WILKES-BARRE, Pa., Sept. 29 /PRNewswire/ -- PG Energy today announced that
it will redeem all outstanding shares of its 4.10 percent cumulative preferred
stock on October 29.
The Company will pay shareholders $105.98434 per share, representing a
redemption price of $105.50 plus accrued and unpaid dividends through the
redemption date. The stock is being redeemed in connection with the merger of
Pennsylvania Enterprises, Inc. (PEI) (NYSE: PNT), parent company of PG Energy,
into Southern Union Company (NYSE: SUG) of Austin, Texas.
Notices of Redemption are being sent to holders of the preferred stock
this week with instructions for redemption.
PEI, of Wilkes-Barre, and Southern Union reached a definitive merger
agreement on June 7. The Pennsylvania Public Utility Commission on
September 15 gave its approval to the merger. Petitions seeking approval of
the merger are pending before the Missouri Public Service Commission, the
Florida Public Service Commission and the Federal Energy Regulatory
Commission. Those approvals are expected by November 1.
PEI and Southern Union Company shareholders are scheduled to vote on the
merger on October 19. The merger is expected to be consummated by the end of
the year.
PG Energy and its subsidiary, Honesdale Gas Company, serve approximately
152,000 natural gas customers in 13 counties in central and northeastern
Pennsylvania. PEI's other subsidiaries are PG Energy Services Inc., which
markets energy and energy related services under the name PG Energy PowerPlus,
PEI Power Corporation and Theta Land Corp.
Southern Union is an international energy distribution company, serving
more than one million customers through three divisions - Southern Union Gas,
Missouri Gas Energy and Atlantic Utilities; SUPro Energy Company and Atlantic
Gas Corporation, its propane distribution subsidiaries; and its equity
ownership in a natural gas distribution company serving Piedras Negras,
Mexico. In Texas, Southern Union Gas serves approximately 513,000 customers,
including the cities of Austin, El Paso, Brownsville, Galveston and Port
Arthur. Missouri Gas Energy serves approximately 484,000 customers in western
Missouri, including the cities of Kansas City, St. Joseph, Joplin and Monett.
Additional information about the merger is available on the companies' web
sites at http://www.southernunionco.com and http://www.pnt.com.
SOURCE Pennsylvania Enterprises, Inc.
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Related links:
http://www.pnt.com
Company News On-Call:
http://www.prnewswire.com/comp/684209.html or fax,
800-758-5804, ext. 684209
CONTACT:
John J. Hambrose of Pennsylvania Enterprises,
570-829-8756
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