January 24, 2003
Shareholder and Media Contact: Ken Kenny, Las Vegas, NV (702) 876-7237
SWX-NYSE
For Immediate Release
SOUTHWEST GAS TO
REDEEM STOCK RIGHTS
Las Vegas — The Board of
Directors for Southwest Gas Corporation (the Company) has undertaken a review of the
Company’s Amended and Restated Rights Agreement. After such review, the Board
determined to redeem the rights to purchase Junior Participating Preference Stock of the
Company as provided for in the Rights Agreement. One right is currently attached to each
issued and outstanding share of the Company’s common stock. The redemption price of
$0.01 per right will be payable in cash on March 3, 2003 to shareholders of record as of
February 18, 2003, which date corresponds with the record date for the recently announced
quarterly dividend. As a result of this redemption, the shareholders will no longer be
able to exercise such rights and in the future, rights will no longer attach to issuances
of the Company’s common stock.
Southwest Gas Corporation provides
natural gas service to approximately 1.4 million customers in Arizona, Nevada and
California. Its service territory is centered in the fastest-growing region of the
country.
-more-
This press release may contain
statements which constitute “forward-looking statements” within the meaning of
the Securities Litigation Reform Act of 1995 (Reform Act). All such forward-looking
statements are intended to be subject to the safe harbor protection provided by the Reform
Act. A number of important factors affecting the business and financial results of the
Company could cause actual results to differ materially from those stated in the
forward-looking statements. These factors include, but are not limited to, the impact of
weather variations on customer usage, customer growth rates, natural gas prices, the
effects of regulation/deregulation, the timing and amount of rate relief, changes in gas
procurement practices, changes in capital requirements and funding, acquisitions, and
competition.
-end-
|
