Gamco and Gabelli boost stake in Pennichuck to 13.43%

By Lisa Kerner

Charlotte, N.C., Sept. 4 - Pennichuck Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 44,000 shares, upping their stake to 13.43%, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors bought the shares at prices from $22.00 to $23.30 between Aug. 15 and Sept. 3.

They beneficially own 569,589 shares of the company's outstanding stock.

It was previously reported that Gamco wants Pennichuck to remove its poison pill agreement. The investors planned to present a proposal at the company's 2009 annual meeting requiring the directors to redeem the preferred share purchase rights.

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

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