The Directors also approved the issuance of common shares from treasury at a two per cent discount under TransCanada's Dividend Reinvestment Plan (DRP), for the common share dividend payable on October 31, 2007. Dividends on TransCanada PipeLines Limited (TCPL) outstanding preferred shares are also eligible to participate in the DRP.
Also today, the Board of Directors of TCPL declared the following regular dividends on TCPL's preferred shares:
- Dividend Number 36 on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending October 30, 2007. The dividend is payable on October 30, 2007 to shareholders of record at the close of business on September 28, 2007.
- Dividend Number 35 on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending November 1, 2007. The dividend is payable on November 1, 2007, to shareholders of record at the close of business on September 28, 2007.
These dividends are designated by the Companies (TCC 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.
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