Gamco may seek representation on Pennichuck's board

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Investors led by Gamco Asset Management Inc. expect to nominate one or more individuals for election to Pennichuck Corp.'s board of directors at the company's 2009 annual meeting, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

Gamco beneficially owns 632,282 shares, or 14.88%, of the Merrimack, N.H., potable water company.

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.

In the report, Gabelli sets 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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