Chelsea Football Club’s Stamford Bridge stadium provided an original backdrop for EPRA’s second Corporate Access Day, which took place in June 2019. Twenty companies from the EPRA membership participated, with each company occupying a separate corporate hospitality suite overlooking the pitch; at least 50 investors took part in the one-to-one and group meetings.
EPRA was encouraged by a number of its company and investor members to expand the events programme and incorporate Corporate Access Days following the introduction of MiFID II legislation in 2018.
MiFID II is the legislative framework instituted by the European Union to regulate financial markets in the bloc and improve protection for investors after the global financial crisis ten years ago exposed weaknesses in the system. The regulations, which came into force in January 2018, place restrictions on inducements paid to investment firms, or financial advisors, by a third party in relation to services provided to clients. Under the legislation, banks are no longer able to charge for research, transactions and corporate access in a single bundle.
Unintended consequences of the legislation’s implementation have included an increased difficulty in scheduling full roadshows for companies and an inability to invite investors to meetings where there is no formal relationship. EPRA was considered a natural solution given its neutral position at the heart of the European listed real estate sector, not-for-profit status and now well-established investor outreach activities. EPRA’s unique position can attract a broad range of investors, many of which may no longer appear on others’ roadshows.
Feedback from the corporate access event participants has proven positive. From the company perspective, all respondents agreed they found the event valuable and that they met investors they would not normally reach. From the investor perspective, all the respondents rated the event positively and found the event helpful. Several investors noted their interest in seeing a similarly broad range of companies by size and sector at a future event. There was also a range of helpful advice from some respondents, which will assist in the planning for future events.
Given the positive feedback from event participants, we have agreed to host our third EPRA Corporate Access event at the same location on December 12, 2019.
If you would like to participate and have not yet been contacted, please do not hesitate to contact one of the team directly or via corporateaccess@epra.com.
