Pennichuck shareholders led by Gamco, Gabelli report 16.63% ownership

By Lisa Kerner

Charlotte, N.C., June 22 - Pennichuck Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 36,299 shares between April 22 and June 19 at prices from $20.3384 to $22.00, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

The investors beneficially own 707,414 shares, or 16.63%, of the Merrimack, N.H., potable water company's outstanding stock.

In March, Pennichuck 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.