SHAWCOR LTD. (TSX: SCL.SV.A, SCL.MV.B) TORONTO, May 9 /CNW/ - The Board of Directors today declared a dividend of four and fifty one hundredths cents (4.50 cents) per Class A Subordinate Voting Share and four and nine one hundredths cents (4.09 cents) per Class B Multiple Voting Share payable on the 31st day of May 2006, to shareholders of record at the close of business on the 17th day of May, 2006. The Board stated its intention that this dividend, previously paid semi- annually, would henceforth be paid quarterly, thereby doubling the current annual dividend rate on the Class A and Class B shares to 18 cents and 16.36 cents respectively annually. The Company reminds shareholders that its trading symbols will change effective Friday, May 12, 2006 in line with the Toronto Stock Exchange's discontinuance of the symbol extension program. ShawCor's current symbols of SCL.SV.A for Class A Subordinate Voting Shares and SCL.MV.B for Class B Multiple Voting Shares will be changed to SCL.A for the Class A shares and SCL.B for the Class B shares. ShawCor will be hosting a Shareholder and Analyst Conference Call and Webcast on Wednesday, May 10, 2006 at 10:00 AM EDT, which will discuss the company's first quarter 2006 financial results. Please visit our website at www.shawcor.com for further details.