New Mountain Vantage Responds to NFG's Petition With the New York State Public Service Commission
December 19 2007 - 1:58PM
PR Newswire (US)
NEW YORK, Dec. 19 /PRNewswire/ -- New Mountain Vantage Advisers
("Vantage") today issued the following statement in response to
allegations filed by National Fuel Gas Distribution Corporation
(NYSE:NFG) in a petition with the New York State Public Service
Commission ("PSC"). "The latest petition filed by National Fuel Gas
with the PSC is merely another tactic being employed by NFG's
entrenched board to frustrate the federal securities laws and to
disenfranchise shareholders from electing the board representatives
they desire. Vantage believes NFG's petition is without merit and
intends to continue to urge the NFG board to fully investigate and
respond to Vantage's recommendations to increase NFG shareholder
value, while preserving the reliability of NFG's distribution
assets." New Mountain Vantage is an institutional asset management
firm investing on behalf of the pension accounts of more than one
million Americans. For more information, go to
http://www.buildnfgvalue.com/. Contacts Investors: Innisfree
M&A Incorporated Shareholders may call toll-free: (877)
456-3422 Institutional Investors, Banks and Brokers may call
collect: (212) 750-5833 Media: Brunswick Group Nina Devlin/Steve
Lipin (212) 333-3810 New Mountain Vantage, L.P., a Delaware limited
partnership ("NMV"), New Mountain Vantage (California), L.P., a
Delaware limited partnership ("NMVC"), New Mountain Vantage
(Texas), L.P., a Delaware limited partnership ("NMVT"), and New
Mountain Vantage HoldCo Ltd., a Cayman Islands exempt limited
company ("NMV Offshore HoldCo", and collectively, the
"Proponents"), have given notice to National Fuel Gas Company (the
"Company" or "NFG") of their intent to nominate David M.
DiDomenico, F. Fox Benton, III and Frederic V. Salerno (the
"Nominees") for election to the Board of Directors of NFG at the
2008 Annual Meeting of the Shareholders of NFG. New Mountain
Vantage GP, L.L.C., a Delaware limited liability company ("Vantage
GP"), NMV, NMVC, NMVT, New Mountain Vantage Advisers, L.L.C., a
Delaware limited liability company ("NMV Advisers"), New Mountain
Vantage (Cayman) Ltd., a Cayman Islands exempt limited company
("NMV Offshore"), NMV Offshore HoldCo, Mr. Steven B. Klinsky
(collectively, the "NMV Entities"), NMV Special Holdings, LLC, a
Delaware limited liability company ("NMVSH"), and the California
Public Employees' Retirement System, a unit of the California State
and Consumer Services Agency charged with oversight of the Public
Employees' Retirement Fund ("CalPERS"), (NMV Entities, NMVSH and
CalPERS, collectively, the "Reporting Persons", and together with
the Proponents and Nominees, the "Participants") have previously
filed a Schedule 13D ("Schedule 13D") with the Securities and
Exchange Commission (the "SEC") on October 30, 2006, as amended,
relating to the common stock of the Company. Additional Information
The Proponents intend to file a proxy statement with the SEC on
Schedule 14A and the Proponents expect to mail a proxy statement to
the Company's shareholders containing information about the proxy
solicitation. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE. The proxy statement
will contain important information about the Participants,
including the Nominees, and related matters. Investors and security
holders may obtain these documents, when available, free of charge
by contacting the Proponents' proxy solicitor, Innisfree M&A
Incorporated, toll- free at (877) 456-3422. Banks and Brokers may
call collect at 212-750-5833. The proxy statement will also be
available through the web site maintained by the SEC at
http://www.sec.gov/. In addition to the proxy statement, the
Proponents may file other proxy information with the SEC. The
Participants are participants in the solicitation of proxies from
Company shareholders in connection with the proposed proxy
solicitation. Information about the Reporting Persons and their
ownership of Company common stock is set forth in the Schedule 13D.
Information about the Nominees and other information regarding the
participants in the proxy solicitation will be contained in the
proxy statement and other relevant materials to be filed with the
SEC when they become available. DATASOURCE: New Mountain Vantage
Advisers CONTACT: Investors, Innisfree M&A Incorporated,
+1-877-456-3422, Institutional Investors, Banks and Brokers may
call collect, +1-212-750-5833; or Media, Nina Devlin, or Steve
Lipin, both of Brunswick Group for New Mountain Vantage Advisers,
+1-212-333-3810 Web site: http://www.buildnfgvalue.com/
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