Northland Power cutting dividend, shares sink more than 20 per cent

The Northland Power logo is shown in this undated handout. THE CANADIAN PRESS/Handout - Northland Power (Mandatory credit)

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TORONTO - Shares of Northland Power Inc. dropped more than 20 per cent after the company slashed its dividend and reported its third-quarter loss more than doubled compared with a year ago.

The power producer says it will pay a total dividend of 72 cents per share on an annual basis, starting with its payment on Jan. 15 to shareholders of record on Dec. 31. The company has been paying a monthly dividend of 10 cents per share for a total of $1.20 per year.

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