January 16, 2005
Subject: File Number S7-38-04
I am writing in support of the argument that the Internet roadshow, as it exists today, is an important tool and must not be changed. I believe that Internet roadshows are presented, and should be presented, in the nearly the exact same way as live roadshows and, particularly, Bloomberg roadshows, and can actually be better in that they offer more flexibility in viewing them (where and when). In today’s environment of encouraging disclosure, I support the following points regarding roadshows:
a. All institutional investors should be treated the same (i.e., a level playing field) — same presentation, same slides.
b. Investors need the institutional roadshow in order to make an informed buying decision.
c. Investors cannot be expected to travel to attend every live roadshow.
d. Due to advances in technology, the institutional Internet roadshow should be on equal footing with the live and Bloomberg institutional roadshows
As an aside, I would love to see companies distribute roadshow materials (live, Bloomberg or Internet). I understand, and it is unfortunate that, if companies were required to file roadshow presentations (and. therefore be able to distribute them), they might offer a much more limited presentation with far less disclosure. However, I find the current rule a bit inhibiting and laborious (that I can take notes which basically replicate the presentation, but I am not able to receive a hard copy). I believe in Europe they offer printed copies of roadshow presentations, while in the U.S. we must manually write everything down. However, I’d prefer to keep the current system than enact rules that would encourage companies to offer limited presentations with even less disclosure.
I appreciate the ability to comment on this subject.
Mark Bodie, CFA
Octagon Credit Investors