Old Mutual and Dialog Semiconductor IROs review Q1
Patrick Bowes, head of external communications and IR at Old Mutual Group, and Jose Cano, IR director at Dialog Semiconductor, give insight into their experiences of the first quarter of 2018.
What has been your main IR focus so far in 2018?
Jose Cano: It’s been two-fold. Firstly, from a company perspective, we’ve been focused on ensuring our top holders have a clear understanding of what is going on and have timely access to management. Secondly, from an external perspective, we’ve been keeping an eye on the early implications of Mifid II.
Patrick Bowes: Our focus so far this year has been preparing and launching the timetable for the next phase of the managed separation of our PLC. The separation will see us splitting Old Mutual Group into independent companies that will operate in two different markets.
What do you feel have been the main talking points for IROs over the last quarter?
JC: Mifid II is still taking up quite a bit of our time – IROs are talking about what we’re already seeing, and what we could do next.
PB: Most of the chatter we’ve heard has been around managing the impact of Mifid II and the Market Abuse Regulation.
Have there been any memorable moments (good or bad!) so far this year?
PB: Successfully getting our two prospectuses and circular out together, and having the team work all night to produce results, report and accounts on the same day!
JC: Unfortunately, yes. Crisis management has been very much the topic for Q1 2018, after it was rumored that Apple [which accounts for three quarters of Dialog’s revenue] may take away business from our firm.
What are the main IR issues on your agenda for the next quarter?
JC: There are a few topics we’ll be dealing with. Among them, the publication of the new UK Corporate Governance Code, ESG reporting and ensuring timely and clear conversation with top holders on aforementioned crisis management-related issues.
PB: We’ll be getting the shareholder vote out for our meetings and managing our global roadshows. We’ll also be carrying out intensive engagement with the special situations funds – they will be important players in the near-term of our share register development.
What will you be focusing on for the rest of 2018?
PB: The main focus for us will be launching the new businesses. We’re working hard to ensure we do so with well-prepared IR teams and equity stories, enabling us to deliver high-quality IR to our new shareholder bases.
JC: As well as the publication of the new Governance Code and our continuing crisis management, we are considering hosting a capital markets day in the second half of the year and how to make the event a success.