(Source: MARKET WIRE)
TransCanada Corporation (TSX: TRP) (NYSE: TRP), (TransCanada) today announced that the Board of Directors of TransCanada declared a quarterly dividend of $0.38 per common share for the quarter ending June 30, 2009 on the Company's outstanding common shares. The common share dividend is payable on July 31, 2009 to shareholders of record at the close of business on June 30, 2009.
The Board of Directors also approved the issuance of common shares from treasury at a three per cent discount under TransCanada's Dividend Reinvestment Plan (DRP) for the common share dividend payable on July 31, 2009. Dividends on TransCanada PipeLines Limited (TCPL) outstanding preferred shares are also eligible to participate in the DRP.
Also today, the Board of Directors declared the following regular dividends on TCPL's preferred shares:
- Dividend Number 43 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending July 30, 2009. The dividend is payable on July 30, 2009, to shareholders of record at the close of business on June 30, 2009.
- Dividend Number 42 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending August 1, 2009. The dividend is payable on August 4, 2009 to shareholders of record at the close of business on June 30, 2009.
These dividends are designated by the Companies (TransCanada and TCPL) to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 370 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,900 megawatts of power generation in Canada and the United States. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Note: All financial figures are in Canadian dollars unless noted otherwise.
