CALGARY, Sept. 21 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")
announces that its Shareholder Rights Plan (the "Plan") was approved by its
shareholders at the Special Shareholders' Meeting today.
The results of the voting were as follows:
- Approximately 56% of the outstanding Pulse shares were voted at the
Special Shareholders Meeting. Of the Pulse shares voted at the
meeting, approximately 75% were voted in favour of the Plan and
approximately 25% were voted against.
- Excluding the Pulse shares owned by ValueAct Capital (a joint actor
in respect of the Seitel Offer), all of which Pulse believes were
voted against the Plan, an overwhelming 98% of the remaining
Pulse shares voted at the Special Shareholders Meeting were voted in
favour of the Plan.
- In addition, Pulse received a proxy representing 4,123,386 Pulse
shares from a shareholder voting in favour of the Plan, which proxy
was not voted at the Special Shareholders Meeting as it was received
before the meeting but after the proxy deadline. Had such proxy been
included in the voting results, there would have been approximately
64% of the outstanding Pulse shares voted at the meeting, of which
approximately 78% would have been voted in favour of the Plan
(representing approximately 99% of the total number of Pulse shares
that would have been voted, excluding those owned by ValueAct
Pulse reminds its shareholders that the Plan provides two important
protections to shareholders in case of take-over bids such as the current
1. The Plan prevents 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
2. The Plan provides the Company with additional time to pursue
alternatives to maximize shareholder value.
Pulse also announces that with respect to the Seitel Offer, the Board of
Directors has deferred the Separation Time of the rights issued under the Plan
until September 28, 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.