TORONTO, Aug. 10 /CNW/ - Pursuant to the early warning requirements of
applicable Canadian securities laws, ValueAct Capital Master Fund, L.P.
("ValueAct Capital") and ValueAct Capital Master Fund III, L.P. announce that
an indirect wholly-owned subsidiary of Seitel, Inc., a company controlled by
ValueAct Capital, intends to make a take-over bid for all of the issued and
outstanding common shares of Pulse Data Inc. ("Pulse Data") at a price of
C$3.10 per share.
ValueAct Capital and ValueAct Capital Master Fund III, L.P. collectively
own 7,360,500 common shares of Pulse Data, comprising approximately 13.5% of
the issued and outstanding common shares of Pulse Data.
ValueAct Capital believes this C$3.10 price presents a very attractive
premium to Pulse Data shareholders relative to trading levels prior to
ValueAct Capital's high-volume open market share acquisition program and prior
to the Quantum Yield Inc. offer announced on June 19, 2007. A per share price
of C$3.10 also represents a 14.8% premium to the C$2.70 price at which the
company sold new shares in a private placement that closed on July 27, 2007
and a 3.3% premium to the C$3.00 closing price of the shares on the Toronto
Stock Exchange on August 9, 2007.
For a copy of the report required to be filed under the early warning
requirements of applicable Canadian securities laws, please contact Dorothea
Walsh at (415) 362-3700.
For further information:
For further information: Dorothea Walsh at (415) 362-3700; ValueAct
Capital's address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133