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Investor Info 2005 For Immediate Release: June 26, 2005 For More
Information, Contact: Donald L. Correll, President and CEO, Pennichuck
Corporation Phone: 603-882-5191 Pennichuck Corporation Announces Pricing of Common Stock Offering (Merrimack, NH) - Donald L. Correll, President and Chief Executive Officer of Pennichuck Corporation (Nasdaq: PNNW), announced the pricing today of an underwritten public offering of 840,000 shares of its common stock at a price to the public of $19.50 per share. The preliminary prospectus, first distributed on June 17, 2005, contemplated an offering of 700,000 shares. The offering was subsequently increased on June 27, 2005 to 800,000 shares and was further increased in connection with pricing to 840,000 shares. In addition, the underwriters have an option exercisable through July 28, 2005 to purchase up to an additional 126,000 shares of common stock from Pennichuck Corporation to cover any over-allotments. Pennichuck Corporation President and Chief Executive Officer Donald L. Correll said that the proceeds from the offering will be used primarily to fund utility capital expenditures and for other general corporate purposes. Janney Montgomery Scott LLC was the book-running manager and Edward D. Jones & Co., L.P. served as co-manager for the offering. Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. Pennichuck's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire areas. Pennichuck Corporation is listed on the Nasdaq Stock Exchange under the ticker symbol PNNW. The shares
of common stock were sold pursuant to a registration statement that has
been declared effective by the Securities and Exchange Commission. The
shares are only offered by means of the prospectus related to this offering.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the common stock in
any State in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such State. Contact Info: |