Vintage Upgrades fleXBRL Program: Streamlines Corporate Reporting, Promotes Investor Adoption of SEC Filings

Two new enhancements focus on industry-wide drive for XBRL data quality  

NEW YORK, August 5 / PR Newswire / — Vintage, the capital markets and corporate solutions division of PR Newswire, today announced they have upgraded their XBRL (eXtensible Business Reporting Language) program, fleXBRL, with two new features, further demonstrating Vintage’s position as the industry’s intelligent value.

VINTAGE_XBRL_conundrum

XBRL Online Review (XOR): XOR is a secure XBRL review portal that enables all reviewers of an SEC reporting company’s XBRL filing process to collaboratively review and comment on XBRL tagging selections before final submission to the SEC.

Built with an intuitive online interface, XOR delivers a complete set of user-friendly features that allow XBRL reviewers to navigate and communicate effortlessly through XBRL instance documents, streamlining the workflow for finance, counsel, C-suite, auditors and Vintage to thoroughly review the XBRL documents together, including:

  • XBRL calculations checking within the XOR viewer uses icons to clearly highlight extension tags, negated elements, calculation errors and more
  • Threaded commenting allows members of the internal financial reporting team, as well as permissioned outside auditors, to add comments to XBRL documents for quality assurance, verification of instance documents and the approval – or disapproval – of bookmark tags and facts
  • Comprehensive reporting of calculations, extensions, negations and units with an XBRL filing as well as comparing differences between two XBRL versions
  • Taxonomy searching provides simple navigation, filtering and reviewing options.

XOR will be especially useful to Vintage fleXBRL Core clients who are not currently working in Vintage’s comprehensive XBRL SaaS platform.

Online Interactive Analyst Center (IAC): Vintage has partnered with Virtua Research to allow fleXBRL clients to publish their financial fundamental information onto their investor relations website with data directly from their own official SEC XBRL files. This eliminates the concerns issuers have long held regarding the inaccuracies of manually collected third-party financial fundamental data and delivering that unvetted data to investors.

For investors and analysts, the Interactive Analyst Center makes company financial data – balance sheet, income statement and cash flow data – more readily accessible and easier to understand online.

“The issue of XBRL quality created an ROI ‘chicken & egg’ scenario in the capital markets,” said Liam Power, President of Vintage.

“Many corporate issuers have expressed concerns regarding their experience with XBRL because neither investors – nor the SEC itself – were using the data. Meanwhile, investors have equally expressed their concerns as the XBRL data was inconsistent across the market. Today’s announcement drives both quality and adoption. This is especially important in light of the SEC’s recent disclosure that they are taking a much more aggressive tone towards enforcing XBRL data quality,” continued Power.

“The common goal for everyone involved is uniform, usable data that connects issuer and investor.”

Both XOR and IAC are available to all Vintage XBRL clients at no additional cost and are included in all new compliance packages. For detailed information:  http://www.thevintagegroup.com/contact-us/

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About Vintage

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services.

Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites. www.thevintagegroup.com

About PR Newswire

PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content — from rich media to online video to multimedia — and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world’s enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company. www.prnewswire.com

Media Contact:

Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157
bradley.smith@prnewswire.com

How Vintage became the intelligent value for public companies

The feedback we received from clients, partners and other stakeholders regarding the relaunch of Vintage was affirming. We have become the industry’s intelligent value. Depending on whom you ask here, we’re either the Honda of XBRL, the Target Store of IR services or the Jetblue / Southwest of IPO transactions.

What is intelligent value? For a Vintage client, it’s the flexibility to receive a superior service at the appropriate scale to their business goal. And what is that appropriate scale?  That’s for a client to decide, but generally it is the Venn middle of cost-effective and intrinsic-importance.

VENN

 

Case examples:

An OTC Markets-listed company is a SEC reporting organization. They are doing all they can to be transparent while finding new investors. Unfortunately, the fee quoted for XBRL from an old-school financial printer seems “aggressive” and will drain an inordinate percentage of budget for the size of the issuer – reducing their overall budget for shareholder communications. Wisely, above cost, the issuer is equally concerned about quality and don’t want to switch to an “XBRL garage band” vendor nor a new, untried firm. Our fleXBRL Core solution delivers their intelligent value.

BONUS: They also find additional intelligent value by negotiating a bundle that includes shareholder communications (news distribution and their IR website)  with the XBRL.

A NASDAQ-listed mid-cap is going to issue more shares. They need to draft and file a new S-1 registration with the SEC, but as they have been public for quite a while, the registration is not as “passionate” as their IPO. It’s just paperwork. The S-1 working group is very small and don’t require to meet face-to-face. They don’t need the indulgence of a mahogany conference room. They do need accurate typesetting. A 100% Virtual Transaction delivers intelligent value.

BONUS: Fortunately for them, they are an existing PR Newswire client, which gives them a buying power boost.

Each day, more examples are being created. The bottomline for all these clients (and prospects) is be creative and precise with what you require to receive as intelligent value. Address your business goals. Don’t buy more than you need, but certainly don’t settle for less.

Are we the Kleenex of EDGAR? I can’t answer that really, but we are the #3 largest filer.

Have a great day.

IPOs and Transactions: July 28 – August 1

There were 54 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Inergetics w/ Silverman Shin Byrne & Gilchrest PLLC, GlassesOff Inc. w/ Greenberg Traurig PA and Baxano Surgical Inc. w/ Goodwin Procter LLP.

Also, wondering who are the top law firms are for 2014 transactions? Read here.

TRANSACTIONS_500

Registrant Symbol Form Exchange Law firm / Advisor
BLUEKNIGHT ENERGY PARTNERS, L.P. BKEP S-3 Nasdaq Baker Botts L.L.P.
FORUM ENERGY TECHNOLOGIES, INC. FET S-4 NYSE Baker Botts L.L.P.
JONES ENERGY, INC. JONE S-3 NYSE Baker Botts L.L.P.
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
PEOPLES BANCORP INC PEBO S-4 Nasdaq Brouse McDowell, LPA
REAL GOODS SOLAR, INC. RGSE S-3 Nasdaq Brownstein Hyatt Farber Schreck, LLP
ENTERPRISE FINANCIAL SERVICES CORP EFSC S-3 Nasdaq Bryan Cave LLP
EAGLE BANCORP INC EGBN S-4 Nasdaq BuckleySandler LLP
EYEGATE PHARMACEUTICALS INC S-1 Burns & Levinson LLP
CELLADON CORP CLDN S-1 Nasdaq Cooley LLP
SENOMYX INC SNMX S-3 Nasdaq Cooley LLP
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Covington & Burling LLP
KIBUSH CAPITAL CORP 10-12G David Lubin & Associates, PLLC
GRUPO AVAL ACCIONES Y VALORES S.A. F-1 Davis Polk & Wardwell LLP
VIRGIN AMERICA INC. S-1 Davis Polk & Wardwell LLP
QUICKSILVER RESOURCES INC KWK S-3 NYSE Davis Polk & Wardwell LLP
HIGHLAND HEALTHCARE EQUITY INCOME & GROWTH FUND N-2 Dechert LLP
STONECASTLE FINANCIAL CORP. BANX N-2 Nasdaq Dechert LLP
AVENUE INCOME CREDIT STRATEGIES FUND ACP N-2 NYSE Dechert LLP
PEOPLES BANCORP INC PEBO S-4 Nasdaq Dinsmore & Shohl LLP
DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC. S-11 DLA Piper LLP
ENOVA INTERNATIONAL, INC. 10-12B Enova International, Inc.
SURMODICS INC SRDX S-3 Nasdaq Faegre Baker Daniels LLP
DOMINOVAS ENERGY CORP WSEG S-1 OTC Frederick C. Bauman, Atty.
TRANSFIRST INC. S-1 Fried, Frank, Harris, Shriver & Jacobson LLP
STOCKBRIDGE/SBE INVESTMENT COMPANY, LLC 10-12G Gibson, Dunn & Crutcher LLP
AECOM TECHNOLOGY CORP ACM S-4 NYSE Gibson, Dunn & Crutcher LLP
BAXANO SURGICAL, INC. BAXS S-3 Nasdaq Goodwin Procter LLP
GLASSESOFF INC. GLSO S-1 OTC Greenberg Traurig, P.A.
GRANITO ACQUISITION I, INC. S-1 Harold Gewerter, Esq.
STEM SALES, INC. S-1 Harrison Law, P.A.
ALION SCIENCE & TECHNOLOGY CORP S-1 Holland & Knight LLP
EAGLE BANCORP INC EGBN S-4 Nasdaq Holland & Knight LLP
PACIFIC PREMIER BANCORP INC PPBI S-3 Nasdaq Holland & Knight LLP
ZOE’S KITCHEN, INC. ZOES S-1 NYSE Kirkland & Ellis LLP
ALION SCIENCE & TECHNOLOGY CORP S-1 Latham & Watkins LLP
VIRGIN AMERICA INC. S-1 Latham & Watkins LLP
CELLADON CORP CLDN S-1 Nasdaq Latham & Watkins LLP
ACTAVIS PLC ACT S-3 NYSE Latham & Watkins LLP
ADVANCED MICRO DEVICES INC AMD S-4 NYSE Latham & Watkins LLP
STARWOOD WAYPOINT RESIDENTIAL TRUST SWAY S-11 NYSE Latham & Watkins LLP
ZOE’S KITCHEN, INC. ZOES S-1 NYSE Latham & Watkins LLP
BEMAX, INC. S-1 Law Offices of Carl A. Generes
CABINET GROW, INC. S-1 Legal & Compliance, LLC
ASTERIKO CORP. S-1 Matheau J. W. Stout, Esq.
IHOOKUP SOCIAL, INC. HKUP S-1 OTC Matthew C. McMurdo, Esq.
EYEGATE PHARMACEUTICALS INC S-1 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
CAPITAL RESOURCE ALLIANCE, INC. CRRA 10-12G OTC Nate’s Foods Co.
NEXT GRAPHITE, INC. GPNE 10-12G OTC Next Graphite, Inc.
JAGUAR MINING INC F-1 OTC Norton Rose Fulbright Canada LLP
STONECASTLE FINANCIAL CORP. BANX N-2 Nasdaq Pepper Hamilton LLP
AMERICAN REALTY CAPITAL PROPERTIES, INC. ARCP S-4 Nasdaq Proskauer Rose LLP
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Quattlebaum, Grooms, Tull & Burrow, PLLC
XG TECHNOLOGY, INC. XGTI S-3 Nasdaq Robinson Brog Leinwand Greene Genovese & Gluck P.C.
TRANSFIRST INC. S-1 Ropes & Gray LLP
KARNET CAPITAL CORP. S-1 Scott D. Olson Esq.
FREESEAS INC. FREE F-1 Nasdaq Sichenzia Ross Friedman Ference LLP
TONIX PHARMACEUTICALS HOLDING CORP. TNXP S-3 Nasdaq Sichenzia Ross Friedman Ference LLP
STARWOOD WAYPOINT RESIDENTIAL TRUST SWAY S-11 NYSE Sidley Austin LLP
INERGETICS INC NRTI S-1 OTC Silverman Shin Byrne & Gilchrest PLLC
GRUPO AVAL ACCIONES Y VALORES S.A. F-1 Simpson Thacher & Bartlett LLP
SUNGARD VPM INC. S-1 Simpson Thacher & Bartlett LLP
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Stinson Leonard Street LLP
IRON MOUNTAIN REIT, INC. S-4 Sullivan & Worcester LLP
SAFETY QUICK LIGHTING & FANS CORP. S-1 Thompson Hine LLP
AUDIOEYE INC AEYE S-1 OTC TroyGould PC
AECOM TECHNOLOGY CORP ACM S-4 NYSE Wachtell, Lipton, Rosen & Katz
INVENTIV HEALTH INC VTIV S-4 Weil, Gotshal & Manges LLP

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors. Click here and opt-in to receive this weekly summary via email.

Click here to review the week’s underwriters.

Have a great week.

IPO Underwriters of the Week: July 28 – August 1

Congratulations to the corporations and underwriters that worked with our transaction services team. Whether in-house, your-house or 100% virtual… click here to discover why we are the intelligent value for both traditional and confidential IPOs.

VDR_PPC_EMAIL

Registrant Form Underwriter 1 Underwriter 2 Underwriter 3 +
EYEGATE PHARMACEUTICALS INC S-1 Aegis Capital Corp.
VIRGIN AMERICA INC. S-1 Barclays Capital Inc. Deutsche Bank Securities Inc.
IHOOKUP SOCIAL, INC. S-1 Beaufort Capital Partners LLC
STARWOOD WAYPOINT RESIDENTIAL TRUST S-11 Citigroup Global Markets Inc.
CELLADON CORP S-1 Credit Suisse Securities (USA) LLC Jefferies LLC Stifel, Nicolaus & Company, Inc. / Wedbush Securities Inc.
SIMMONS FIRST NATIONAL CORP S-4 First State Risk Management, Inc.
GRANITO ACQUISITION I, INC. S-1 Frank Underhill
GRUPO AVAL ACCIONES Y VALORES S.A. F-1 J.P. Morgan Securities LLC Goldman, Sachs & Co.
ZOE’S KITCHEN, INC. S-1 Jefferies LLC Piper Jaffray & Co. Robert W. Baird & Co. Inc. / William Blair & Company, L.L.C. / Stephens Inc. / Stifel, Nicolaus & Company, Inc.
STONECASTLE FINANCIAL CORP. N-2 Keefe, Bruyette & Woods, Inc. Robert W. Baird & Co. Inc.
TRANSFIRST INC. S-1 Merrill Lynch, Pierce, Fenner & Smith Inc. Goldman, Sachs & Co. J.P. Morgan Securities LLC / Deutsche Bank Securities Inc.

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Have a great week.

How Investors Consume Content Q#8: Have you ever bought an IPO stock on its first day trading in the market?

Without question, “IPO” has been the capital markets buzz word for investors throughout 2014 —with 70 pricings each in Q1 and Q2. What’s also notable is that the JOBS Act “confidential IPO” process for Emerging Growth Companies (EGC) may be creating a stronger, more stabilized environment.

From Morrison Foerster:

… almost 60% priced within or above the stated price range—this is fairly consistent with the experience of the last several quarters. Perhaps it is too early to assess, but some have speculated that test-the-waters meetings for EGC [confidential] IPOs are providing useful information regarding pricing and that is contributing to more deals pricing within the filing range compared to pre-JOBS Act periods.

So that begged the question – are investors taking advantage of this trend? Yes, up five percent since we asked this question in late summer 2013.

Q8_2014_100072

Click image to enlarge.

What’s our role in this upbeat story? Delivering intelligent value – right from the initial S-1 drafting session to getting the financial brand crisp online.

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Have a great day.

Securities lawyers and their Love / Hate relationship with Virtual Data Rooms

More than all other members of a deal’s working group, securities lawyers are neck deep in our Virtual Data Rooms (VDR) at every stage of the transaction – from the start of the process till the final ink.

Interestingly, regardless of their need, from conversations with our clients and with our VDR partner, EthosData, we’ve uncovered a Love / Hate relationship. This relationship is not just with VDRs. The legal industry is working its way toward other digital solutions that were traditionally “analog:” e-discovery for example.

M&A-VDR

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Glass half full: He loves you yeah, yeah, yeah…

More work executed per day: Securities lawyers can work on more transactions in a shorter period of time because they can access the confidential documents required for due diligence within minutes. More get done per day because less time is wasted in traveling to the location where the documents are present – another firm, the clients corporate office, etc. The time saved on Transaction A can then be used to work on Transaction B, increasing productivity and improving the number of billable hours per day for the firm.

Deal accountability is trackable in seconds: They can easily track the documents they have already read and the ones that are still pending by using the Virtual Data Room’s feature to highlight the pages that they still need to be addressed. When lawyers are going through hundreds of documents which contain thousands of pages, it can become a nightmare to keep a track of what has already been read and what hasn’t. The use of technology nullifies this stress completely.

Questions and answers in minutes, not in a meeting: All members of the working group, not just the securities lawyers, can easily ask questions and get responses while keeping track of all the details in an easily exportable excel sheet. No more have to request a meeting and be strapped for the time to clarify their doubts. When a query arises, anyone can simply click on the question mark icon next to the document and type in a question. The appropriate recipient receives an email alert of the query, logs on to the Virtual Data Room and responds. It’s really that simple.

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Glass half empty: He’s just not that into you…

The comfort of tangible paper: Securities lawyers have endured years of studies through law school and read thousands and thousands of documents in paper format. Transitioning from this habit to reading on a screen is something that the senior lawyers dislike (which is why they push the corporate clients for printing rights for the data they’ve been given access to on the Virtual Data Room). Paper is still the Pavlovian default.

Locked PDFs are a pain in the @#$: Lawyers need to circle, underline and mark side notes in the margins of the documents that they are reading. Restricted access on computers that only allow confidential documents to be read-only does not permit highlighting, underlining or taking notes on a page. This forces them to take the painful extra steps of writing the name of the PDF document, the exact page they are reading and the line they want to comment about onto a separate piece of paper – not the actual document under review.

Face-to-face interaction is minimal: Some lawyers need the to-and-fro that was required to go through legalities. The constant face-to-face interactions also lead to the building (and bullying) of relationships. Virtual Data Rooms has cut this down to a minimal in the interest of higher productivity and higher time-saving. Certainly many deals should be hashed out over a physical table, but not all need this in-person banter. Many transactions are just that – a transaction.

A virtual data room is not a luxury, it’s a deal necessity. The challenge for corporations and their securities lawyers is to identify the data room that best suits their workflow and budget. That’s OUR specialty – delivering the intelligent value.

Have a great day.

IPOs and Transactions: July 21 – 25

There were 23 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Axxess Pharma Inc. w/ Szaferman, Lakind, Blumstein & Blader PC and Response Genetics Inc. w/ Willkie Farr & Gallagher LLP.

Also, wondering who are the top law firms are for 2014 transactions? Read here.

TRANSACTIONS_500

Registrant Symbol Form Exchange Law firm / Advisor
KILROY REALTY CORP KRCPRG S-4 NYSE Allen Matkins Leck Gamble Mallory & Natsis LLP
PALAYAN RESOURCES, INC. S-1 American Corporate Enterprises, Inc.
INDEPENDENT BANK GROUP, INC. IBTX S-4 Nasdaq Andrews Kurth LLP
LIBERTY BROADBAND CORP S-1 Baker Botts L.L.P.
BARISTAS COFFEE COMPANY, INC. 10-12G Baristas Coffee Company, Inc.
WESTCOTT PRODUCTS CORP WSPD S-1 OTC Brunson Chandler & Jones PLLC
RBS COMMERCIAL FUNDING INC. S-3 Cadwalader, Wickersham & Taft LLP
DISTANT VALLEY ACQUISITION CORP 10-12G Cassidy & Associates
INOVIO PHARMACEUTICALS, INC. INO S-3 NYSE Duane Morris LLP
GROWBLOX SCIENCES, INC. GBLX S-1 OTC Gary R. Henrie, Esq.
PALAYAN RESOURCES, INC. S-1 Glenn & Glenn Law, LLP
ALPHA ENERGY INC S-1 Harold P. Gewerter, Esq. Ltd.
CALEMINDER INC S-1 Harold P. Gewerter, Esq. Ltd.
INFEED MEDICA CORP S-1 Harold P. Gewerter, Esq. Ltd.
INDEPENDENT BANK GROUP, INC. IBTX S-4 Nasdaq Harris Law Firm PC
INDEPENDENT BANK GROUP, INC. IBTX S-4 Nasdaq Haynie Rake Repass & Lowry, P.C.
SPIRIT AEROSYSTEMS HOLDINGS, INC. SPR S-4 NYSE Kaye Scholer LLP
KILROY REALTY CORP KRCPRG S-4 NYSE Latham & Watkins LLP
REGENCY ENERGY PARTNERS LP RGP S-3 NYSE Latham & Watkins LLP
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.
JMP GROUP INC. JMP S-3 NYSE Orrick, Herrington & Sutcliffe LLP
SIMMONS FIRST NATIONAL CORP SFNC S-4 Nasdaq Quattlebaum, Grooms, Tull & Burrow PLLC
SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, INC 10-12G Siguler Guff Small Business Credit Opportunities Fund, Inc.
AXXESS PHARMA INC. AXXE S-1 OTC Szaferman, Lakind, Blumstein & Blader, PC
SOLAR WIND ENERGY TOWER, INC. SWET S-1 OTC Szaferman, Lakind, Blumstein & Blader, PC
ECO-STIM ENERGY SOLUTIONS, INC. ESESD S-1 OTC Vinson & Elkins L.L.P.
RESPONSE GENETICS INC RGDX S-3 Nasdaq Willkie Farr & Gallagher LLP
TRANSUNION HOLDING COMPANY, INC. S-1 Wilmer Cutler Pickering Hale and Dorr LLP

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors. Click here and opt-in to receive this weekly summary via email.

Click here to review the week’s underwriters.

Have a great week.