Pennichuck investor Gabelli buys 115,540 shares, ups stake to 12.4%, asks for poison pill to be removed

By Susanna Moon

Chicago, Aug. 15 - Pennichuck Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 115,540 shares in the company for the quarter ended June 30, raising their ownership interest to 12.4%, according to a schedule 13-D filing with the Securities and Exchange Commission.

The investors bought the shares at prices from $22.95 to $23.21 between Aug. 8 and Aug. 14.

They beneficially own 525,589 shares of the company's outstanding stock.

Gamco will also be proposing the Pennichuck remove its poison pill agreement. The investors will be presenting a proposal to the company's 2009 annual meeting requiring the directors to redeem the preferred share purchase rights. Alternatively it would like Pennichuck to submit the issue to a shareholder vote as soon as practical.

Pennichuck is a potable water company located in Merrimack, N.H.

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