Business
Nortel Declares Preferred Share Dividends
Nortel Declares Preferred Share Dividends.
About this update from Newterra Resources, Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 6 /CNW/ - The board of directors of Nortel Networks Limited\ntoday declared a dividend on each of the outstanding Cumulative Redeemable\nClass A Preferred Shares Series 5 (TSX: NTL.PR.F) and the outstanding\nNon-cumulative Redeemable Class A Preferred Shares Series 7 (TSX: NTL.PR.G).\nThe dividend amount for each series is calculated in accordance with the terms\nand conditions applicable to each respective series, as set out in the\nCompany's articles. The annual dividend rate for each series floats in\nrelation to changes in the average of the prime rate of Royal Bank of Canada\nand The Toronto-Dominion Bank during the preceding month (\"Prime\") and is\nadjusted upwards or downwards on a monthly basis by an adjustment factor which\nis based on the weighted average daily trading price of each of the series for\nthe preceding month, respectively. The maximum monthly adjustment for changes\nin the weighted average daily trading price of each of the series will be plus\nor minus 4.0% of Prime. The annual floating dividend rate applicable for a\nmonth will in no event be less than 50% of Prime or greater than Prime. The\ndividend on each series is payable on January 12, 2007 to shareholders of\nrecord of such series at the close of business on December 29, 2006.\n\nAbout Nortel\n\nNortel is a recognized leader in delivering communications capabilities\nthat enhance the human experience, ignite and power global commerce, and\nsecure and protect the world's most critical information. Our next-generation\ntechnologies, for both service providers and enterprises, span access and core\nnetworks, support multimedia and business-critical applications, and help\neliminate today's barriers to efficiency, speed and performance by simplifying\nnetworks and connecting people with information. Nortel does business in more\nthan 150 countries. For more information, visit Nortel on the Web at\nwww.nortel.com. For the latest Nortel news, visit www.nortel.com/news.\n\nCertain statements in this press release may contain words such as\n\"could\", \"expects\", \"may\", \"anticipates\", \"believes\", \"intends\", \"estimates\",\n\"targets\", \"envisions\", \"seeks\" and other similar language and are considered\nforward-looking statements or information under applicable securities\nlegislation. These statements are based on No...