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Nortel Networks

Nortel Declares Preferred Share Dividends

Toronto, Canada (ots/PRNewswire)

The board of directors of
Nortel Networks Limited(x) today 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 series will be
plus or minus 4.0% of Prime. The annual floating  dividend rate
applicable for a month will in no event be less than 50% of  Prime or
greater than Prime. The dividend on each series is payable on
November 13, 2006 to shareholders of record of such series at the
close of  business on October 31, 2006.
About Nortel
Nortel (NYSE: NT) is a recognised leader in delivering
communications  capabilities that enhance the human experience,
ignite and power global  commerce, and secure and protect the world's
most critical information. Our  next-generation technologies, for
both service providers and enterprises,  span access and core
networks, support multimedia and business-critical  applications, and
help eliminate today's barriers to efficiency, speed and  performance
by simplifying networks and connecting people with information.
Nortel does business in more than 150 countries. For more
information,  visit Nortel on the Web at www.nortel.com. For the
latest Nortel news,  visit www.nortel.com/news.
Certain statements in this press release may contain words such as
" could", "expects", "may", "anticipates", "believes", "intends",
"estimates ", "targets", "envisions", "seeks" and other similar
language and are  considered forward-looking statements or
information under applicable  securities legislation. These
statements are based on Nortel's current  expectations, estimates,
forecasts and projections about the operating  environment, economies
and markets in which Nortel operates. These  statements are subject
to important assumptions, risks and uncertainties,  which are
difficult to predict and the actual outcome may be materially
different. Further, actual results or events could differ materially
from  those contemplated in forward-looking statements as a result of
the  following (i) risks and uncertainties relating to Nortel's
restatements and  related matters including: Nortel's most recent
restatement and two  previous restatements of its financial
statements and related events; the  negative impact on Nortel and NNL
of their most recent restatement and  delay in filing their financial
statements and related periodic reports;  legal judgments, fines,
penalties or settlements, or any substantial  regulatory fines or
other penalties or sanctions, related to the ongoing  regulatory and
criminal investigations of Nortel in the US and Canada; any
significant pending civil litigation actions not encompassed by
Nortel's  proposed class action settlement; any substantial cash
payment and/or  significant dilution of Nortel's existing equity
positions resulting from  the finalisation and approval of its
proposed class action settlement, or  if such proposed class action
settlement is not finalised, any larger  settlements or awards of
damages in respect of such class actions; any  unsuccessful
remediation of Nortel's material weaknesses in internal  control over
financial reporting resulting in an inability to report  Nortel's
results of operations and financial condition accurately and in a
timely manner; the time required to implement Nortel's remedial
measures;  Nortel's inability to access, in its current form, its
shelf registration  filed with the United States Securities and
Exchange Commission (SEC), and  Nortel's below investment grade
credit rating and any further adverse  effect on its credit rating
due to Nortel's restatements of its financial  statements; any
adverse affect on Nortel's business and market price of its  publicly
traded securities arising from continuing negative publicity  related
to Nortel's restatements; Nortel's potential inability to attract  or
retain the personnel necessary to achieve its business objectives;
any  breach by Nortel of the continued listing requirements of the
NYSE or TSX  causing the NYSE and/or the TSX to commence suspension
or delisting  procedures; (ii) risks and uncertainties relating to
Nortel's business  including: yearly and quarterly fluctuations of
Nortel's operating results;  reduced demand and pricing pressures for
its products due to global  economic conditions, significant
competition, competitive pricing practice,  cautious capital spending
by customers, increased industry consolidation,  rapidly changing
technologies, evolving industry standards, frequent new  product
introductions and short product life cycles, and other trends and
industry characteristics affecting the telecommunications industry;
the  sufficiency of recently announced restructuring actions,
including the  potential for higher actual costs to be incurred in
connection with these  restructuring actions compared to the
estimated costs of such actions and  the ability to achieve the
targeted cost savings and reductions of Nortel's  unfunded pension
liability deficit; any material and adverse affects on  Nortel's
performance if its expectations regarding market demand for
particular products prove to be wrong or because of certain barriers
in its  efforts to expand internationally; any reduction in Nortel's
operating  results and any related volatility in the market price of
its publicly  traded securities arising from any decline in its gross
margin, or  fluctuations in foreign currency exchange rates; any
negative developments  associated with Nortel's supply contract and
contract manufacturing  agreements including as a result of using a
sole supplier for key optical  networking solutions components, and
any defects or errors in Nortel's  current or planned products; any
negative impact to Nortel of its failure  to achieve its business
transformation objectives; additional valuation  allowances for all
or a portion of its deferred tax assets; Nortel's  failure to protect
its intellectual property rights, or any adverse  judgments or
settlements arising out of disputes regarding intellectual  property;
changes in regulation of the Internet and/or other aspects of the
industry; Nortel's failure to successfully operate or integrate its
strategic acquisitions, or failure to consummate or succeed with its
strategic alliances; any negative effect of Nortel's failure to
evolve  adequately its financial and managerial control and reporting
systems and  processes, manage and grow its business, or create an
effective risk  management strategy; and (iii) risks and
uncertainties relating to Nortel's  liquidity, financing arrangements
and capital including: the impact of  Nortel's most recent
restatement and two previous restatements of its  financial
statements; any inability of Nortel to manage cash flow  fluctuations
to fund working capital requirements or achieve its business
objectives in a timely manner or obtain additional sources of
funding; high  levels of debt, limitations on Nortel capitalising on
business  opportunities because of credit facility covenants, or on
obtaining  additional secured debt pursuant to the provisions of
indentures governing  certain of Nortel's public debt issues and the
provisions of its credit  facilities; any increase of restricted cash
requirements for Nortel if it  is unable to secure alternative
support for obligations arising from  certain normal course business
activities, or any inability of Nortel's  subsidiaries to provide it
with sufficient funding; any negative effect to  Nortel of the need
to make larger defined benefit plans contributions in  the future or
exposure to customer credit risks or inability of customers  to
fulfill payment obligations under customer financing arrangements;
any  negative impact on Nortel's ability to make future acquisitions,
raise  capital, issue debt and retain employees arising from stock
price  volatility and further declines in the market price of
Nortel's publicly  traded securities, or any future share
consolidation resulting in a lower  total market capitalisation or
adverse effect on the liquidity of Nortel's  common shares. For
additional information with respect to certain of these  and other
factors, see Nortel's Annual Report on Form 10-K/A, Quarterly  Report
on Form 10-Q and other securities filings with the SEC. Unless
otherwise required by applicable securities laws, Nortel disclaims
any  intention or obligation to update or revise any forward-looking
statements,  whether as a result of new information, future events or
otherwise.
(x) Nortel, the Nortel logo and the Globemark are trademarks of
Nortel  Networks.
(NT. NT NTL.PR.F. NTL.PR.G.)

Contact:

For further information: Media: Jay Barta, +1-972-685-2381,
jbarta@nortel.com; Investors: +1-888-901-7286, +1-905-863-6049,
investor@nortel.com

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