Nortel Declares Dividends 608156

Nortel declares dividend on preferred shares series 5 and 7

November 26, 2004

1 Min Read

TORONTO -- The board of directors of Nortel Networks Limited today declared a dividend on each of the outstanding Cumulative Redeemable Class A Preferred Shares Series 5(TSX: NTL.PR.F) and the outstanding Non-cumulative Redeemable Class A Preferred Shares Series 7 (TSX: NTL.PR.G). The dividend amount for each series is calculated in accordance with the terms and conditions applicable to each respective series, as set out in the Company's articles. The annual dividend rate for each series floats in relation to changes in the average of the prime rate of Royal Bank of Canada and The Toronto-Dominion Bank during the preceding month ("Prime") and is adjusted upwards or downwards on a monthly basis by an adjustment factor which is based on the weighted average daily trading price of each of the series for the preceding month, respectively. The maximum monthly adjustment for changes in the weighted average daily trading price of each of the series will be plus or minus 4.0% of Prime. The annual floating dividend rate applicable for a month will in no event be less than 50% of Prime or greater than Prime. The dividend on each series is payable on January 12, 2005 to shareholders of record of such series at the close of business on December 31, 2004.

Nortel Networks Ltd.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like