TSX: PSD
CALGARY, Sept. 25 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that it has reduced the time period for the Seitel Offer to be a permitted bid under Pulse's Shareholder Rights Plan (the "Plan") to today's date.
Such decision does not, in any way, affect the Board's unanimous recommendation that Pulse shareholders reject the Seitel Offer.
The determination to reduce the permitted bid time period for the Seitel Offer has been made as a result of a careful assessment by the Board of strategic alternatives available to Pulse at the present time, including preliminary indications of interest from certain parties which have indicated price levels superior to that which is being offered under the Seitel Offer, and maximization of shareholder value through the execution of the Company's current business plan and future prospects. Pulse continues to seek and assess strategic alternatives to maximize shareholder value.
With this reduction of the time period, the Plan continues to provide important protection to shareholders against a creeping take-over of the Company, by requiring that any take-over offer must be accepted by shareholders holding a majority of the outstanding shares (other than those held by the offeror).
At a meeting of Pulse shareholders held on September 21, 2007, the Plan was overwhelmingly approved by shareholders.
Seitel has made an application to the Alberta Securities Commission seeking an order to cease trade the Plan. A hearing before the Alberta Securities Commission in respect of such application has been scheduled for September 26, 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.