Pennichuck investor Gamco to nominate three for election to company's board

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Pennichuck Corp. shareholder Gamco Asset Management Inc. intends to nominate Clarence A. Davis, Mark M. Feldman and Michael I. German for election to the company's board of directors at Pennichuck's 2009 annual meeting, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Gamco beneficially owns 631,282 shares, or 14.85%, of Pennichuck.

In October, it was reported that Pennichuck disagreed with some valuations in a report by Gamco affiliate Gabelli & Co., Inc. concerning the New Hampshire Public Utilities Commission's ruling in the eminent domain dispute with the city of Nashua, N.H.

The commission ruled that Nashua could purchase the Pennichuck Water Works, Inc. regulated utility subsidiary for $203 million, a prior SEC filing said.

In its report, Gabelli set the value of Pennichuck Water Works at $243 million, or $57.00 per share, which includes a $40 million reserve fund to mitigate increased expenses at the two other regulated utilities owned by Pennichuck.

The Gabelli report also said its valuation from a shareholder's perspective is $31.04 per share.

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