Secondaries Announced Pre-Market 4.20.2015

Company: Scynexis
Symbol: SCYX
Price: Last trade $8.93
Trade Date: 4/23
Shares: 3.4 million
Underwriter(s): RBC Capital Market, Canaccord Genuity
Co-Manager: JMP Securities, Needham & Company
Rating = Subscription Needed

Company: Orchids Paper Products
Symbol: TIS
Price: Last trade $25.06
Trade Date: 4/24
Shares: 1.5 million
Underwriter(s): Jefferies
Co-Manager: Oppenheimer & Co., Craig-Hallum
Rating = Subscription Needed

Company: Tribune Media Company
Symbol: TRCO
Price: Last trade $57.60
Trade Date: 4/24
Shares: 9.2 million
Underwriter(s): Morgan Stanley, J.P. Morgan, Goldman Sachs & Co., Deutsche Bank Securities
Co-Manager: BofA Merrill Lynch, Credit Suisse, Evercore ISI, Guggenheim Securities
Rating = Subscription Needed

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis.  For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)