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MCN CORPORATION RAISES DIVIDEND AND ANNOUNCES ISSUANCE OF COMMON STOCK

MCN CORPORATION RAISES DIVIDEND AND ANNOUNCES ISSUANCE OF COMMON STOCK
 DETROIT, Sept. 23 /PRNewswire/ -- The board of directors of MCN Corporation (NYSE: MCN) today announced an increase in the corporation's quarterly dividend from $.41 to $.42 per share. This represents an annual dividend of $1.68 compared to the prior annual rate of $1.64. The dividend will be payable on Nov. 25, 1992, to shareholders of record on Nov. 13, 1992.
 The board of directors also authorized the filing of a registration statement with the Securities and Exchange Commission for the issuance of 2.2 million shares of common stock.
 According to MCN Chairman and Chief Executive Officer Alfred R. Glancy III, "We are pleased that the board has raised the dividend to our shareholders and authorized the issuance of common stock. The stock proceeds will be used to fund increased capital investments in the company's utility operations, for other natural gas-related projects and for general corporate purposes."
 Glancy stated the company expects to have capital expenditures of approximately $250 million in 1992. About $160 million will go to utility operations, including projects which will expand MCN's distribution and transmission network. He said that most of the remaining expenditures will be for the development of natural gas reserves, primarily in Michigan, to meet the long-term needs of MCN's gas brokering subsidiaries and possible future cogeneration projects.
 "During the next five years we anticipate many opportunities to invest in natural gas-related utility and nonutility projects, such as gas storage, cogeneration and gas supply projects, which could result in annual capital investments comparable to 1992 levels," Glancy added.
 MCN Corporation is the holding company for Michigan Consolidated Gas Company, a natural gas distribution, transmission and storage company serving more than 1 million customers in 465 communities throughout Michigan; for Citizens Gas Fuel Company, a Michigan natural gas utility; and for MCN Investment Corporation which owns subsidiaries in the computer operations services, energy services and natural gas technology businesses.
 This communication does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities may only be made through a prospectus.
 -0- 9/23/92
 /CONTACT: (media) Sally A. LePla, 313-256-5349, or (analysts) Sebastian Coppola, 313-256-6324, both of MCN Corporation/
 (MCN) CO: MCN Corporation ST: Michigan IN: UTI OIL SU: DIV


SM -- DE038 -- 2786 09/23/92 16:11 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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