Green Mountain Power Increases Quartely Dividend

first_imgDirectors 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.last_img read more

FIFA looks to ease the fixture burden on players

first_imgBy Brian HomewoodZURICH, Switzerland (Reuters) – FIFA needs to take care of the players when it plans the next international match calendar, the head of a key committee at soccer’s governing body told Reuters yesterday.Victor Montagliani said that the international calendar and the transfer system were among the priorities for the football stakeholders committee, which brings together representatives of the players, clubs and leagues.The current match calendar runs until 2024 and allows for around eight to 10 international matches per year in addition to major tournaments such as the World Cup, European championship and Copa America.Top players can easily play 60 to 70 matches in a season for their clubs and national teams.“It’s a pretty busy match calendar, so we need to take care of the players, all of us, because at the end of the day, that’s what we’re all here for,” said Montagliani, who is also president of CONCACAF.“The FIFA staff have started collecting data in terms of people’s opinions … they have started to talk to coaches, they have talked to players, they have talked to all the stakeholders.”The new committee, which met for the first time yesterday, was set up after soccer’s governing body FIFA was engulfed by a series of corruption scandals.Its members include former international players Cafu and Edwin van der Sar, AS Roma chief executive Umberto Gandini, Bundesliga CEO Christian Seifert and Philippe Piat, head of the world players’ union FIFPro.The committee’s role includes advising the FIFA Council on “all matters relating to football, particularly the structure of the game, as well as on all technical matters.”Relations between FIFPro and the clubs have sometimes been tense, with the union regularly complaining of clubs who do not respect players’ contracts.In 2015, FIFPro made a legal complaint at the European Commission against the transfer system which it said was fundamentally flawed.However, Montagliani said there was a positive mood at the meeting.“Everybody understands that if people are coming to the committee with a zero sum game mentality, nobody is going to win,” he said.“The game needs to be better so if the game gets better, everyone will win.“I thought it was very good, very positive and the right attitude was there.”last_img read more