Category Archives: Industry news

International dealmaking impact on the US

Like any ecosystem, the world economy is deeply interconnected, and while America remains the largest single economy in the world, it’s the biggest fish in a pond with some pretty big fellow swimmers, and news from Europe and Asia most definitely affects the United States, just as the American market can dictate ups or downs for foreign affairs. For proof of this, look no further than the Greek crisis of 2011, with Standard & Poor’s 500-stock index dropping 18.6% in one year over concerns about Greece. Meanwhile, China’s potential slowdown could send American markets crashing like it’s 1929. With all this in mind, we should take a look at the business situations overseas and how they might influence American stocks.

Signs are the Same Everywhere

Financial experts and strategists pay attention to the same factors for foreign as for American markets, including GDP and the purchasing managers index that measures the health of manufacturing and services. So the good news is, according to these metrics Europe is in the process of stabilizing after the Brexit vote, a boon especially to companies that export to European destinations and are hoping their products don’t fall by the wayside.

It also bears watching major market indexes like Germany’s ZEW Indicator of Economic Sentiment, Japan’s Nikkei, or China’s Shanghai Composite, a good way of anticipating problems both at home and abroad.

Monetary Policy: the Changing of the Guard

Foreign fiscal policy can have a serious impact on domestic fiscal reality. Japan, China, and the United Kingdom all have relatively new leaders, and paying attention to how those leaders and their appointees set policy, as this will indicate their country’s direction moving forward and mean appropriate feedback on this side of the pond.

When anticipating the impact of foreign economies or preparing to invest in foreign firms, companies should retain the services of a financial printing firm for easy access to automated publishing, mutual fund publishing, content management, and more. Printing firms remain abreast of the latest trends in mergers & acquisitions and IPO publishing, and employ experts in XBRL and SEC filings to help report any acquisitions or divestitures at the end of the fiscal year.

As a new chairman takes over the Securities and Exchange Commission, how will the agency’s priorities change?

Download our whitepaper today to hear from three leading corporate governance experts on the matter.

Digital disruption in the middle market

Companies are using leading-edge technologies to gain efficiencies, strengthen their targeting efforts and transform their businesses. As the Internet of Things, artificial intelligence, and advanced analytics become commonplace in the dealmaking landscape, what effect is this trend having on the middle market?

Points of discussions include:

  • Which non-tech sectors in the mid-market are being most impacted by digital disruption?
  • How are technology considerations affecting the strategies of private equity buyers?
  • How are mid-market firms responding to the increasing pressure to compete with venture-backed, high-tech start-ups?

Toppan Vite question: Which non-tech sectors in the mid-market do you think are being most affected by digital disruption? Which sectors would you say need to play catch up most to stay competitive? 5 dealmakers weigh in.

Steven Barth: Healthcare, insurance, and financial services are certainly at the top of the list of sectors being dramatically impacted by digitization. We are seeing a lot of money being plunged into Internet of Things (IoT) and big data technologies in these industries in order to drive more efficiency and enhance the targeting of customers. Fascinating work is being done in the insurance industry as old-line property and casualty companies try to get better data to lower their loss ratios and improve the behavior of their insurance customers.

The way in which insurance companies are fueling this innovation is interesting as well. In the past, insurers mostly invested their holdings in blue-chip stocks or the bond market, and maybe allocated a little bit to private equity. But now, a number of old-line insurance companies have said, “Look, we not only want to invest as part of our investment strategy but as part of our business strategy. We need to invest in more start-up, early-stage, high-tech companies that will help us drive better operational results and better portfolio results from our standard-line policies.” So they’re melding both strategies together.

James Cassel: Business transformation is a constant process. At our firm we have three main verticals, which are technology, healthcare, and aviation, as well as a general practice, and healthcare and retail are two areas that are being dramatically transformed by digital disruption. On the retail side, take a business like Blockbuster Video. If you were
a Blockbuster franchisee and you sold your business 10 years ago, you would’ve made a moderate return on your investment. If you held onto it until five years ago, you would’ve been on the verge of extinction. And today, I’m not sure that a single Blockbuster franchisee remains. What changed was the rise of services like Netflix and on-demand video – technology-based innovations that have destroyed that old business model.

Philo Tran: We are certainly seeing many companies think about how to use leading-edge technologies – such as IoT, virtual and augmented reality, mobile technologies, advanced analytics, and artificial intelligence – to transform their businesses. Digital technologies alter business processes but also create opportunities to develop new business models and new revenue streams. It’s not only about efficiency. I’ve seen the most interesting applications of digital technologies from low-tech industries. Augmented reality is used in manufacturing environments to guide humans assembling parts in a way that virtually eliminates errors.

The system tells the person which parts to connect and where, and if it sees the wrong part being used it will send a warning signal to the assembler. Connected aircraft engines are telling airlines when a part is about to fail and, thanks to the cloud, the system can find the closest supplier of that part and order a replacement. If you own a pool, your pool pump can detect when electricity rates are too high and shut off temporarily and your pool can even selfbalance the pH level without any human intervention.

Bryan Jaffe: Every sector is impacted by digital disruption, just as Philo said. Among those most impacted is brickand-mortar retail: whether it’s grocery, specialty, mass, or discount, as a class of competitors, they are all being disrupted by technology. And it is observable through a variety of metrics – for instance, commerce sales relative to retail sales, or stock prices of traditional retailers versus those dominating the ecommerce landscape. When you look at ecommerce sales as a percentage of total retail sales, the share of ecommerce sales is expected to grow on average at about 6% over the next five years, and that should continue for the foreseeable future. Additionally, if you look at Amazon’s stock price, which we consider to be the ecommerce bellwether, versus that of Walmart, the return scale is striking. Over the last five years, Amazon’s stock price is up close to 350%. In contrast, Walmart’s stock price is up 15% over that same period. This demonstrates how technology is not only disrupting a category but also shifting where value is created among classes of competitors.

Joe Manning: I would agree with Philo and Bryan – it’s tough to find an industry that is not being impacted by new business models that have some sort of software or digital component. For example, Riverside’s portfolio company Soothe is revolutionizing the massage industry via transforming how consumers hire and receive massages. Consumers can book massages through a smartphone app or website and receive a licensed massage therapist at their door in as little as 60 minutes.

SEC update: Hyperlinking Exhibit Indexs

This month, the SEC voted to adopt amendments that will require registrants that file registration statements and periodic reports to include hyperlinks to each exhibit listed in the index of these filings. The amendments, which have a compliance date of September 1, 2017, also require that registrants submit all such filings in HMTL format.

The SEC also voted to propose the use of Inline XBRL for financial statements. For more info, click here.

What you need to know:

An Overview

  • Documents listed in the Exhibit Index must include a hyperlink that will link directly to the exhibit
  • The goal of the ruling is to improve investors’ access to information
  • All exhibits that are “filed herewith” or incorporated by reference must be hyperlinked when filed starting September 1, 2017. The SEC encourages early compliance with the Final Rule (33-10322)

Form Types

  • Covers all Form Types listed in Item 601 of Reg. S-K, plus 20-F and F-10
  • S-1, S-1/A, S-1MEF, POS AM, POS ASR, POS EX, POS 462B, POS 462C
  • S-3, S-3/A, S-3D, S-3ASR, S-3MEF, S-3DPOS, S-4, S-4/A, S-4EF, S-4MEF, S-4 POS
  • S-8, S-8POS, S-11, S-11/A, S-11MEF, SF-1, SF-1/A, SF-3, SF-3/A, SF-3MEF
  • F-1, F-1/A, F-1MEF, F-3, F-3/A, F-3D, F-3ASR, F-3DPOS, F-3MEF, F-4, F-4/A, F-4EF, F-4 POS, F-4MEF
  • F-10, F-10/A, F-10POS
  • 10-12B, 10-12G, 10-12B/A, 10-12G/A
  • 20-FR12B, 20-FR12B/A, 20-FR12G, 20-FR12G/A, 20-F, 20-F/A
  • 10-K, 10-KT, 10-K/A, 10-KT/A, 10-Q, 10-QT, 10-Q/A, 10-QT/A
  • 8-K, 8-K/A, 8-K12B, 8-K12G3, 8-K12B/A, 8-K12G3/A, 8-K15D5, 8-K15D5/A
  • 10-D, 10-D/A

CLICK FOR WHITEPAPER:
“SEC Rulemaking Under New Leadership”

Exceptions

  • Exhibits that have not been filed electronically
  • XBRL exhibits
  • 10-D reports which contain reference to ABS-EE exhibits

For the full report from The SEC, click here.

Need a hand?

Vintage and Toppan Vite are here to help should you seek assistance regarding new SEC developments and rulings. We employ experts in EDGAR filings, XBRL solutions, and SEC procedures to make financial reporting easy for you and your team. Contact us today!

As a new chairman takes over the Securities and Exchange Commission, how will the agency’s priorities change? Download our whitepaper today to hear from three leading corporate governance experts on the matter.

Toppan Vite Acquires PR Newswire Division, ‘Vintage’

Leading International Financial Printing Firm Acquires Competitor to Expand Service Offerings; forms one of the world’s largest financial communications companies

NEW YORK, March 10, 2017 /PRNewswire/ — Toppan Vite, a leading international financial printing, communications and technology company, announced today the strategic acquisition of Vintage, a division of PR Newswire. Vintage provides regulatory compliance across capital markets, corporate services, and institutional and fund services.

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“We’re incredibly excited to be joining forces with Vintage,” said Jeffrey Riback, President of Toppan Vite. “Vintage’s clients and resources are now part of one of the largest financial printing companies in the world. We’re proud to offer Vintage’s clients our global financial printing and communications capabilities and enhance the firm’s technology-based solutions for today and the future.”

The acquisition expands the Toppan Vite global footprint and doubles the size of the company.  Toppan Vite plans to make extensive investments into the business following the merger, focusing particularly on enhanced technology.

“Aligning with Toppan Vite will improve Vintage’s business offerings for its clients, partners and employees,” said Cision CEO, Kevin Akeroyd. “Combined with Vintage’s hard-earned reputation for value and nimble service and Toppan Vite’s global reach, first-class service offerings and exceptional technology, Toppan Vite will provide countless business advantages for its clients’ most important financial moments. We are excited to continue our relationship with Toppan Vite, and to seamlessly deliver their newly combined offerings to our joint customers.”

Vintage, formerly Vintage Filings, was founded in 2002 and acquired by PR Newswire in 2007. PR Newswire was acquired as part of the Cision group of companies in 2016.  The terms of the deal are not being disclosed.

About Toppan Vite
Toppan Vite, a leader in financial printing and communications solutions, is part of the Toppan Printing Co., Ltd., the world’s largest printing group, headquartered in Tokyo with approximately US $13 billion in annual sales. Toppan Vite has been a pioneer and trusted partner in the financial markets for three decades, serving the financial, legal and corporate communities with meticulous, responsive service and unparalleled local market expertise and capabilities. Toppan Vite’s expanding U.S. operations deliver a hassle-free experience for mission-critical content for capital markets transactions, financial reporting and regulatory compliance filings, investment companies and insurance providers. Learn more at www.us.toppanvite.com.

About Cision
Cision is a leading media communication technology and analytics company that enables marketers and communicators to effectively manage their earned media programs in coordination with paid and owned channels to drive business impact. As the creator of the Cision Communications Cloud™, the first-of-its-kind earned media cloud-based platform, Cision has combined cutting-edge data, analytics, technology and services into a unified communication ecosystem that brands can use to build consistent, meaningful and enduring relationships with influencers and buyers in order to amplify their marketplace influence. Cision solutions also include market-leading media technologies such as PR Newswire, Gorkana, PRWeb, Help a Reporter Out (HARO) and iContact. Headquartered in Chicago, Cision serves over 100,000 customers in 170 countries and 40 languages worldwide, and maintains offices in North America, Europe, the Middle East, Asia, Latin America and Australia. For more information, visit www.cision.com or follow @Cision on Twitter.

Media Contacts

Sarah Reilly
Toppan Vite
Marketing Manager
(201) 562-1798
sarahreilly@toppanlf.com

Stacey Miller
Cision
Director, Communications
(301) 683-6038
stacey.miller@cision.com

 

 

 

SEC adopts rule requiring Exhibit Index items must hyperlink to referenced source

Yesterday, the SEC held an open meeting to discuss a few topics that created “action items” for most all issuers (and their SEC filing agents). One discussion, now moved into the comment phase, is the complete adoption of inline XBRL. That is still not settled, although likely to pass.

What IS settled is the new rule and form amendment mandate that the Exhibit Index in registration statements and reports contain hyperlinks to those exact referenced exhibits listed. Adjunct to this is a ruling that all filings are to be made in HTML format. (Logical, as you cannot link in ASCII.)

Adding hyperlinks will eliminate the arduous and manual research process investors currently endure to dig deeper into the exhibits.

The new amendments would apply to forms:

  • S-1
  • S-3
  • S-4
  • S-8
  • S-11
  • F-1
  • F-3
  • F-4
  • F-10
  • SF-1
  • SF-3
  • 10
  • 10-K
  • 10-Q
  • 8-K
  • 10-D
  • 20-F

These exhibit items ain’t gonna link themselves!

Depending on the depth of your Exhibit Index, the tactical labor of creating these links will be work for issuers and Vintage  This varies by company and by sector… as this REIT client (below) understands. They have 39 pages of exhibits to research, link and QA check. Fortunately, they have us. The silver lining to this “transparency act” is that, like many compliance tasks, the first time set-up is the most time-consuming. Many of the linked references will roll from one document into the next – similar to XBRL tags.

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This ruling is considered a common sense mandate to help investors and web-technologically overdue. SEC Commissioner Kara Stein stated, “In many cases, exhibits are incorporated by reference, meaning that they are not attached to a current filing. In order to find an exhibit, an individual would need to embark on a time-consuming search.”

Acting SEC Chair Michael Piwowar remarked that the new rules will “harness technology,“focus the light of disclosure in ways that empower investors” as well as stimulate “efficient regulation.”

The effective date for most issuers will be September 1, 2017. Read the formal ruling here and the SEC news release here.   Hyperlinked to ease your research.

 

 

 

Top Three Financial Publishing Firms Process 55% of 2016 SEC Transactions: The Vintage Group Maintains Leadership Position

Vintage takes #2 position for IPO and secondary offerings

NEW YORK, February 24, 2017 / PR Newswire / — 55% of Securities and Exchange Commission Forms 10-12B, 10-12G, 1-A, F-1, N-2, S-1, S-11, S-3 and S-4 that were processed in 2016, were filed by Vintage and its top two industry peers. These particular SEC forms are very complex legal documents that require top-tier expertise and immaculate attention to detail in financial publishing. Within this top-tier group, Vintage executed 20% of the total filings.

Specifically, for Form S-1 filings, which are the capital markets’ most anticipated filings for IPOs and secondary offerings, Vintage ranked #2, winning aside its top-tier peers, 32% of these coveted transactions.

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“In 2016, Vintage firmly cemented our ranking in the top-tier alongside our industry peers, Donnelley Financial Solutions and Merrill Corporation,” said Bradley H. Smith, Director of Marketing at Vintage, a division of PR Newswire / Cison. “Underpinning our great numbers are the domain expertise and capabilities of our Operations Teams. They truly own and deliver our ‘fast turns, spot-on execution and absolute cost transparency’ marketing position,” closed Smith. 

Direct feedback from Vintage clients can be viewed on the Vintage blog: https://irblog.prnewswire.com/category/client-praise/

In addition to the capital markets practice group that works with law firms, investment banks and M&A deal-drivers, Vintage also offers two other practice groups:

  • Corporate Services, which supports public companies with compliance and investor relations solutions
  • Institutional & Fund Services for investment management and mutual fund organizations

Vintage is headquartered in New York City with regional sales and service offices throughout the US and internationally. The company is now part of the expanding and worldwide Cision, Inc. organization.

The company also celebrated its #1 ranking for both China Form 20-F filings and JOBS Act Reg A+ / Form 1-A work.

A brief video explaining transaction drafting sessions can be viewed here: http://promotions.prnewswire.com/Vintage-transaction-solutions.html

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About The Vintage Group

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. 

About PR Newswire

PR Newswire, a Cision company, is the premier global provider of multimedia platforms and distribution that marketers, corporate communicators, sustainability officers, public affairs and investor relations officers leverage to engage key audiences. Having pioneered the commercial news distribution industry over 60 years ago, PR Newswire today provides end-to- end solutions to produce, optimize and target content — and then distribute and measure results. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and Asia-Pacific regions.

Cision is a leading global media intelligence company, serving the complete workflow of today’s communication professionals. 

Media Contact:
Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157

bradley.smith@prnewswire.com

Investor relations is leading by (disclosure) example, say experts

Even as the SEC moves to re-shape disclosure requirements, many companies… with IR taking the lead... are making changes to their reporting formats at their own initiative. We asked five leading experts to weigh in.

ma_blog_art2016

 

Vintage question > Many companies have started voluntarily implementing reforms to their disclosure procedures. According to an EY and FERF survey, 74% of respondents were already taking action to improve their financial reporting. What kinds of measures can companies take on their own? And to the best of your knowledge, what kind of reaction from investors are companies getting to these measures?

Erik Bradbury > We’re finding that many companies are finding innovative and modern ways of improving disclosures to make them more meaningful for investors. We’ve done some research studies on this topic and had a conference recently at Pace University in collaboration with EY, where we brought together regulators, investors, and preparers to talk about some of the changes we’re seeing.

v-redthe-irwhitepaperOur view is that if we want to improve capital markets overall and help investors understand financials through disclosure, we need to have an open mind and consider the best way to get information in the hands of investors so that it can be digested easily and in the most efficient way. That’s how we see all the efforts of the SEC, but also arguably many of the voluntary efforts of our companies that they’ve made to improving disclosure. GE is an outlier – they’ve done some
of the most extensive improvement efforts – but there are other companies that have made incremental improvements over the years. And the innovation and improvements in disclosure that companies are voluntarily taking on are benefiting investors. It’s very clear, and these need to continue.

Where the SEC has a role in this is that they can continue to encourage and, more importantly, remove barriers to disclosure to allow for more innovation. One of the biggest risks to improvement efforts right now is fear. The fear is, “If I change this disclosure, what is the SEC going to think? If I previously agreed to add this disclosure and now I’m five years removed, is it still important?” Fear might prevent you from making those changes.

What I think the SEC has recognized is that they do have a role to play in improving disclosure for the benefit of investors overall. That’s why these proposals are important, because they ask users, preparers, investors, analysts, and stakeholders what they think about certain disclosures and where they can improve, and whether they should focus on the principle or rules-based regime, whether they should remove bright-line disclosures, whether there should be sunset provisions, and so on.

Robert Herz > I think that voluntary efforts are clearly a good and important part of the solution, and companies have been doing a number of things. Erik provided a great example in General Electric – they’ve done very comprehensive revamping of their disclosure documents. Last year, they issued a 65-page document called their “Integrated Summary Report,” which basically takes what management thinks is the most important information from their annual report, their sustainability report, and their proxy, puts it all together and says, “Here’s what we think is most important and here’s how it all relates together.”

At the same time, they didn’t do away with the separate documents. But they did this other, more concise document as well. Of course, companies like GE that have hundreds of financial reporting professionals, lawyers, and all sorts of resources can do that. Other large companies could also do it, but for most companies, I think they can only make more modest efforts without broader rule changes.

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Broc Romanek > On the disclosure side, companies are beginning to draft their proxies so that they’re more usable, and I think “usability” is a key term – I’ve been emphasizing this for 15 years now. One example of measuring usability is to have subjects use the internet, either on a mobile device or a laptop, and have scientists observe how they actually use it. The reality is that how people think they act online is quite different from how they actually act.

Applying these usability principles to disclosure documents is important, because to the extent we as disclosure lawyers can draft our documents in ways that make it more likely for an investor to be able to navigate and consume them, the more likely investors are to read them. They’re also more likely to find information that they might not find otherwise. These principles can be applied to the print documents as well, and some companies have been doing that.

Part of the solution is to use more graphs and charts, but also change the actual narrative sections – for example, using proper headings that are more descriptive. This goes back to the plain English movement that the SEC forced on companies back in the mid-’90s, when they required companies to start writing their proxy statements in plain English. This is that all over again, but a voluntary effort. The SEC isn’t forcing companies to do it – at least not yet.

But I do want to emphasize one thing, which is that if something is only voluntary, it’s typically not at the top of a company’s list of priorities. We’re living in an era of incredibly rapid change and limited resources in the legal department. Then, you also have companies that purposely don’t want to make it easier for investors to read their documents.

Anna Pinedo > Companies are indeed beginning to eliminate repetitive disclosures on their own. For example, instead of including critical accounting policies in the MD&A section, they are cross-referencing to the notes to the financial statements. Similarly, other disclosures in the MD&A are being eliminated to the extent contained in the notes to the financial statements. Clients are also including charts and graphs in their filings, which are much more investor-friendly formats, and these are being well-received. In proxy statements, we had already seen much greater use of charts, graphs and images.

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Vintage Dominated the Mini-IPO Registration Process Throughout 2016

Fast turns, spot-on execution and absolute cost transparency drove Vintage’s Regulation A+ (Reg A+) corporate filings leadership throughout 2016… and the momentum into 2017. 

Compared directly aside the company’s top two SEC transactions competitive peers, Vintage has earned 67% of 2016’s marketshare.

rega_pie

Reg A+ is an updated rule to the existing Regulation A exemption for smaller issuers and was mandated by Title IV of the Jumpstart Our Business Startups (JOBS) Act. It allows smaller companies to offer and sell up to $50 million of securities within a 12-month period, subject to eligibility, disclosure and reporting requirements.

In addition to its spot-on execution, Vintage’s thought-leadership also contributes to their dominance. Examples include the DIY worksheet that guides a company through the different information they will need to collect as well as educational webinars.

The RegA+ worksheet can be downloaded here

Webinars:

In addition to 2016’s leadership, Vintage has been the #1 filing agent since Reg A+ first became effective in June 2015. Vintage has worked with as many companies as the three next filing agents combined.

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Vintage has adjusted its traditional S-1 IPO team to escort its emerging growth company clients through the Form 1-A process, exercising the same detailed oversight in the offering’s drafting and filing with the SEC.  A mini-IPO is a smaller filing, but it is no less compliant than one of the larger S-1 filings Vintage creates and files for later-stage companies.

Beyond the capital markets practice group that works with law firms, investment banks and M&A deal-drivers, Vintage also supports two other practice groups:

  • Corporate Services, which supports public companies with compliance and shareholder communications solutions
  • Institutional & Fund Services for investment management and mutual fund organizations

Vintage is headquartered in New York City with regional sales and service offices throughout the US and internationally. The company is now part of the expanding and worldwide Cision, Inc. organization.

 

 

The SEC is closed for Presidents’ Day: Monday, February 20th

In honor of Presidents’ Day, the SEC is closed on Monday, February 20, 2017. No files can be received.

Files submitted after 5:30 pm ET, Friday, February 17, 2017 will receive a filing date of Tuesday, February 21, 2017 and will be posted to the public on February 21, 2017 at 6:00 am ET.

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As with other holiday closings, the following file types will receive a Friday, January 17, 2017 filing date if filed by 10:00 pm ET on Friday:

  • Section 16 filings (3, 3/A, 4, 4/A, 5, 5/A)
  • Filings pursuant to Rule 462(b)

For any filing with a due date of Monday, February 20, 2017, the SEC will move the due date of Tuesday, February 21, 2017.

Please contact your Vintage representative if you foresee any deadline conflicts. We’re always here to help!

DOWNLOAD A 2017 SEC HOLIDAY AND DEADLINE CALENDAR HERE.

 

70% of Top 10 Securities Law Firms Worked on Transactions with Vintage in 2016

Overwhelming client support for Vintage 2017 mission: Fast-turns, spot-on execution and absolute cost transparency

NEW YORK, February 7, 2017 / PR Newswire / — In 2016, 70% of the Top 10 law firms that specialize in the SEC transactions required by the Securities Act Of 1933, worked with Vintage, the capital markets, corporate services and institutional & mutual fund services division of PR Newswire and Cision.

CLICK TO ENLARGE

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These filings, including IPOs, secondary offerings and Regulation A+ registrations, are very complex legal documents that require an immaculate attention to detail and extensive expertise in financial publishing.

“In 2016, Vintage deepened our standing as a top three solution for law firms and their clients,” said Liam Power, President of Vintage. “Regardless of the scale of the work or the size of the company, all our clients equally experience our promise of delivering ‘fast-turns and spot-on’ execution from our operations and client support teams.”“Judging by the direct feedback from our clients, we are fulfilling our promise as well as meeting the stricter budget scrutiny that more securities law firms are facing from their corporate clients,” continued Power. “It was very evident, in 2016, that our absolute cost transparency and invoicing was a key factor driving our success.”

The capstone of Vintage capital markets group is its IPO and transaction drafting sessions. The company has defined three models for these sessions, based on the flexibility and budget the client requires and not a one-size-fits-all approach.

  • Vintage office location: a traditional session model
  • Client-selected location: minimum travel and billable hours while allowing senior executives to keep abreast of their daily workload
  • 100% virtual: the most cost and time efficient alternative

Securities law firms, like Sichenzia Ross Ference Kesner LLP, work with Vintage and the process that best suits their own issuer clients’ needs.

“We are very proud to be recognized as the 7th most active law firm in the United States for transactions involving public offerings in 2016, after ranking #12 in 2015 and 2014,” said Gregory Sichenzia, Partner, Sichenzia Ross Ference Kesner LLP. 

“These rankings reflect the continuation of our commitment to excellence through servicing the needs of public companies, their investors and the financial services community.  We thank our friends at Vintage for their help and support,” finished Sichenzia.

Absolute cost transparency is a hallmark of the Vintage approach, and a key part of their ability to deliver value to our client, presenting pricing simply, clearly and to the level of detail that matters to clients. In fact, Vintage pioneered the concept of open, up-front and transparent pricing.

In addition to capital markets practice group that works with law firms, investment banks and M&A deal-drivers, Vintage also supports two other practice groups:

  • Corporate Services, which supports public companies with compliance and investor relations solutions
  • Institutional & Fund Services for investment management and mutual fund organizations

Vintage is headquartered in New York City with regional sales and service offices throughout the US and internationally. The company is now part of the expanding and worldwide Cision, Inc. organization.

A brief video explaining transaction drafting sessions can be viewed here: http://promotions.prnewswire.com/Vintage-transaction-solutions.html

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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. 

About PR Newswire

PR Newswire, a Cision company, is the premier global provider of multimedia platforms and distribution that marketers, corporate communicators, sustainability officers, public affairs and investor relations officers leverage to engage key audiences. Having pioneered the commercial news distribution industry over 60 years ago, PR Newswire today provides end-to- end solutions to produce, optimize and target content — and then distribute and measure results. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and Asia-Pacific regions.

Cision is a leading global media intelligence company, serving the complete workflow of today’s communication professionals. 

Media Contact:
Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157

bradley.smith@prnewswire.com