CALGARY, Oct. 3 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")
announces that a special shareholders meeting will be held at 10:00 a.m.
(Calgary time) on November 9, 2007 at the Calgary Petroleum Club to re-confirm
its Shareholder Rights Plan (the "Plan").
The Board of Directors of Pulse believes that shareholders should have
the opportunity to re-confirm the Plan in light of Seitel's "best and final"
offer. The Plan provides important protection to shareholders in case of
take-over bids such as the amended offer by Seitel. The Plan prevents a
creeping take-over of the Company, by requiring that any take-over bid be
accepted by shareholders holding a majority of the outstanding shares (other
than those held by the offeror and its joint actors).
The Plan was recently overwhelmingly approved by Pulse's shareholders at
a special shareholders meeting on September 21, 2007.
On September 27, 2007, the Alberta Securities Commission dismissed an
application by Seitel to cease-trade the Plan. In the oral reasons for its
decision, the Alberta Securities Commission noted the unique circumstances
present including, among other things, that the Plan had very recently been
approved by the shareholders in the context of the original Seitel offer of
$3.10 per share ($3.0625 after deducting Pulse's dividend paid on
September 20, 2007). The Alberta Securities Commission also indicated that
Seitel was free to re-apply to cease-trade the Plan should circumstances
On September 28, 2007, Seitel amended its offer to $3.30 per share
($3.2625 after deducting Pulse's dividend paid on September 20, 2007). In its
news release on October 1, 2007, Seitel stated that the amended offer was its
"best and final" offer. Pulse management has been advised by significant
institutional shareholders that a senior officer of Seitel has been contacting
shareholders and re-iterating that the amended offer is Seitel's "best and
Pulse expects to mail an information circular for the special
shareholders meeting by October 19, 2007 to its shareholders of record at
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.
For further information:
For further information: Douglas Cutts, President and C.E.O., Tel: (403)
237-5559, Toll-free: 1-877-460-5559, E-mail: email@example.com; Please
visit our website at www.pulsedatainc.com