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    1. NUI Corp. shareholders approved the spin off of the Elizabeth, N.J., company's non-utility operations.
    2. In composite trading on the New York Stock Exchange, NUI closed Friday at $20.25 a share, down 25 cents.
    3. NUI said it reduced its latest offer because PEI has entered into more expensive financing arrangements with banks and has further deferred construction of filtration plants for water operations.
    4. NUI has four non-utility divisions: a natural gas brokerage, a propane sales firm, an oil and gas exploration company and a data processing concern.
    5. Pennsylvania Enterprises openly challenged NUI's intentions in purchasing its water unit.
    6. A Pennsylvania Enterprises spokesman also said the company was advised by its regulatory counsel that the NUI bid was unlikely to receive approval.
    7. However, NUI intends to pay half the total acquisition price in cash and half in its own common shares, and has the right to prorate the final distribution.
    8. NUI said eligible employees have until Sept. 30 to choose.
    9. He also said that NUI, contrary to its claims, never made an unequivocal offer to infuse $25 million "or any other amount" into the water utility.
    10. The letter asked Mr. Pollock to reconsider NUI's proposal.
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