CALGARY, Sept. 27 /CNW/ - Following a hearing on September 26, 2007, an
Alberta Securities Commission (ASC) panel dismissed an application made by
Seitel, Inc. requesting that the ASC cease-trade a Shareholder Rights Plan
recently implemented by Pulse Data Inc.
In an oral decision made today, the ASC panel dismissed the application
by Seitel, a Houston-based seismic data company that had recently made an
unsolicited bid for all the shares of Pulse, a Calgary-based seismic data
company. The panel stated that its decision was based on the unique
circumstances of the case at this time. On September 21, 2007, Pulse
shareholders approved the Shareholder Rights Plan, less than a week prior to
the ASC hearing. The panel expressed their reluctance to interfere with this
very recent and fully informed choice made by Pulse shareholders. The panel
also dismissed an application by Pulse to require Seitel to comply with
certain provisions of Alberta securities laws.
The panel will issue its written reasons for the decision at a later
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and efficient
capital market in Alberta and to protect investors. As a member of the
Canadian Securities Administrators, the ASC works to improve, coordinate and
harmonize the regulation of Canada's capital markets.
For further information:
For further information: For Media Inquiries: Tamera Van Brunt,
Director, Communications and Investor Education, (403) 297-2664; For Investor
Inquiries: ASC Public Inquiries, (403) 297-4296, Toll Free 1-877-355-4488