With a reduction in the income stream deriving from corporate access fees, small- and mid-cap companies become less attractive for brokers as the importance of capitalisation-related trading commissions becomes greater. The new FCA regulation will exacerbate the fact that it is already more challenging for smaller companies to attract investors’ attention. We believe that companies of all sizes should consider this regulatory change as an opportunity to take more control over their engagement with investors. Free non-deal roadshows are not necessarily optimal as they can end up costing thousands of pounds in misallocated senior management time. This paper provides quoted companies suggestions to minimize the negative impact of the changing dynamics of the corporate access market.
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Published: 14 May, 2014