Dear XXXX,

We are pleased to have the opportunity to provide this proposal to [Company Name] in relation to managing a shareholder engagement campaign for the upcoming capital raising. Our proposal is valid for 10 days.

As you are aware a direct engagement campaign not only provides retail shareholders with the opportunity to purchase more shares and support the company, but also gives them an outlet to provide feedback to the company and to have any questions they may have answered.

Within this proposal, we have set out how we will work with you to deliver a bespoke service for you and your organisation.

If you have any questions, please contact me at [email address and phone].

Why it Matters to Engage Shareholders

A proactive shareholder engagement campaign adds value, compared to a ‘do-nothing’ approach, by focusing attention on the Offer, the deadline and the importance of taking action. 

  • In our experience, typically 20% or more shareholders will not receive the documents sent to them. In addition documents are often not opened in time, left unread or discarded in the mistaken belief that they contain marketing material.
  • Our conversations act as a ‘call to action’ for shareholders to participate in the capital raising and as a reminder of the closing date. 
  • Conversations with shareholders provide a unique opportunity to collect updated contact details.
  • Companies have limited avenues to seek direct feedback from retail shareholders on the company and these campaigns provide an opportunity to ask targeted questions.  

In this uncertain time, it is important to remind retail shareholders that the Company still values their support and appreciates their feedback.

Our Expertise

FIRST’s integrated approach makes us unique in the Australian market, providing your company with the required skillsets and range of experience to be able to engage with your shareholders.

We understand that not all investors are the same and over the past twenty years have worked with hundreds of clients to assist in supporting their communication strategies.

Our Approach

We are the only independent solicitation firm in Australia that also provides shareholder analytics services. This means we can trace the beneficial owners behind custodians and nominee accounts to uncover the appropriate decision makers at the top end of your register.

Our call centre is in-house, fully supervised and monitored for quality control and regulatory compliance. 

Client Success

We have supported 60 capital raisings over the past 10 years. Our recent successes include:

  • Huon Aquaculture – Well supported. Target $4m – Actual $2m raised (September 2020)
  • Splitit Payments – Heavily oversubscribed. Target $10m – Actual $89.5m (August 2020)
  • Ora Gold – Heavily oversubscribed. Target $1m – Actual $1.726m (June 2020)
  • Ingenia Communities – Heavily oversubscribed. Target $25m – Actual $28m (May 2020)

Top Rating

Our integrated and multi-disciplinary approach to shareholder communication saw us rated the No. 1 Activist Shareholder Solicitation firm in Australasia in 2019, placing us in the top ten globally.

The Process

Your Operations Manager will consider the scope of work involved in order to source enough operators with appropriate experience for the campaign. We do not outsource and all calls are made from FIRST’s office under the direct supervision of the Head of this Practice.
FIRST will appoint a dedicated senior adviser to assist your team with bespoke scripting for the unsolicited takeover offer. Our adviser(s) will work closely with your team to craft the outbound and inbound call scripts in order to fully optimise engagement with the target investors and at the same time remaining compliant with the Corporations Act, Privacy legislation and any other relevant legislation and regulations. Your legal team will need to approve all scripts pre-campaign, and any amendments made in the middle of the campaign.
In order to maximise shareholder awareness and participation you must first maximise the size of the callable universe from the register. To do this we can analyse the composition of the register and, where relevant, run retail investor profiles according to a range of criteria such as date of purchase and average entry price, trading patterns over time and which brokers/advisers exercise greatest influence.

An important aspect of any shareholder engagement campaign involves liaising with the company’s share registry, particularly for managing resends and updating mailing addresses and other contact details.

FIRST Advisers seamlessly provides this liaison process in exactly the same way as those call centre providers associated with the major registries.

However, we have the added benefit of providing the company with full visibility on the number of holders that did not receive transaction/offer documentation, which is not something most registries are keen to disclose/highlight.

As a truly independent service provider we hold registries to account.

In addition to contact details collected by the registry we search White Pages residential, business directories, the internet and, if required and approved, ASIC to get numbers for as many of the target shareholders as possible.
We recommend giving shareholders a week to receive documents before making outbound calls. Once the outbound campaign begins we will make up to three rounds of calls on varying days and times to maximise the chances of making contact. Contact includes speaking with the shareholder or leaving a message with a family member or on voicemail to call back
Your Campaign Manager will deliver periodic updates on the progress of the campaign, which will include any feedback relating to participation intentions and comments regarding the company.
We will be in constant contact with the share registry to arrange resends of documentation and/or forms to your shareholders. Given the short duration of the offer our focus will be on arranging resends by email where possible.

The Approach

FIRST Advisers has built its reputation in shareholder engagement as the only firm in Australia to combine the three competences essential for offering more than just an investor call centre:

  1. Investor Relations to talk the language of investors 
  2. Shareholder engagement, including an in-house team of experienced operators 
  3. Shareholder Analytics to identify the target investor base 

The fundamental goal in any capital market transaction or event is to maximise shareholder awareness and participation. We do this by providing multiple options for shareholders to talk to us, so they can choose which is most comfortable and convenient for them.

  1. Talking directly to a person on the phone 
  2. Online chat over the internet 
  3. Email for those who have limited time to engage during the day

Meet the team

Victoria Geddes

Executive Director

Seventeen years’ experience in investor relations consulting – one of the founding directors of FIRST Advisers, responsible for building and leading the Investor Relations advisory team.

A lengthy career in financial markets which included roles in broking and funds management as well as consulting to private equity/ investment banks.

Previously Head of Industrials Research at both Westpac Investment Management and Macquarie Equities.

Ben Rebbeck

Executive Director

A founding director of FIRST Advisers, with over 20 years’ experience in financial markets and Investor Relations.

Successful career in the capital markets and chartered accounting, including as a global industrials investment banking specialist at Citigroup and County NatWest.

Extensive transaction experience including IPOs, trade sales, debt and equity raisings, hostile and agreed takeovers, schemes of arrangement, MOEs, spinouts, dual/re-listings, board spills and proxy battles.

Daniel Jones

Manager Shareholder Analytics

Dan is an investor tracking specialist, built on a successful five-year career providing register analytics, investor targeting and peer company analysis to listed companies.

Dan currently leads the Shareholder Analytics team at FIRST Advisers and is a key member in the creation and development of AccessIR.

Extensive experience in transaction support during equity raisings, hostile and agreed takeovers, board spills and proxy battles.

Ron Cameron

Senior Adviser Investor Relations and Proxy Solicitation

Ron brings 27 years of experience in both retail and institutional stockbroking as an equities analyst, writer/editor of key marketing documents, portfolio manager and key media spokesperson.

Practical shareholder engagement experience include 10 years in industry leadership in North America and Australia.

Anna Fuglestad

Retail Solicitation Campaign Manager

Anna has expert ability to write scripts that deliver key messages and Board’s recommendations to encourage timely participation and solicit valuable and actionable feedback for clients.

Experience working on a broad range of successful shareholder engagement campaigns, including the provision of Shareholder Analytics support

Currently Offering

Priced just right for companies of every size.


2,000 Shareholders





Estimate of Scope and Cost

In the Table below we have outlined a few price points for consideration.

The lower end of the range is the approximate size of a campaign based on those shareholders who hold a marketable parcel ($500) and above.

At the upper end we include the entire register but exclude the top holders. We would finesse this with you once we have analysed the current register.

Size of Target
No. of Shareholders
Fixed Establishment
of Total

Up to 500 holders


501 – 1,000 holders


1,001 – 1,500 holders


1,501 – 2,000 holders



The cost of a call campaign is broken down into two components:

  1. Fixed Establishment Cost, and
  2. Variable Costs

There is a fixed establishment cost which covers the essential components in setting up and running a campaign, including:

  • Crafting the core messages for the scripts and development of the Q&A as well as strategic advice regarding the overall campaign
  • Project management throughout the campaign, including team formation, periodic reporting on progress and feedback received from shareholders 
  • Setting up support facilities for the operators (e.g. IT, phone setups, outbound call back line, managing after hours calls) & operator training

Fixed Establishment Cost: $5,500

There are a number of variable costs which include:

  • Number searching @$1.50/search
    for those shareholders whose contact details you do not already have
  • Three call attempts @$8.00/shareholder
    with call attempts on different times and days of the week in order to optimise outreach success

Note: All call disbursements will be charged at cost.

Shareholder Information Line
and Online Chat Facility

FIRST will establish a dedicated Inbound Information Line. For inclusion in the Shareholder Letter or Notice of Meeting

  • A 1300 number will be provided, as well as
  • a dedicated email address,
  • URL and QR code for a Chat Line, each of which are useful for shareholders who we may not be able to reach or who prefer to communicate online.

You will only be charged for the calls or online conversations that we manage and every campaign is different.

At a minimum however will have an operator covering both lines for the period, the cost for which is covered by the weekly fee and includes the first five calls each day.

Establishing both the Inbound and Chat Lines will ensure [target Company name’s] shareholders have ample avenues to address their concerns, questions and issues during the campaign.

Periodic updates will be provided throughout the campaign including reports on feedback received.

To confirm the scope of your campaign and acceptance of this proposal go to Terms and Acceptance.