Business
Pulse Data announces dismissal of Seitel's application to cease-trade Pulse's Shareholder Rights Plan
Pulse Data announces dismissal of Seitel's application to cease-trade Pulse's Shareholder Rights Plan.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Sept. 27 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that following a hearing yesterday, the Alberta Securities\nCommission dismissed today Seitel's application to cease-trade Pulse's\nShareholder Rights Plan. The Commission stated that this decision was based\nupon the unique circumstances of this case at this time, and that Seitel was\nnot precluded from a further application at any time should circumstances\nchange.\n\n\nPulse thanks its shareholders for their overwhelming approval of the\nShareholder Rights Plan at a special shareholders' meeting last Friday.\n\n\nThe Shareholder Rights Plan continues to provide important protection to\nshareholders against a creeping take-over of Pulse, by requiring that any\ntake-over bid must be accepted by shareholders holding a majority of the\noutstanding shares (other than those held by the offeror).\n\n\nAccordingly, the Seitel offer is not a permitted bid under the\nShareholder Rights Plan unless, among other things, a majority of the\noutstanding shares (excluding shares owned by ValueAct Capital) are tendered\nto the Seitel offer.\n\n\nThe Board of Directors of Pulse Data continues to recommend that\nshareholders reject the Seitel offer, and that any shareholders that have\ntendered their shares to the Seitel offer withdraw them.\n\n\nDisclaimer: Certain information contained herein may constitute\nforward-looking statements under applicable securities laws. Such statements\nare subject to known or unknown risks and uncertainties that may cause actual\nresults to differ materially from those anticipated or implied in the\nforward-looking statements. Investors are encouraged to review the "Risk\nFactors" section of the Management's Discussion and Analysis in the Company's\nmost recent Annual Report and interim reports for a discussion of risks that\ncould affect the Company's operations and financial results. Forward-looking\nstatements are based upon management's assumptions, expectations and estimates\nat the time that such statements are made. Pulse does not update\nforward-looking statements should circumstances change or management's\nassumptions, expectations or estimates change, unless required by law.\n\n\n","length":2320,"tagName":"div"}]