Business
Alberta Securities Commission issues cease trade order against Quantum offer
Alberta Securities Commission issues cease trade order against Quantum offer.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, June 29 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that following the previously announced hearing today, the Alberta\nSecurities Commission (the "ASC") issued a cease-trade order against the\nunsolicited offer to acquire all of Pulse's shares made by Quantum Yield Inc.\n("Quantum") on June 19, 2007, prohibiting further distribution of the offer\nand trading in securities in respect of the offer.\n\n\nAs announced by Pulse in its news releases on June 25 and June 26, 2007,\nPulse made an application to the ASC for an order to cease-trade Quantum's\noffer, based upon alleged violations of securities laws and incomplete and\nmisleading disclosure in the offer circular and Quantum's news releases.\nFollowing receipt of ASC staff submissions concerning the application received\nlate on Thursday, June 28, 2007, Quantum withdrew its offer today shortly\nbefore the hearing commenced.\n\n\nNotwithstanding the withdrawal by Quantum of its offer, the ASC heard\nPulse's application, which was made by Macleod Dixon on behalf of Pulse, and\ngranted the cease-trade order. A copy of the cease-trade order will be posted\non Pulse's website after it is published by the ASC.\n\n\nAccording to Quantum's offer dated June 19, 2007, Quantum was\nincorporated for the purpose of making the offer. The directors and executive\nofficers of Quantum are Jim Durward of Calgary, Alberta (President,\nSecretary/Treasurer and Director) and James Hanley of Calgary, Alberta\n(Director).\n\n\nOn June 25, 2007 Pulse announced in a news release that its Board of\nDirectors had unanimously rejected the Quantum offer and was urging Pulse's\nshareholders not to tender their shares to the offer. The same news release\nprovided detailed reasons for the Board of Directors' belief that the offer\nwas inadequate and not in the interests of shareholders.\n\n\nThe Board of Directors and management of Pulse are committed to a\nbusiness plan focused solely on the seismic data library business. The Company\nis well positioned in the seismic business with an experienced board of\ndirectors and management team, a top-performing sales force and an excellent\nreputation within the oil and gas industry.\n\n\nPulse continues to grow its high quality seismic data library. As\nannounced by Pulse in ...