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On March 23, 2009, Pulse announced that it was temporarily suspending the payment of quarterly dividends. The Board of Directors of Pulse is committed to reviewing and reinstating the payment of dividends when seismic data library sales recover.
Since the payment of dividends has been suspended, there are no dividends to reinvest into common shares of Pulse under the Dividend Reinvestment Plan (DRIP) at this time.
Similarly, since purchases of additional common shares under the Optional Share Purchase Plan (OSPP) are made on dividend payment dates, and since there are no dividend payment dates at this time, additional common shares of Pulse may not be purchased under the OSPP at this time. Any cheques received by Pulse or its transfer agent, Valiant, under the OSPP will be returned.
- What is a Dividend Reinvestment Plan (DRIP)?
- What is an Optional Share Purchase Plan (OSPP)?
- What is the treasury purchase price?
- What is the trading period?
- What are the advantages of the DRIP and OSPP?
- How do I participate?
- Do I have to participate in both the DRIP and the OSPP or can I choose between them?
- How do I terminate any participation in the DRIP or OSPP?
- Do I need a separate authorization form for each account I hold?
1. What is a Dividend Reinvestment Plan (DRIP)?
The DRIP enables eligible shareholders of common shares of Pulse to accumulate additional common shares by automatically reinvesting their dividends in new common shares, at 95 percent of the treasury purchase price, without incurring brokerage fees.
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2. What is an Optional Share Purchase Plan (OSPP)?
The OSPP enables a shareholder who is already enrolled in the DRIP, other than a U.S. person, to make optional cash payments to purchase common shares from treasury on dividend payment dates at the treasury purchase price, to a maximum of $50,000 per year and a minimum $200 per remittance, without incurring brokerage fees.
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3. What is the treasury purchase price?
The treasury purchase price is calculated as the arithmetic average of the daily volume-weighted average trading price of Pulse common shares on the TSX in the trading period in which at least a board lot of common shares is traded, appropriately adjusted for certain capital changes.
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4. What is the trading period?
The trading period is the period of successive trading days commencing on the second business day after the dividend record date and ending on the second business day prior to the dividend payment date.
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5. What are the advantages of the DRIP and OSPP?
The DRIP and OSPP provide a convenient and cost-effective way for shareholders to increase their investment without incurring service charges, commissions or brokerage fees, and in the case of common shares purchased under the DRIP, at a 5 percent discount. DRIP and OSPP funds can be fully invested because fractions of common shares (as well as whole common shares) may be credited to the shareholder's account.
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6. How do I participate?
If you're a registered holder of Pulse common shares, you can become a participant by completing and delivering an authorization form to Valiant Trust. The authorization form must be received by Valiant Trust no fewer than two business days prior to a dividend record date in order for that period's cash dividend to be reinvested under the plan.
If you are a beneficial owner of Pulse common shares you may participate in the plan by enrolling through your nominee - your broker, investment dealer, bank, trust company or other. Some firms allow participation; others do not. If your nominee firm allows participation, please provide your account manager with instructions on how you want to participate (DRIP or DRIP and OSPP, and the size of any OSPP contribution). If your nominee firm does not permit participation, you need to become a registered Pulse shareholder or transfer your shares to a firm that allows participation.
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7. Do I have to participate in both the DRIP and the OSPP or can I choose between them?
You may participate in the DRIP alone, but to participate in the OSPP you must be enrolled in the DRIP. U.S. persons may only participate in the DRIP. Other non-Canadian residents are subject to the laws of their resident jurisdiction.
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8. How do I terminate any participation in the DRIP or OSPP?
You may voluntarily terminate participation by delivering a written and signed notice to Valiant Trust. Once terminated you will receive a certificate for the number of whole common shares previously held under the plans and a cheque for any remaining fraction of a common share.
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9. Do I need to complete a separate authorization form for each account I hold?
Yes, you will need to complete a separate authorization form for each account with which you wish to participate in the Plan.
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