SAN FRANCISCO--(BUSINESS WIRE)--
The Board of Directors (the “Board”) of PG&E Corporation (NYSE: PCG)
(the “Company”) today issued the following statement in response to the
submission by Blue Mountain Credit Alternatives Master Fund L.P.
(“BlueMountain”) of 13 nominees to stand for election to the Board at
PG&E’s 2019 Annual Shareholder Meeting (the “Annual Meeting”).
“As previously announced, PG&E is conducting a Board refreshment
process. The Board intends that a majority of the directors of the
Company will be new independent directors by the time of the Annual
Meeting, subject to proper consideration of new candidates. The Company
appreciates the constructive dialogue that it has had with shareholders
and other stakeholders throughout this process. PG&E expects to continue
discussions with shareholders, including BlueMountain, and other
stakeholders regarding the appropriate composition of the Board.”
PG&E intends to file a proxy statement for the Annual Meeting in the
coming weeks. PG&E Corporation shareholders need take no action at this
time.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric Company
(the “Utility”), an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California. Each of PG&E Corporation and the Utility is a separate
entity, with distinct creditors and claimants, and is subject to
separate laws, rules and regulations. For more information, visit http://www.pgecorp.com.
In this news release, they are together referred to as "PG&E."
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not
historical facts, including statements about the beliefs, expectations,
estimates, future plans and strategies of PG&E Corporation and the
Utility. These statements are based on current expectations and
assumptions, which management believes are reasonable, and on
information currently available to management, but are necessarily
subject to various risks and uncertainties. In addition to the risk that
these assumptions prove to be inaccurate, factors that could cause
actual results to differ materially from those contemplated by the
forward-looking statements include factors disclosed in PG&E
Corporation's and the Utility's annual report on Form 10-K for the year
ended December 31, 2018, and their subsequent reports filed with the
Securities and Exchange Commission. Additional factors include, but are
not limited to, those associated with the Chapter 11 cases of PG&E
Corporation and the Utility that commenced on January 29, 2019. PG&E
Corporation and the Utility undertake no obligation to publicly update
or revise any forward-looking statements, whether due to new
information, future events or otherwise, except to the extent required
by law.
Additional Information
PG&E Corporation and the Utility intend to file a joint proxy statement
and other documents with the U.S. Securities and Exchange Commission
(the “SEC”) in connection with their solicitation of proxies for their
2019 Annual Meetings. Investors and security holders are urged to read
any such joint proxy statement (and any amendments and supplements
thereto), the accompanying WHITE proxy card and other documents that
have been or may be filed with the SEC carefully and in their entirety
as they contain or will contain important information about the 2019
Annual Meetings. Investors and security holders should read the joint
proxy statement carefully before making any voting or investment
decisions. Investors and security holders may obtain free copies of
these and other documents filed with the SEC by PG&E Corporation and the
Utility through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed by PG&E Corporation and the Utility with
the SEC will be available on their website at http://investor.pgecorp.com.
Participants in the Solicitation
PG&E Corporation and the Utility and their respective directors,
executive officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies in connection
with the matters to be considered at the 2019 Annual Meetings.
Information regarding certain of the directors and officers of PG&E
Corporation and the Utility is contained in their joint proxy statement
for their 2018 Annual Meetings, which was filed with the SEC on March
26, 2018. To the extent holdings of PG&E Corporation's and the Utility's
securities by directors or executive officers have changed since the
amounts set forth in the 2018 joint proxy statement, such changes have
been or will be reflected on Initial Statements of Beneficial Ownership
on Form 3 or Statements of Change in Ownership on Form 4 filed with the
SEC. Additional information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, is or will be included in the joint proxy
statement and other relevant documents filed with the SEC in connection
with the 2019 Annual Meetings.
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Media Relations, 415-973-5930
Source: PG&E Corporation