TSX: PSD
CALGARY, Oct. 1 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") responds to the announcement by Seitel of its amended and extended offer for Pulse shares.
Pulse notes that the dividend adjusted offer price is actually only $3.2625 per share, after deducting the regular quarterly dividend declared on August 13, 2007. The dividend adjusted offer price of $3.2625 per share represents only a tiny 1.6% premium to the closing price of $3.21 prior to the announcement of the amended and extended offer, and only a slim 9.8% premium to the volume weighted average trading price of Pulse shares of $2.97 for the 30 trading days prior to the original Seitel offer.
The Special Committee and Board of Directors of Pulse will consider the amended and extended Seitel offer and will provide their recommendation to the shareholders. The Board of Directors recommends that shareholders not tender to the amended and extended Seitel offer before they have received that recommendation.
Pulse also announces that with respect to the Seitel offer, the Separation Time for the rights issued under the Shareholders Rights Plan has been deferred until October 12, 2007.
Disclaimer: Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's most recent Annual Report and interim reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, unless required by law.