TSX: PSD
CALGARY, Sept. 27 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that following a hearing yesterday, the Alberta Securities Commission dismissed today Seitel's application to cease-trade Pulse's Shareholder Rights Plan. The Commission stated that this decision was based upon the unique circumstances of this case at this time, and that Seitel was not precluded from a further application at any time should circumstances change.
Pulse thanks its shareholders for their overwhelming approval of the Shareholder Rights Plan at a special shareholders' meeting last Friday.
The Shareholder Rights Plan continues to provide important protection to shareholders against a creeping take-over of Pulse, by requiring that any take-over bid must be accepted by shareholders holding a majority of the outstanding shares (other than those held by the offeror).
Accordingly, the Seitel offer is not a permitted bid under the Shareholder Rights Plan unless, among other things, a majority of the outstanding shares (excluding shares owned by ValueAct Capital) are tendered to the Seitel offer.
The Board of Directors of Pulse Data continues to recommend that shareholders reject the Seitel offer, and that any shareholders that have tendered their shares to the Seitel offer withdraw them.
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.