Directors of Green Mountain Power Corporation(NYSE:GMP) announced a quarterly cash dividend of $0.19 per share onthe utility’s Common Stock, payable December 31, 2002, to holders ofrecord at the close of business on December 14, 2002. The new indicatedannual dividend rate is $0.76, an increase over the previous indicatedannual rate of $0.55. The increased dividend payment is contingent on thesuccessful issuance of long-term debt, which is expected to be completedon or about December 16, 2002.The Company has arranged to issue $42 million in first mortgagebonds, with an average life of 12 years. This transaction, which willreplace substantially all of the Company’s short-term and intermediateterm debt, will satisfy the conditions set by the Vermont Public ServiceBoard for the Company to increase its dividend.In 1997 and 1998, faced with difficult financial results, theCompany reduced its dividend. “We have maintained an indicated annualdividend of 55 cents per share as we worked to restore the Company tofinancial health,” said Christopher L. Dutton, President and ChiefExecutive Officer. “With solid financial results achieved in 2001 and2002 following the Vermont Public Service Board’s January 2001 orderapproving a rate settlement that provided for full power supply costrecovery in rates, with the successful repurchase of common stock in thelast month, and with our scheduled issuance of long-term debt later thismonth, we now conclude that we are on solid ground to increase thedividend. The Company believes that, in light of the general practice inthe utility industry, it should pay out 50 percent to 60 percent ofanticipated earnings in dividends. Over the course of the next severalyears, we intend to increase our dividend in a measured, consistent mannerto this payout range, which we will sustain so long as our financialhealth seems assured. As earnings grow, of course, the opportunity forhigher dividend increases is presented.”Regular quarterly dividends of $1.1875 per share were also declaredpayableMarch 1, 2003, to holders of record at the close of business February 13,2003, of the Company’s 4.75% Class B Preferred Stock.Green Mountain Power Corporation (greenmountainpower.biz) is aVermont-based energy services company serving 87,000 electric customers.
RelatedPostsNo Content Available Belgian champion Genk have hired German coach Hannes Wolf in a bid to overturn a poor run of results that has left the club languishing at mid-table in the Belgian league and out of the Champions League.Genk said in a statement on Tuesday that the 38-year-old Wolf, who guided Stuttgart to promotion in Germany two years ago and went on to coach Hamburger SV, joined the club alongside his regular assistant Miguel Moreira.Wolf was tutored by Liverpool coach Jurgen Klopp when he was in charge of the youth teams at Borussia Dortmund.He replaced Felice Mazzu, who was fired this month after Genk lost at Salzburg 6-2 and was beaten twice by Liverpool in recent weeks in the Champions League. Genk is bottom of its group and can no longer reach the knockout phase.Tags: Miguel Moreira
Racing today comes from Punchestown.The first of a seven-race evening card is at 5.45pm.
â€œItâ€™s a blessing to be recognized by these clubs and of course, itâ€™s flattering but I take everything one step at a time; focus on whatâ€™s in front of me and for the next few months- that is Anderlecht,” Onyekuru said.The 20-year-old striker also expressed his delight in scoring his eight goal of the season, saying it’s always a delight to score the winning goal for his team.“It was a difficult match for us but I am happy we were able to win and I also got on the score sheet. I hope to continue scoring more goals for Anderlecht and hopefully, win a trophy or two in the season,” Onyekuru concluded.The on-loan Everton striker has scored 10 goals in all competitions and remains a target of top European clubs because of his tenacity and composure in front of goal.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Super Eaglesâ€™ striker, Henry Onyekuru, has said he is flattered by offers linking him with top European clubs like Barcelona and Manchester United, but wants to remain focused on his current team.The striker, who spoke exclusive to AOIFootball.com after netting the winner for Anderlecht in their Jupiler league game at the weekend in Belgium, said he will continue to work hard and improve on his game.“There is no real secret, I have a strong faith in God and he has blessed me to be able to do what I love and Iâ€™m just focused on improving myself, working hard and staying dedicated.