Press Releases

NEW YORK, Nov. 11 /PRNewswire/ -- There is a growing sense of anticipation about the global M&A environment with 33% of businesses likely or highly likely to acquire other companies in the next 12 months, according to a new study of almost 500 senior executives around the world by Ernst & Young's Transaction Advisory Services. In fact, 25% expect to do so in the next six months.

The study, entitled Why capital matters - building competitive advantage in uncertain times, is underpinned by the first in a regular series of surveys called the Capital confidence barometer, which was conducted in October. The survey finds that despite recognizing the opportunity for transactions, 62% of businesses feel their ability to act is restricted by various factors, including the lack of available financing.

Pip McCrostie, Global Vice-Chair, Transaction Advisory Services, at Ernst & Young, says: "In the coming months, there is likely to be an increase in M&A activity as companies dispose non-core, underperforming or distressed assets. Those in a position to buy will have the opportunity to capture market share and grow revenues in ways that were impossible two years ago.

Rich Jeanneret, Americas Vice-Chair, Transaction Advisory Services at Ernst & Young LLP, says: "Companies are looking for ways to drive revenue growth through M&A. Valuations are lower than they have been for many years, providing potential opportunities for well-capitalized companies to expand or redefine their businesses, increase their market share, or enter new markets."

McCrostie continues, "Buying will not be an option for all. Capital is no longer cheap nor is it readily available. The tough new realities will force some executives to seriously consider a strategic review. Many companies have responded to the recession with short-term measures around cash and costs. Sensible though these were, they are largely temporary, buying breathing space. To thrive, companies need to be resilient and they also need to adapt quickly. That means being able to compete strongly for new funding options in a time of scarce capital, strengthening their core operations and having the ability to make opportunistic decisions."

The survey found strengthening core operations is the primary transaction driver, with 64% considering acquisitions for this reason and 50% of executives are looking to acquire to enter new geographic markets -- nearly half list the US as the most attractive developed market destination, while emerging markets were dominated by India (30%) and China (27%).

Sixty-three percent of respondents are expecting to see acceleration of industry consolidation in the next 12 months, while 61% expect the downturn to reveal the emergence of a few industry winners best able to exploit acquisition opportunities.

Adapting to uncertainty

While M&A confidence is up, a strong note of caution is also reflected in the survey with 70% of companies expecting the downturn in the broader economy to persist beyond the next 12 months. Of those, 40% believe it will continue for more than two years.

Furthermore, 53% of respondents believe that financing conditions will not return to mid-2007 levels for at least another three years with 19% believing it will be over five years or it may never return to this level.

McCrostie continues: "In 2010 finance will continue to be very difficult to secure. New options will need to be explored - from joint ventures to IPOs. In this complex and uncertain environment a strong capital agenda will be central to boardroom planning and strategy. Boards need new capabilities around performance reporting, forecasting and strategic decision modeling around capital that will, over time, become normal business practice. Leading businesses recognize that amid the new risks there is also opportunity - resilience must be enhanced alongside the ability to respond quickly as the market changes."

Driving the capital agenda

While valuation uncertainty, insufficient financing, investor caution and board scrutiny are cited as current obstacles to doing deals, raising capital is recognized as a critical factor, with 46% prepared to consider alternative deal structures that depend less on debt.

McCrostie adds: "We are already seeing leading boards drive a more focused, disciplined and rigorous management of their capital. Different options will suit different needs -- whether it's operational restructuring, divesting or acquiring opportunistically, but doing nothing and trying to ride out the storm is not a strategy for success."

Survival of the quickest

In an environment where further distress will drive short notice accelerated timetables - readiness to act is critical for success. Forty-five percent of executives expect an increase in distressed assets coming to market yet two thirds are not confident in their ability to act quickly. Only 36% say they are ready to act quickly should the right opportunity present itself.

"Boards will now need to juggle new demands in this environment. They will have to maintain investor confidence, win the competition for scarce capital, adapt to changing market conditions and exploit opportunities for growth. The winners will avoid the temptation of inertia and have the confidence to use their capital at a time when rapid decision-making could make the crucial difference between success and failure elsewhere," says McCrostie.

"The market will divide into those who quickly adapt and thrive and those who play by the old rules for these very new market conditions. A nimble response is needed, no matter the size of the organization - much like time and tide, market share waits for no man."

About the survey

The Ernst & Young Capital confidence barometer is a survey of 490 senior executives from large companies around the world and across industry sectors. The Barometer will be re-run throughout 2010 to gauge shifts in board room sentiment, confidence, focus and activity as the dynamics of the post-recession environment become clearer.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 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. For more information, please visit www.ey.com.

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 EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

SOURCE Ernst & Young

SANTA MONICA, Calif., Nov. 11 /PRNewswire/ -- Lady Gaga announced today that she will release her next album, The Fame Monster, in three different versions -- a standard version of the new 8-song album; a deluxe version which includes both The Fame Monster and her massively successful debut album The Fame; and a collector's edition super-deluxe art book version, which includes both albums, fanzines, 3-D glasses, paper dolls, a puzzle, pictorials, a lock of Lady Gaga's hair and other surprises.

(Photo: http://www.newscom.com/cgi-bin/prnh/20091111/LA09965)

Says Lady Gaga, "In the midst of my creative journey composing The Fame Monster, there came an exciting revelation that this was in fact my sophomore album. I would not add, nor take away any songs from this EP; it is a complete conceptual and musical body of work that can stand on its own two feet. It doesn't need The Fame.

"We may have an economy, but MUSIC HAS NO ECONOMY. I will release four or more singles from The Fame Monster, tour the world with The Monster Ball Tour, and most importantly I insist on honoring my fans with an affordable new album, an album that is as loyal to them, as they have been to me.

"For those who do not have my debut album, there are a series of collectible double-disc editions that include both albums and artwork conceived by the Haus of Gaga in collaboration with our mentor Hedi Slimane. Hear the music, see the show, live and love yourself ... Lady Gaga."

The standard and deluxe versions of The Fame Monster will be released on November 23, 2009. The collector's edition super-deluxe version will be released on December 15, 2009.

Lady Gaga is the first artist since the inception of monitored airplay to chart four #1 hits at Top 40 Radio -- "Just Dance," "Poker Face," "LoveGame," and "Paparazzi." She will perform her next chart-topper, "Bad Romance," on the American Music Awards (ABC) on November 22, 2009.

SOURCE Interscope Records

LAS VEGAS, NV -- (MARKET WIRE) -- 11/11/09 -- This technology driven world is changing at such a rapid pace like never seen before in history; change is impacting all of us. A major paradigm shift is taking place right now in a new global economy, global environmental conditions, globalization of business and finance that has never been experienced by mankind.

The International Congress of Business Professionals is hosting the Pioneer Congress this November 17-18 at the Las Vegas Hilton to address these key issues with some of the industry's top experts who are on the cutting edge providing guidance and solutions for business people to capitalize.

At this event, this special pioneer group of attendees will be listed in the permanent archives that will leave a lasting legacy to inspire their children and future generations to carry on for good humane cause. They represent the leadership and possess the vision to author a new and positive direction for business and our planet.

By bringing together the leading experts in global business, green, technology, finance, education, government relations, leadership and more, the private business sector can pave the road to a brighter future beneficial to all.

Workers and executives absolutely need to train and re-educate themselves in this new world. Those who understand it and are educated to navigate through the recent financial crisis and capture the opportunity will thrive in the next few years.

Similar to the lofty goal set forth by John F. Kennedy in the early '60s, stating the mission that by decades end, man will set foot on the moon, the International Congress of Business Professionals is taking the lead for better prosperity uniting global business, industry, professions and financial leaders together to build a new "rocket ship" to catapult business and industry into the 21st century.

If you're looking to jump-start your business in this new economy and go green, the Pioneer Congress is the place to start. You will also be able to network with companies from around the United States and the world, and be a part of the International Congress of Business Professionals. Don't miss the opportunity to start or re-launch yourself and your business in this new economy.

To get your tickets, go to PIONEER CONGRESS TICKETS. If you'd like more information about this event, or to contact Jourdan Groves, please call 951-779-3550 or e-mail Jourdan at info@icobp.com.

Contact:
Jourdan Groves
Tel: 951-779-3550
Email: Email Contact

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2009) - Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN) (NYSE: PGH) (collectively, "Pengrowth"), today announced that John B. Zaozirny, formerly Vice Chairman and Lead Independent Director, has been appointed by the Board of Directors as the new Chairman of Pengrowth Corporation. Mr. Zaozirny joined the Corporation's Board of Directors in 1988. Mr. Zaozirny is Vice Chairman of Canaccord Capital Corporation and currently serves as a Director of a number of Canadian and international corporations. Mr. Zaozirny was Minister of Energy and Natural Resources for the Province of Alberta from 1982 to 1986.

About Pengrowth:

Founded in 1988, Pengrowth Energy Trust is the third largest Canadian conventional oil and gas energy trust as measured by production. Pengrowth is traded on both the New York (PGH) and Toronto stock exchanges (PGF.UN), and has a current enterprise value of approximately $4.4 billion (CDN) and more than 600 team members who support its operations and activities. Pengrowth is recognized as a pioneer and leader in the Canadian energy trust sector.

PENGROWTH CORPORATION

Derek Evans, President and Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:
        Pengrowth
        Investor Relations
        (403) 233-0224 or Toll Free: 1-888-744-1111
        Fax: (403) 693-8889 (FAX)

        Pengrowth
        Media Inquiries
        (403) 213-8684
        Fax: (403) 781-9757 (FAX)
        www.pengrowth.com

Source: Pengrowth Energy Trust

CALGARY, ALBERTA -- (MARKET WIRE) -- 11/11/09 -- Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN) (NYSE: PGH) (collectively, "Pengrowth"), today announced that John B. Zaozirny, formerly Vice Chairman and Lead Independent Director, has been appointed by the Board of Directors as the new Chairman of Pengrowth Corporation. Mr. Zaozirny joined the Corporation's Board of Directors in 1988. Mr. Zaozirny is Vice Chairman of Canaccord Capital Corporation and currently serves as a Director of a number of Canadian and international corporations. Mr. Zaozirny was Minister of Energy and Natural Resources for the Province of Alberta from 1982 to 1986.

About Pengrowth:

Founded in 1988, Pengrowth Energy Trust is the third largest Canadian conventional oil and gas energy trust as measured by production. Pengrowth is traded on both the New York (PGH) and Toronto stock exchanges (PGF.UN), and has a current enterprise value of approximately $4.4 billion (CDN) and more than 600 team members who support its operations and activities. Pengrowth is recognized as a pioneer and leader in the Canadian energy trust sector.

PENGROWTH CORPORATION

Derek Evans, President and Chief Executive Officer

Contacts:
Pengrowth
Investor Relations
(403) 233-0224 or Toll Free: 1-888-744-1111
(403) 693-8889 (FAX)

Pengrowth
Media Inquiries
(403) 213-8684
(403) 781-9757 (FAX)
www.pengrowth.com