LETTER TO STOCKHOLDERS
Published on March 12, 2002
March 12, 2002
Dear Fellow Quanta Stockholder:
For those of you who do not know us, UtiliCorp United Inc. is a leading
multinational energy solutions provider based in Kansas City. We are an
85-year old company with a proven track record of maximizing stockholder
value. We are also the largest stockholder of Quanta Services, Inc. with a
38.6% interest in Quanta. Please take time to learn more about us and our
business philosophies and strategies by visiting our website at
WWW.UTILICORP.COM.
As you may know, we have notified Quanta of our intention to propose an
alternative slate of directors for election at Quanta's next annual meeting.
We believe, given Quanta's disappointing financial performance, that the
interests of all stockholders would be better served if our nominees are
elected. All of our nominees are experienced business people with a wide
range of knowledge and expertise, and three are independent of us and will
qualify to serve on Quanta's Audit Committee under applicable New York Stock
Exchange standards. Our nominees are fully committed to protecting the
interests of all Quanta stockholders by pursuing initiatives that will
enhance the value of Quanta's shares.
In the near future, we will be sharing information with you about our
nominees and our definitive plans for increasing stockholder value. Along
those lines, we are currently working with our financial advisor, Salomon
Smith Barney, to evaluate a full range of options, including actively seeking
investors that will advance Quanta's strategy, implementing a stock
repurchase program or putting Quanta up for sale. We encourage you to contact
our investor relations department at the number set forth below to share your
views or suggestions on how to increase the value of your investment in
Quanta.
Recently, Quanta's management has turned up the level of rhetoric,
charging us with malicious intentions such as "trying to steal" the
company. These accusations are completely unfounded and are simply designed
to divert your attention from management's disappointing performance. You can
rest assured that we will not engage in similar mudslinging or hyperbole.
Instead, our focus will be economic, and we will use our time and resources
to develop and present a sound program that will deliver value to all
stockholders.
In a few weeks, we will be sending you proxy materials that will
describe the backgrounds of our nominees and the details of our program for
enhancing stockholder value. We will also seek your support of our nominees.
Please carefully review and consider this information. If you have any
questions or comments, please call our investor relations department at
816-527-1409 or Morrow & Co., Inc., our proxy solicitor, at 1-800-607-0088.
Please note that on March 15, 2002, we intend to change our name to
Aquila, Inc. As a result, future communications from us will be under the
Aquila name.
We look forward to working with you.
Very truly yours,
Robert K. Green
President and Chief Executive Officer
of UtiliCorp
Director of Quanta