Seitel Announces Record Date for Determining Stockholders to Receive Common Stock and Stockholder Warrants Under its Confirmed Chapter 11 Plan of Reorganization
Friday June 25, 7:30 am ET
HOUSTON, June 25 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SEIEQ - News), today announced that Friday, June 25, 2004 has been set as the record date for determining holders of record of Seitel's common stock who are entitled to receive, in exchange for each share of common stock owned, one share of Seitel's reorganized common stock and one stockholder warrant to purchase 4.926 shares of reorganized common stock, at an exercise price of 60 cents per share, in accordance with Seitel's Third Amended Joint Plan of Reorganization confirmed by order of the Bankruptcy Court on March 18, 2004 (the "Plan"). A record holder who transfers its Seitel common stock after the record date will no longer be entitled to receive shares of reorganized common stock on or after the effective date of the Plan. Notice of the record date has been given to the National Association of Securities Dealers, Inc., which has indicated that Seitel's common stock commenced trading on an "X-warrant" basis on June 23, 2004. |
