Tuesday, May 21 2013 7:29 PM EDT2013-05-21 23:29:47 GMT
Chittenden Solid Waste District general manager Tom Moreau says the chemical aminopyralid is the herbicide found in Green Mountain Compost that ruined up to five hundred gardens last year including his. "We'reMore >>
The herbicide likely came from hay that came to the compost through manure.More >>
Tuesday, May 21 2013 7:23 PM EDT2013-05-21 23:23:32 GMT
For the first time in more than a year, we're hearing from the couple accused of brutally killing a popular St. Johnsbury teacher, Melissa Jenkins. Both Allen and Patricia Prue spoke in court today -More >>
For the first time in more than a year, we're hearing from the couple accused of brutally killing a popular St. Johnsbury teacher, Melissa Jenkins. Both Allen and Patricia Prue spoke in court today - requesting new attorneys. More >>
Tuesday, May 21 2013 6:25 PM EDT2013-05-21 22:25:01 GMT
Voters across the state of New York headed to the polls on Tuesday to vote on their school districts budgets and elect school board members. For voters in Peru, NY the reaction to the proposed budget isMore >>
Voters across the state of New York headed to the polls on Tuesday to vote on their school districts budgets and elect school board members. More >>
Tuesday, May 21 2013 6:10 PM EDT2013-05-21 22:10:06 GMT
South Burlington fire fighters say they had to close off some streets Tuesday to repair a gas leak. It happened around 2 on Hayes Avenue, as construction crews were working on a street project. FirefightersMore >>
South Burlington fire fighters say they had to close off some streets Tuesday to repair a gas leak.More >>
Tuesday, May 21 2013 5:44 PM EDT2013-05-21 21:44:30 GMT
For more than two and half years we haven't heard much from police about the death of Pat O'Hagan. That changed Tuesday when we received these federal documents that connects Michael Norrie, 22, KeithMore >>
Even with confessions of three people regarding the death of Pat O'Hagan, state prosecutors say there isn't enough evidence to charge them. Instead, federal prosecutors are hoping to use that information to lock at least one of them behind bars for a longer time.More >>
Tuesday, May 21 2013 3:32 PM EDT2013-05-21 19:32:47 GMT
Here's a timeline of events regarding Pat O'Hagan's death. On September 10, 2010, police say 78-year-old Pat O'Hagan was attacked and killed inside her Sheffield, Vt. home.The next day a friend reportedMore >>
Timeline of events regarding Pat O'Hagan's death.More >>
Tuesday, May 21 2013 2:32 PM EDT2013-05-21 18:32:54 GMT
Vermont Restaurant Week donates $6,600 to Vermont Food Bank. A press release says the money will provide 19,800 meals for families throughout Vermont "The Vermont Food Bank is thrilled to again be theMore >>
Vermont Restaurant Week donates $6,600 to Vermont Foodbank.More >>
Tuesday, May 21 2013 1:43 PM EDT2013-05-21 17:43:40 GMT
A judge denied Allen Prue's request for a new lawyer Tuesday. Earlier Tuesday, a judge also denied Patricia Prue, Allen's wife, a new lawyer. Patricia and Allen Prue are accused of strangling and beatingMore >>
A judge denied Allen Prue's request for a new lawyer Tuesday.More >>
Tuesday, May 21 2013 1:22 PM EDT2013-05-21 17:22:01 GMT
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources: Red Cross You can also text REDCROSS to: 90999. Each text will donate $10 and will be charged to your phoneMore >>
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources. More >>
Tuesday, May 21 2013 12:32 PM EDT2013-05-21 16:32:21 GMT
ABC World News With Diane Sawyer will be expanded to one hour Tuesday night. According to ABC News, the 1 hour telecast will provide information about the Oklahoma tornado. ABC22 will go on-air at 7:30More >>
Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Ernst & Young
IPO Activity Expected to Continue Trending Up in Q2
NEW YORK, March 20, 2013 /PRNewswire/ -- The U.S. IPO market surged in the early part of 2013. In overall equity capital markets volume, the US exchanges continue to dominate the globe, driving the most deal activity. According to Ernst & Young's Global IPO update– 24 IPOs have gone effective in Q1, raising more than $6.7 billion in proceeds. The Ernst & Young U.S. IPO Pipeline Analysis indicates an additional 9 IPOs, which are scheduled to price before quarter end, will raise $1.8 billion and will be on par with the 33 IPOs which raised $8.7 billion in Q4.
As the U.S. housing market continues to see recovery, the real estate sector is dominating, bumping technology down, and boasting 18 IPOs that raised $11.0 billion. IPO returns for Q1 have also been strong with the 24 effective IPOs having an average of 12.7 percent return on the first day of trading compared with the 9.96 percent YTD total return for the S&P 500 index. In a recent EY survey of institutional investors, they have responded in an overwhelming show of faith as 82 percent globally have invested in pre-IPO and IPO stocks in the past 12 months compared with only 18 percent in the past two to three years.
"There have already been far more IPOs than we anticipated in 2013. I think we are finally seeing a level of confidence return to the markets after a tumultuous few months following the U.S election and the fiscal cliff," said Herb Engert, Strategic Growth Markets Practice Leader for Ernst & Young LLP. "We're seeing positive signs for the IPO window to stay open. The Dow Jones industrial average hit an all time high earlier this month and investors look optimistically to the U.S. markets. In fact, over 50 percent of institutional investors rank the U.S. as a top three investment destination, and I expect that mindset to continue."
Looking Ahead: For Q2 and the remainder of 2013 stability is key - a strong, steady stock market and potential clarity on tax hikes could make for a very solid IPO market this year. North American institutional investors cited the prospect of stabilization in macro-economic conditions as their number one concern for positive market sentiment at 65 percent followed by more stable equity markets at 61 percent and brighter corporate earnings outlook at 57 percent. However, there are still concerns around the stability of the European economy which continues to hinder global recovery.
Also, the number of new public registrants has been trending up. The IPO pipeline, clouded by the confidential filers, saw 25 new registrations enter into the public IPO pipeline since the first of the year, seven in January, 14 in February and four in March thus far; a strong indication that companies are lining up to access the capital markets while the IPO window is still open.
Pricing will also play a big role in IPO momentum. North American investors cite attractive pricing as the top success factor for an IPO at 90 percent while overpricing ranks as the top challenge at 85 percent. IPO valuation is driven by market confidence in the ability of a company's management team to execute their business plan and consistently deliver strong investor returns. There is no denying that investor confidence can be affected by market or industry volatility and economic uncertainty. But, there is always room in the market for companies with attractive pricing, a good management team, and the ability to clearly explain their business proposition to investors.
"The U.S. market environment in 2013 has presented a window of opportunity for IPOs, and we expect at least 9 more companies to go public before the quarter closes" said Jackie Kelley, Americas IPO Leader, for the global Ernst & Young organization. "Equity markets are reaching new highs, and valuations are very attractive. We expect continued investment in IPOs through 2013 given investors' positive sentiment towards public listings. The key question of timing will depend on when pre-IPO companies are ready to meet investors' terms and expectations and if the price is right."
PE-Backed IPOs The year should be active from a PE perspective as sentiment is rapidly improving and PE-backed IPOs have performed well. Currently, there is a significant backlog of companies in the "PE portfolio," many of which were acquired over the 2006-2007 timeframe. Nonetheless, PE firms have been highly disciplined and opportunistic in their exit strategies, and that should continue to be the case. There is also a significant pipeline of PE-backed companies waiting to IPO. Through March 15th, there were more than 48 PE-backed companies in active registration that could potentially raise more than $9.0 billion.
While the window is open, firms will IPO, but to the extent that increased volatility starts to drag valuations, firms will explore alternatives - through sales to strategics, secondary buyouts, and in particular through the credit markets, which are extremely open and can allow PE firms to achieve some liquidity for their LPs.
In the U.S, PE-backed IPOs are on the rise with six deals going public already this year raising $1.4 billion. In 2012, the U.S. saw 68 PE-backed IPOs go public raising $14.5 billion.
Venture Capital backed IPOs on the other hand have trended down during the past few years yet better exits and returns of late suggest the slump in fundraising could be over for VC in 2013. An uptick in VC inflows this year would obviously not be enough to reverse the recent declining trend; however, an improvement would bolster investor confidence and prospects for future capital raising.
Year-over-year pipeline comparison chart or table:
# of companies in the Pipeline
Total dollar amount in the Pipeline $bn
Average deal size in the Pipeline $mm
# of U.S. IPOs that went public in the quarter
End of Q1 2011
End of Q1 2012
Q1 2013 as of March 19, 2013
Q1 2013 figures are as of Mar 19, 2013
The Q1 Review: Twenty five new registrations entered into the public IPO pipeline through March 19, 2013. Five of the 25 new registrants were cross border listings-a trend we expect to continue due to strong performance in the U.S. capital markets. Withdrawn and postponed IPOs continued to slow with four companies withdrawing from the pipeline at the end of Q1 compared with five that withdrew just in the month of December 2012. The Dow Jones industrial average hit an all time high in March, and IPOs were also gaining higher returns, maintaining the institutional investor support.
Notable Q1 companies that priced include:
Zoetis Inc, an animal health unit spinoff from Pfizer raised more than $2.6 billion
CVR Refining LP, a spinoff from CVR Energy raised $690 million
Norwegian Cruise Line raised $514 million
Sector Breakdown: A sector breakdown of the 99 IPOs currently in the pipeline shows that:
18 are in Real Estate, raising $11.0 billion
14 are in Life Sciences raising $1.7 billion
11 are in Technology raising $1.1 billion
10 are in Oil & Gas, raising $2.7 billion.
Financial Services and Consumer Products / Retail round out the other top sectors in the pipeline raising $1.3 billion and $1.6 billion, respectively. Together, the top sectors for new IPO registrations – Real Estate, Life Sciences, Technology and Oil & Gas -- account for 53 of the 99 registrations.
Regionally, the Northeast leads deal volume with 25 companies seeking $8 billion; followed by the West with 21 companies seeking $3.3 billion; and the Southwest with 17 firms seeking $3.6 billion.
About Ernst & Young's Strategic Growth Markets Services Ernst & Young's Strategic Growth Markets (SGM) services guides leading high-growth companies. Our multi-disciplinary team of elite professionals provides perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. Ernst & Young is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at www.ey.com/us/strategicgrowthmarkets, or follow news on Twitter at EYSGM.
About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
 Institutional Investor Survey, Ernst & Young, February 7, 2013