Whatever happened to Investor Relations?
Or Media Relations…or for that matter, just good old PR? Friday, Reuters reported:
Shuffle Master Inc (SHFL.O) on Friday filed with regulators to sell up to $86 million of common stock. The company, which provides casinos with card shufflers, video slot machines and other products and services, said Deutsche Bank Securities is underwriting the offering. Shuffle Master said it will use the proceeds from the offering to repurchase notes.
But Shuffle Master apparently didn’t think to issue a news release, relying just on an SEC filing that Reuters happened to pick up.
And Western Alliance reported:
…that it has completed a private placement of 3.8 million shares of common stock to a limited number of accredited investors. Of the shares sold, approximately 45 percent were purchased by a total of 40 directors and officers of the Company and its subsidiaries. The issue was priced after the close of business on Tuesday, June 24 at $7.94 per share for an aggregate offering price of $30.2 million.
Western Alliance saw fit to just issue a news release after the fact, with no earlier dissemination on its plan.
Apparently there’s no Securities and Exchange Commission issue here, but one would think that these two companies maintain greater transparency, especially in dicey economic times.
Whatever happened to Investor Relations redux | A Stern Glance on 01 Jul 2008 at 7:03 am
[...] Master (Nasdaq: SHFL.O), with no fanfare, last week filed with the SEC for an $86 million stock offering, today filed with the SEC, today felt Wall Street’s reaction as a Roth Capital Partners [...]