 'increase shareholder value:

1. In fact, tend to retain possession of the shares for a period longer than the institutional investors thus creating the most stable portion of the base of shareholders;

2. In the case of financial market instability HNWIs will help the company to support the stock price and keep it stable;

3. Will be the first to increase their stake in the company by buying more shares, in the case of capital increase, if the company knows how to demonstrate the ability to pursue programs and to increase the corporate value for shareholders;

The most effective way to get in touch with HNWIs is by managers of large estates who work for a long time with high net worth individuals.

In a complex field and segmented with numerous players with skills profiles, investment capacity and a variety of management, create a list of retail brokers is hard and can be dispersed to those who are not familiar with the market Financial and its segmentation.

An IR Consultant can facilitate this process.

Fersini Mastelloni Bianca, Managing Director of Polytems Hir

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SMALL CAP VALUE CREATION AS A FACTOR OF SMALL AND MEDIUM in the after market CAPS

Financial communication has emerged in recent years, as instrument of listed companies, especially small and medium size (small and medium caps) in order to improve, strengthen or correct their visibility and establish their credibility in the financial market, with the primary aim of positively influencing recipients of the communication (and thus the economic and financial community), and these produce a change of attitude.

Financial communications consist of all communications made by the company about the evolution of the income and financial, strategic choices, to improve relations with the financial community, an accurate, timely and consistent information.

It is therefore a process to coordinate and integrate the corporate communication flows and distribution of information about the activities and the events that may affect the course (price sensitive events) as a result, investments, future projects, M & A, corporate finance transactions, etc.; process that aims to improve the image, understanding and transparency of the activities of the Company issuer against those who can then invest in the title, whether institutional investors (sell-side or buy-side) or retail investors.

As in all communication processes, including financial reporting is at the base will cause a positive change in the recipients of the communication, in the case of listed companies: the community economic viability. Measurable change on the basis of the position taken by the recipients of the communication as a result of messages received (an increase of coverage of a security, increased trade, increased number of publications on the title ... ... ..). Where then the communication is ineffective, there were errors and / or interference in the process of communication tasks that must be rectified as soon as possible. In fact there is no proper communication when it does not positively influence the message recipient in the latter producing a change of attitude in favor of the issuing company.

Securities Italian small and medium caps are characterized by low capitalization and low floating market, which discourages investment and influence of institutional investors, and these in turn have a propensity to invest funds in small and medium caps among the lowest in Europe. For institutional investors, followed by a medium or small cap is equivalent, and in some cases more difficult and costly, which follows a large cap: it takes expert analysts, industry knowledge, lack of studies for the small caps sector of international and everything has the same complexity and cost more than a society of greater equity. The majority of small caps in fact operates in niche markets. The trend to investment in large caps is also affected by increased demand for these securities and the availability of high floating market transaction volume necessary to trade more and more adequately profitable for institutional investors. We should add that in Italy the number of specialized collections on small cap is quite small and that they are frequently perceived by operators as securities with a greater appetite for risk and with still greater economic alea. In this context, the selection for investment in small and medium-sized companies also specialize in institutional investors becomes very strict and the choices are often influenced not only by the performance company, by particular characteristics of attractiveness. Therefore does not prove easy for small and medium caps emerge in the Italian stock exchange with consistent performance that will lead to enhancing the reputation and value of the securities. The small and medium sized companies as it felt the urgent need for greater visibility to be included in selective investment choice for investors.

The after-market financial communication (communication to the financial market after listing) thus becomes the key differentiator strategic corporate policy directly to the financial community whose primary focus should be: loyalty, establish that is, a solid relationship of trust with the public so as to increase the value of the company and its competitiveness on the market. The purpose of financial reporting in the IPO is to inform the market that the issuer's future performance, based on intrinsic characteristics of the company and its field of membership, and on the basis of the results obtained in the past, are reasonably expected to order to obtain the correct perception of the market and hence the exact position in the list without making wrong assessments that drastically penalize the company and its shareholders. While communication with the after-market is designed to develop and strengthen the relationship created being placed updating market participants on the activities of the company, future projects, the relevant facts, etc.. creating strong relationships of trust with the financial community in full compliance with transparency rules imposed by the regulatory authorities and market management. The after-market communication, especially in times of recession is a fundamental tool to monitor and stabilize the consensus of the financial community and / or rectify the negative opinion (or not adhering to the characteristics of society) which it could have earned on a company and ensure the company later, the possibility of returning to the market as a means financing of future corporate finance transactions (such as new capital gains). All this to reduce the possible gap or institutional market, develop a greater visibility of the Company to reduce the volatility of the stock and broadening the range of coverage.
transparency and continuity in the communication involved in the company's help in times of greatest difficulty, that is when corporate performance is not particularly positive, and the financial market has, however, need to be informed. It 'important to manage information accurately and know how and when to communicate. Investors reasonably not penalize the course of the title even after a quarterly negative if they were loyal to a line of business conduct that has always favored a transparent communication excellent, attentive and timely. There are many listed companies in Italy that are still at a delicate stage: to move from communication due (mandatory) to the voluntary financial reporting that provides greater breadth of communication, frequency and quality of information, diversity of instruments used. The notification requirement are not sufficient to ensure proper positioning and appeal of the title, or to ensure viability of the community an 'in-depth information about the company and the operation mechanisms of corporate and / or its market, which are guaranteed by the direct contact between the company and financial sources, information that becomes of prime importance for the investment decision. For a statement of excellence and then, today's disclosure requirements are not enough: we must do more and better than the others, otherwise, after the initial enthusiasm of the IPO is likely to weaken the interest and allow you to see your analyst " chasing "to another company. Therefore, the continued success of a title on the stock market small cap and medium passes through the definition of a relevant strategy, extended to minority shareholders, the synthesis of joint synergies between the Company, the market and Specialist communications company, which examines the nature of the license, market segments and sub-market, highly specialized, both nationally and internationally.

Imperative of after-market communication is therefore to establish an ongoing relationship with the financial community through a structured communication plan, which seeks to create measurable added value for the company and its shareholders, which properly positions the title positive effect on the financial market and the financial community, producing a change in this favorable towards the company can build a relationship of trust between the listed company and investors: they are institutional investors or retail investors.

Fersini Mastelloni White, CEO of Polytems Hir