The Board of Directors of TransCanada declared a quarterly dividend of $0.40 per common share for the quarter ending March 31, 2010, a five per cent increase over the $0.38 per share paid in each of the previous four quarters on the Company's outstanding common shares. The common share dividend is payable on April 30, 2010 to shareholders of record at the close of business on March 31, 2010.
The Board also approved a quarterly dividend of $0.2875 per share for the quarter ending March 31, 2010, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. The dividend is payable on March 31, 2010, to shareholders of record at the close of business on February 26, 2010.
In addition, the Board declared the following regular dividends on TransCanada PipeLines Limited (TCPL) preferred shares:
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.
The Board also approved the issuance of common shares from treasury at a three per cent discount under TransCanada's Dividend Reinvestment Plan (DRP) for the TransCanada common share dividend payable on April 30, 2010 and the TransCanada preferred share dividend payable on March 31, 2010. Dividends on TCPL's outstanding preferred shares are also eligible to participate in the DRP.
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