ADP Recommends Shareholders Reject TRC Capital Corporation's Below-Market Price "Mini-Tender" Offer

ROSELAND, N.J., April 16, 2014 (GLOBE NEWSWIRE) -- ADP® (Nasdaq: ADP), a leading global provider of Human Capital Management (HCM) solutions, has been notified of an unsolicited "mini-tender offer" made by TRC Capital Corporation (TRC Capital) to ADP's shareholders to purchase up to 2,000,000 shares of common stock, or approximately 0.42% of ADP's outstanding shares. TRC Capital's offer price of $71.00 per share is approximately 4.36% below ADP's closing price of $74.24 on April 14, 2014, the last full trading day before the mini-tender offer was commenced.

ADP does not endorse this unsolicited mini-tender offer and recommends that shareholders reject the offer and not tender their shares. This recommendation is based on the fact that TRC Capital's offer represents a price below the current market value of ADP's common stock and that the offer is subject to a number of conditions. Among these, TRC notes that it may terminate or amend the offer if the price of ADP's common shares decline or if TRC Capital is unable to obtain financing necessary to consummate the offer.

ADP urges shareholders to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC Capital's offer. ADP recommends that shareholders who have already tendered shares in the offer withdraw these shares by providing written notice as described in TRC Capital's offering documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. (Eastern) on Thursday, May 15, 2014.

TRC Capital has made similar mini-tender offers for shares of other companies. Given this offer is for less than 5% of ADP's outstanding shares, it is not subject to many of the disclosure and procedural requirements of Securities and Exchange Commission (SEC) rules that are designed to protect investors. The SEC has issued an investor alert stating, "Investors need to scrutinize mini-tender offers carefully. Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The alert can be found on the SEC website at: http://www.sec.gov/investor/pubs/minitend.htm.

ADP encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosures at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm; and the NASD Notice to Members 99-53, issued in July 1999, regarding guidance to members forwarding mini-tender offers to their customers, which can be found at http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p004221.pdf.

ADP requests that a copy of this press release be included with all distributions of materials relating to TRC Capital's mini-tender offer.

About ADP

With more than $11 billion in revenues and more than 60 years of experience, ADP® (Nasdaq: ADP) serves approximately 620,000 clients in more than 125 countries.  As one of the world's largest providers of business outsourcing and Human Capital Management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA).  ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes.  ADP is also a leading global provider of automotive retail and digital marketing solutions to auto retailers and manufacturers. For more information about ADP, visit the company's Web site at www.ADP.com.

CONTACT: Investor Relations Contacts:
         Elena Charles
         973.974.4077
         elena.charles@ADP.com

         Sara Grilliot
         973.974.7834
         sara.grilliot@ADP.com

         Media Contact:
         Michael Schneider
         973.567.1775
         michael.schneider@ADP.com
Source: Automatic Data Processing, Inc.


Fitch Affirms MSDW 2001-IQ Apr 16, 2014 03:03PM

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed two classes of Morgan Stanley Dean Witter Capital I Trust (MSDW) commercial mortgage pass-through certificates series 2001-IQ due to stable performance. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to the pool's stable performance, scheduled principal pay down and sufficient credit enhancement to offset modeled losses. There are currently four loans remaining in the pool, all of which are performing and with the master servicer; there are two office, one retail and one industrial property. Upgrades were not warranted due to the lack of financial reporting for the largest loan in the pool.

As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 98.9% to $7.5 million from $713 million at issuance. Minimal, if any losses are expected on the remaining pool; there have been $3.7 million (0.5% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting class O.

The largest loan (58% of the pool) is secured by a 54,714 square foot (sf) office building located in Charlotte, NC. As reported by the master servicer, the borrower has refused to provide financial statements since 2005. A rent roll, however, was received in August 2013 showing 98% occupancy and 45% lease rollover in 2014. Due to the lack of operating information and lease rollover risk, Fitch made conservative estimates of performance.

The second largest loan (20%) is secured by a 29,025 sf office building located in Santa Monica, CA. As of December 2013, the property is 94% occupied, which is a slight decrease from 100% at December 2012. The debt service coverage ratio (DSCR) as of the Dec. 31, 2013 operating statement was at 2.19x. The DSCR for this property has consistently been above 2.0x since issuance.

RATING SENSITIVITY

Future rating changes are unlikely for the remaining life of the pool due to the small number of loans remaining and lack of financial reporting on the largest loan.

Fitch affirms the following classes and revises Rating Outlooks as indicated:

--$4.1 million class M at 'Bsf', Outlook to Stable from Negative;

--$1.8 million class N at 'B-sf', Outlook to Stable from Negative.

The class A-1, A-2, A-3, B, C, D, E, F, G, H, J, K, L, and X-2 certificates have paid in full. Fitch does not rate the class O certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827130

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch RatingsPrimary AnalystDaniel AndersonAssociate Director+1-312-606-2305Fitch Ratings, Inc.70 West MadisonChicago, IL 60602orCommittee ChairpersonMary MacNeillManaging Director+1-212-908-0785orMedia Relations:Alyssa Castelli, +1-212-908-0540 (New York)alyssa.castelli@fitchratings.com

Source: Fitch Ratings


Eaton Vance Municipal Bond Fund Report Of Earnings Apr 16, 2014 03:02PM

BOSTON, April 16, 2014 /PRNewswire/ -- Eaton Vance Municipal Bond Fund (NYSE MKT: EIM) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months ended December 31, 2013. The Fund's fiscal year ends on September 30, 2014.

For the three months ended December 31, 2013, the Fund had net investment income of $13,476,854 ($0.198 per share). In comparison, for the three months ended December 31, 2012, the Fund had net investment income of $13,213,563 ($0.194 per share).

Net realized and unrealized losses for the three months ended December 31, 2013 were $8,336,037 ($0.122 per share). In comparison, net realized and unrealized losses for the three months ended December 31, 2012 were $262,302 ($0.004 per share).

On December 31, 2013, net assets of the Fund were $829,533,384. The net asset value per share on December 31, 2013 was $12.17 based on 68,168,250 shares outstanding. In comparison, on December 31, 2012, net assets of the Fund were $960,606,899. The net asset value per share on December 31, 2012 was $14.09 based on 68,155,748 shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds").  Fund portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $285.4 billion in assets as of March 31, 2014, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

 

EATON VANCE MUNICIPAL BOND FUND

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

December 31,

2013

2012

Net investment income

$   13,477

$    13,214

Net realized and unrealized gains (losses)

  on investments

(8,336)

(262)

Net increase (decrease) in net assets

  from operations

$     5,141

$    12,952

Earnings per Share Outstanding

Net investment income 

$     0.198

$      0.194

Net realized and unrealized gains (losses)

  on investments

(0.122)

(0.004)

Net increase (decrease) in net assets

  from operations

$     0.076

$      0.190

Net Asset Value at December 31

Net assets

$ 829,533

$  960,607

Shares outstanding

68,168

68,156

Net asset value per share outstanding

$     12.17

$      14.09

Market Value Summary 

Market price on NYSE MKT at December 31

$     11.30

$      13.99

High market price (period ended December 31)

$     11.51

$      15.04

Low market price (period ended December 31)

$     10.81

$      13.92

 

SOURCE Eaton Vance Management


New Study from CFO Research:An Effective Compliance Function Helps Fatten Bottom Line Apr 16, 2014 03:02PM

Boston, MA (PRWEB) April 16, 2014

A well-managed employment-related tax and payment compliance program can pay off in bottom-line results. So say more than half of the 152 senior finance and human resources executives who responded to an online survey conducted by CFO Research, in collaboration with ADP, a leading provider of human capital management services.

The ROI of employment-related tax and payment compliance has typically been viewed as too imprecise to be quantified, measured at best by the absence of fines, legal sanctions and lawsuits. But survey-takers, consisting of senior finance and human resources executives at U.S. companies with revenues of $100 million or more, recognize that effective compliance management can translate directly into improved operational efficiency, heightened employee productivity and enhanced profitability.

The full report, The Bottom Line: Highlighting the Benefits of Investing into an Employment-Related Tax and Payment Compliance Strategy, is now available for download at cfo.com/research. For an explanatory infographic, please go to http://www.adpcomplianceinsights.com/the-compliance-continuum/

More than half of survey respondents say they have seen tangible benefits to good management of employment-related tax and payment compliance in many areas, including wage payment processing (64%), employment verification and employment-related tax credits (56% each) and employment tax processing (52%). (See chart.) Intangible payoffs, as a majority of survey-takers say, include improvements in employee satisfaction (chosen by 70% of respondents), employee engagement (63%) and corporate brand and reputation (55%).

There is also a link between the effectiveness of a compliance function and how much interest executives take in it, the survey found. Two-thirds of those respondents who ranked employment-related tax and payment compliance activities as a top priority graded its performance with an "A" or "B." Conversely, nearly half of senior finance and human resources executives who slapped their compliance effort with a "C" ranked it as either a "lower priority" or "no priority."

Effective compliance processes can give employees the time and space they need to focus more on their jobs, helping to boost their productivity as well as helping to enable them to make other constructive changes to the business. Focusing on compliance also encourages teamwork and collaboration among employees and departments. As one respondent put it: "We have a committed team that knows what's going on and is dedicated to ensuring all the right things are getting done."

The payoff: More than half of finance executives surveyed say there are tangible benefits to good management of employment-related tax and payment compliance.

Compliance activity (% identifying tangible benefits)

Wage payments processing - (64%)
Employment verification - (56%)
Employment-related tax credits - (56%)
Employment tax processing - (52%)
Unemployment claims processing - (50%)
Health care reform reporting and employee communications - (48%)
W2 management - (41%)
Wage garnishment processing - (33%)

For Further Information:

CFO Research (cfo.com/research) is the research group at CFO Publishing LLC, which also produces CFO magazine, CFO.com, and CFO Conferences. The company is based in Boston.

Contact: David Owens, Editorial Director, Custom Content and Research, CFO Publishing, 617-790-3280, davidowens@cfo.com

About ADP
With more than $11 billion in revenues and more than 60 years of experience, ADP® serves approximately 620,000 clients in more than 125 countries. As one of the world's largest providers of business outsourcing and human capital management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA). ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP visit the company's Web site at http://www.adp.com.

ADP and the ADP logo are registered trademarks of ADP, Inc. ADP SmartCompliance is a service mark of ADP, Inc. All other marks are the property of their respective owner(s).

Contact:
Kira Lee Lakin
(909) 612-5007
Kira.lakin@adp.com

Read the full story at http://www.prweb.com/releases/2014/04/prweb11769350.htm


Just Announced Corporate Information Security Policy Templates Available for Download from the Compliance Experts at myinformationsecuritypolicy.com Apr 16, 2014 03:01PM

Atlanta, GA (PRWEB) April 16, 2014

myinformationsecuritypolicy.com offers an in-depth, industry leading corporate information security policy template, with examples and samples of I.T. policies for instant download today. Authored by regulatory compliance specialists, the easy-to-use manual is essential for many of today's growing regulations and industry specific mandates. From Sarbanes – Oxley to HIPAA, FISMA, and many other legislative mandates – the need for comprehensive, well-written, enterprise-wide information security policy templates, examples and samples has never been greater. Growing compliance mandates, coupled with increasing cyber security threats and attacks have sounded the alarm bell for businesses all around the world – get serious, once and for all, about information security.

The solution is the corporate information security policy template, with examples and samples of I.T. policies for immediate download today from myinformationsecuritypolicy.com. There's simply no need for spending countless hours authoring security documents and templates, just trust the experts at myinformationsecuritypolicy.com and the industry leading corporate security policy templates, examples, and samples – all contained in an easy-to-use and customize information security policy and procedures manual.

From critical network security policies to best practices for change management, access control – and many other areas – the information security policy and procedures manual from myinformationsecuritypolicy.com is a must have for security conscious organizations.

Read the full story at http://www.prweb.com/releases/2014/04/prweb11769475.htm


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