directors to repurchase up to $20 million of the company stock.

The company also said yesterday that it had increased its quarterly dividend to five cents per share, up from two cents per share, payable June 27 to shareholders of record June 6.

The share repurchases are to be made from time to time on the open market and at prevailing market prices or in privately negotiated transactions. The repurchased shares will be held in trust and could be used for employee stock options, directors share units or for other corporate purposes.

Terra Nova chairman William O. Bailey stated: "The share repurchase programme and dividend increase reflect our continued progress and the board's long-term confidence in the future prospects of the company.'' STOCK STK