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 date.
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.
SOURCE: Alberta Securities Commission
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
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