The Woodlands, TX-based Mitchell Energy & Development Corp. reported Monday that the previously announced secondary offering of Class A Common Stock has closed. Under the offering, founder and CEO George P. Mitchell sold 4,681,200 shares at $53.00 per share, including an over-allotment of 181,200 shares purchased by the underwriters. The move follows comments Mr. Mitchell made last Wednesday regarding interest in purchasing the company from potential buyers (see Daily GPI, May, 10). Analysts said last week that with Mitchell selling some of his personal stock, the company would be more attractive to outside investors.

With last-minute technical changes in two competing rate spread decisions to determine who will pay for a 3-cent/kW electric rate hike approved earlier, the California Public Utilities Commission Monday postponed action until today by calling for a “continuation meeting.” The delay was caused mostly by legal technicalities and not from the angry consumers who packed the CPUC’s meeting room urging the rate increase be rescinded.

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