WASHINGTON—The board of directors of Nortel Networks Ltd. said it has declared a dividends on two series of preferred shares, the outstanding Cumulative Class A Preferred shares Series 5 and the outstanding Non-cumulative Redeemable Class A preferred Shares Series 7.
The company said the maximum monthly dividend rate will about 4 percent of the prime rate of Royal Bank of Canada and The Toronto-Dominion Bank, while the annual dividend rate for a month will not be less than 50 percent, according to Nortel.
“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,” said the wireless vendor.
The dividends are payable Nov. 12.
