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Pennichuck to add Gamco nominees to expanded board
By Lisa Kerner
Charlotte, N.C., March 19 - Pennichuck Corp. agreed to allow Gamco Investors, Inc. and its affiliates (collectively Gabelli) to increase their beneficial ownership to up to 20% under the company's rights agreement.
Also, Pennichuck agreed to increase the size of its board of directors to 11 directors from nine directors and to nominate Gabelli-recommended candidates to fill the resulting vacancies.
Pennichuck said it has nominated five candidates for election - the three incumbent directors who are up for reelection and two new candidates, Clarence A. Davis and Michael I. German.
"Our corporate governance and nominating committee has evaluated Messrs. Davis and German in accordance with the criteria set forth in its charter and has concluded that they are well qualified to serve as independent directors," said Pennichuck president and chief executive officer Duane C. Montopoli.
Gabelli, Pennichuck's largest shareholder, withdrew its shareholder proposal regarding the rights plan as well as its notice of intent to nominate candidates for election.
In November, Gamco announced it planned to nominate Davis, German and Mark M. Feldman for election to the Merrimack, N.H., potable water company's board at its 2009 annual meeting.
Pennichuck will hold its annual meeting at 9 a.m. ET on May 6.
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