TSX Symbol - PSD
CALGARY, Nov. 27 /CNW/ - Pulse Data Inc. ("Pulse" or "the Company") announces that the Toronto Stock Exchange has accepted the Company's Notice of Intention to purchase through a normal course issuer bid up to 3,356,753 common shares (representing 10% of the public float of 33,567,526 common shares). All shares will be purchased through the facilities of the TSX and all shares purchased under the normal course issuer bid will be cancelled. The duration of the normal course issuer bid will be from December 1, 2008 through November 30, 2009. As of November 14, 2008, there were 53,787,680 common shares issued and outstanding.
The Company's purchase of shares during any trading day will not exceed 15,532 common shares (representing 25 percent of the average daily trading volume of the shares based on the number of shares traded during the most recently completed six calendar months preceding the filing of the Notice of Intention), subject to Pulse's ability to make block purchases in accordance with the TSX facilities and rules, and subject to any temporary relief measures introduced by the TSX to assist issuers during the current extraordinary market conditions.
Pulse believes that its common shares may from time to time be undervalued.
During the period from November 27, 2007 through November 14, 2008, Pulse purchased 1,984,000 common shares under a normal course issuer bid at a weighted average price of $2.54 per share.
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 257,300 net kilometres of 2D seismic and 12,000 net square kilometres of 3D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occurs.
Pulse has publicly traded on the TSX since 2001. The Company has paid its shareholders a quarterly dividend since 2003 and at Pulse's current share price provides one of the highest dividend yields on the TSX.