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TORONTO-Nortel Networks Ltd.’s board of directors said it has declared dividends on two series of its outstanding preferred shares, the Cumulative Class A Series 5 and the Cumulative Class A Series 7. Nortel said the dividend amount for each series is calculated in accordance with the terms and conditions applicable to each respective series.
The annual dividend rate for each series floats in relation to Canada’s prime rate and is adjusted upward or downward on a monthly basis by an adjustment factor, based on the weighted average for the preceding month.
The dividend on each series is payable on Sept. 12.
