Something from the PR company:
Mike,
Cavico is moving forward on the reverse stock split. We don’t have a timeline set. Market conditions are still a factor, but we anticipate that a window of opportunity will open in Q1 or early Q2 2009. Cavico management is considering several options to develop the best strategy and timing. I know Hung discussed the issues in play with John at the Rodman Conference.
We also met with several brokerage firms in November willing to put together a retail and institutional outreach to their investor client base in support of the reverse stock split for targeting new investors, arranging block trades and laying out options for any future capital raises.
Cavico management mentioned on the road show that selling off partnership interests in real estate projects would be an alternative method of raising capital in lieu of attempting a PIPE or secondary offering in current market conditions and at current stock price. We also met with a few US REIT and real estate investment funds as part of this process to find new real estate partners.
We met with several interested micro cap funds on the November road show. Current market conditions were the most often cited reasons for not taking a position in Q4 2008. We are doing follow up meetings with these interested funds as part of their due diligence. Three buy-side funds, four sell-side research analysts and a group of retail stock brokers at a NYC small brokerage firm have expressed an interest in visiting Vietnam in Q1 2009. We are in further discussion with these funds and individuals to arrange their visits.
We also met with a few select sell-side analysts who cover emerging markets and global construction and energy stocks. We anticipate that we will get invited to at least three US investor conferences sponsored by these analysts in Q1 2009, Q2 2009 and Q3 2009. We will schedule US road shows around these investor conferences.
We are also setting up and beginning filming of all Cavico projects with the video to be completed in February to be incorporated into a virtual tour of Vietnam. The feedback from the road show confirmed that many potential investors can’t grasp the scale and scope of Cavico projects. We will be incorporating the video into a virtual tour of Vietnam as part of an expanded video teleconference outreach program to target additional institutional investors and sell-side research analysts. We will also put the video on the new corporate website that will go active in February.
I assume you already saw the recent press releases on 2008 and 2009 outlook as well as the announcement for the wind energy initiative.
I will keep you updated on these developments. We expect to announce Q4 2008 and full year 2008 results on schedule in March followed by a conference call.
AI
