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Pulse Data recommends that shareholders reject extended Seitel Offer and withdraw any shares that have been tendered to the Seitel Offer
Pulse Data recommends that shareholders reject extended Seitel Offer and withdraw any shares that have been tendered to the Seitel Offer.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Sept. 20 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nrecommends that shareholders reject the extended unsolicited offer by 6818862\nCanada Inc., an indirect wholly-owned subsidiary of Seitel, Inc. (the "Seitel\nOffer") to purchase all of the common shares of Pulse.\n\n\nAs previously indicated by Pulse, the Seitel Offer is actually only\n$3.0625 per share. Under the Seitel Offer, the offer price has been reduced by\nthe regular quarterly dividend of $0.0375 paid today to shareholders of record\non September 6, 2007. The offer of $3.0625 per share is below current market\nprice and is only a tiny 3.11% premium to the volume weighted average trading\nprice of Pulse's common shares on the TSX for the 30 trading days immediately\npreceding the Seitel Offer.\n\n\nIn Seitel's news release and Notice of Extension dated September 18,\n2007, Seitel has not indicated how many shares have been tendered to the\nSeitel Offer. Based upon information provided to Pulse management by\nsignificant institutional shareholders and by its information agent, Georgeson\nShareholder Communications Canada Inc., Pulse believes that very few shares\nhave been tendered to the Seitel Offer. Since the Seitel Offer continues to be\nconditional upon at least 66-2/3% of the outstanding Pulse shares (fully\ndiluted) being tendered to the Seitel Offer, Pulse recommends that any\nshareholders that have tendered their shares to the Seitel Offer withdraw\nthem.\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, expect...