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Rural Cellular does not declare 11 3/8% preferred dividend, to pay 12¼% dividend in kind
New York, July 20 - Rural Cellular Corp. said its board of directors has decided not to declare the quarterly dividend payable Aug. 15 on its 11 3/8% senior exchangeable preferred stock.
The Alexandria, Minn. wireless phone company also said it will pay the Aug. 15 dividend on its 12¼% junior exchangeable preferred stock in kind at the rate of 3.0625 shares per 100 shares.
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