Business
Pulse Data announces special shareholders meeting to re-confirm its Shareholder Rights Plan in light of Seitel's "best and final" offer
Pulse Data announces special shareholders meeting to re-confirm its Shareholder Rights Plan in light of Seitel's "best and final" offer.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Oct. 3 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that a special shareholders meeting will be held at 10:00 a.m.\n(Calgary time) on November 9, 2007 at the Calgary Petroleum Club to re-confirm\nits Shareholder Rights Plan (the "Plan").\n\n\nThe Board of Directors of Pulse believes that shareholders should have\nthe opportunity to re-confirm the Plan in light of Seitel's "best and final"\noffer. The Plan provides important protection to shareholders in case of\ntake-over bids such as the amended offer by Seitel. The Plan prevents a\ncreeping take-over of the Company, by requiring that any take-over bid be\naccepted by shareholders holding a majority of the outstanding shares (other\nthan those held by the offeror and its joint actors).\n\n\nThe Plan was recently overwhelmingly approved by Pulse's shareholders at\na special shareholders meeting on September 21, 2007.\n\n\nOn September 27, 2007, the Alberta Securities Commission dismissed an\napplication by Seitel to cease-trade the Plan. In the oral reasons for its\ndecision, the Alberta Securities Commission noted the unique circumstances\npresent including, among other things, that the Plan had very recently been\napproved by the shareholders in the context of the original Seitel offer of\n$3.10 per share ($3.0625 after deducting Pulse's dividend paid on\nSeptember 20, 2007). The Alberta Securities Commission also indicated that\nSeitel was free to re-apply to cease-trade the Plan should circumstances\nchange.\n\n\nOn September 28, 2007, Seitel amended its offer to $3.30 per share\n($3.2625 after deducting Pulse's dividend paid on September 20, 2007). In its\nnews release on October 1, 2007, Seitel stated that the amended offer was its\n"best and final" offer. Pulse management has been advised by significant\ninstitutional shareholders that a senior officer of Seitel has been contacting\nshareholders and re-iterating that the amended offer is Seitel's "best and\nfinal" offer.\n\n\nPulse expects to mail an information circular for the special\nshareholders meeting by October 19, 2007 to its shareholders of record at\nOctober 12, 2007.\n\n\nDisclaimer: Certain information contained herein may constitute\nforward-looking statements under applicable securities laws. Such sta...