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Second, retaining the corporate structure provided continuity for the regulatory and financial
status of the companies and their respective businesses. The New Hampshire Public Utilities
Commission continues to provide regulatory oversight for the utility companies, and banks,
lenders and other contract parties continue to be able to rely on existing contracts and other rules
with respect to financing and other operations.
Third, the Mayor and Board of Aldermen unanimously agreed to establish a corporate
governance system for the purposes of managing Pennichuck Corporation. This corporate
governance system relies upon well-established principles of corporate law, and is established
pursuant to Pennichuck Corporation’s Articles of Incorporation and By-Laws, as adopted by the
City and the Company at the time of the acquisition pursuant to the Merger Agreement.
This well-known corporate governance model, which incorporates well-established principles
regarding fiduciary obligations of board members, was structured to provide assurances to the
City’s rating agencies, potential lenders, the New Hampshire Public Utilities Commission and
the many communities we serve that decisions are based on sound business and financial
analysis, and in a manner that minimizes political considerations.
Operations, Communities and Customers. Our companies provide water service to a wide
range of communities and customers.
Pennichuck Water Works, Inc. provides water service to approximately 28,200 customers in
11 communities which include Amherst, Bedford, Derry, Epping, Hollis, Merrimack, Milford,
Nashua, Newmarket, Plaistow and Salem.
Pennichuck East Utility, Inc. provides water service to approximately 7,400 customers in
19 communities which include Atkinson, Barnstead, Bow, Chester, Conway, Derry, Exeter,
Hooksett, Lee, Litchfield, Londonderry, Middleton, Pelham, Plaistow, Raymond, Sandown,
Tilton, Weare and Windham.
Pittsfield Aqueduct Company, Inc. provides water service to approximately 630 customers in
Pittsfield.
Pennichuck Water Service Corporation provides service in connection with the management
of water services for three communities; billing, collection and customer services for
three communities; and water meter testing services, as well as contracted water services at
various levels for approximately 85 small independentiy owned water systems.
The Southwood Corporation owns various parcels of land in the Town of Merrimack.
The Company’s mission is to be a premier supplier of water in New Hampshire by providing
reliable, high quality and affordable water in sufficient quantities, and be New England’s
premier supplier of water related contract services by providing high quality solutions to meet
our customers’ needs.
