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Nortel Declares Preferred Share Dividends.

Publication: M2 Presswire
Publication Date: 31-MAY-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-31 May 2005-NORTEL NETWORKS: Nortel Declares Preferred Share Dividends(C)1994-2005 M2 COMMUNICATIONS LTD

RDATE:30052005

TORONTO - The board of directors of Nortel Networks* Limited 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...

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