Teck Buy-Back Share Program Approved
- Oct
- 05
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) has been informed that the Toronto Stock Exchange (“TSX”) has accepted Teck’s notice of intention to make a normal course issuer bid to purchase its Class B subordinate voting shares (“Class B Shares”).
Under the normal course issuer bid, Teck may purchase up to 20 million Class B Shares during the period starting October 10, 2017 and ending October 9, 2018, representing approximately 3.5% of the outstanding Class B Shares, or 3.9% of the public float, as at September 27, 2017. 570,533,798 Class B Shares were issued and outstanding as at September 27, 2017.
Teck will make any purchases through the facilities of the TSX, the New York Stock Exchange or any other exchanges or alternative trading systems in both Canada and the United States, if eligible, or by such other means as may be permitted under the TSX’s regulations, including private agreements under an issuer bid exemption order or block purchases in accordance with the applicable regulations. Purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority may be at a discount to the prevailing market price as provided in any applicable exemption order.
The average daily trading volume for the Class B Shares on the TSX during the six-month period ended September 30, 2017 was 2,329,633. As a result, under the TSX’s rules, Teck may purchase a maximum of 582,408 Class B subordinate voting shares (being 25% of the average daily trading volume) on any one day, except pursuant to permitted exceptions. The actual number of Class B Shares to be purchased and the timing of any such purchases will generally be determined by Teck from time to time as market conditions warrant. In addition, Teck may from time to time repurchase Class B Shares under an automatic securities purchase plan it has established with its broker, which will enable purchases during times when Teck would typically not be permitted to purchase its shares due to regulatory or other reasons.
Teck is making the normal course issuer bid because it believes that the market price of its Class B Shares may, from time to time, not reflect their underlying value and that the share buy-back program may provide value by reducing the number of shares outstanding at attractive prices. All repurchased shares will be cancelled. Teck has not purchased any Class B Shares in the past 12 months through a normal course issuer bid.
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Elk Valley Coal Links
- Centerpoint Resources Inc. A mine exploration and development company that owns Bingay Coal.
- City of Fernie The cultural and activity centre of the Elk Valley.
- Crowsnest Pass Coal Mining Ltd. Potential for a significant underground mine operation producing high quality coking coal.
- District of Elkford Founded in 1971 as a home for miners working at Fording Coal.
- District of Sparwood Sparwood, BC is yours and mine to discover!
- Elk River Alliance The Elk River Alliance has spent over a decade monitoring the Elk River Watershed
- Elk Valley Resources Elk Valley Resources (EVR) operates four steelmaking coal mines in the Elk Valley.
- Fernie.com Everything you need to know about Fernie BC.
- Glencore Owns a 77% interest in Elk Valley Resources.
- Grizzly Discoveries Grizzly is a Canadian exploration company exploring for gold and base metal deposits.
- Jameson Resources Ltd. Coal Mountain Coking Coal in Alexander Creek.
- Ktunaxa Nation Working together, managing our lands and resources, within a self-sufficient, self-governing Nation.
- Mining Association of British Columbia Represents the needs and interests of coal, metal, industrial mineral companies and smelters.
- Nippon Steel Japan’s largest steelmaker with a 20% interest in Elk Valley Resources.
- North Coal Ltd. Focused on the exploration and development of the Michel Creek Coking Coal Project.
- Pacific American Coal Ltd. Identified a 257 million tonne JORC resource at its Elko Coking Coal Project
- POSCO A South Korean steel-making company headquartered in Pohang with 3% interest in EVR.
- Teck Resources Ltd. Canada’s Largest Diversified Resource Company.
- United Steelworkers Local 9346 The Trade Union for the hourly employees at Teck Coal Ltd. – Elkview Operations
- Wildsight Working to protect wildlife, water and wild places in Canada’s Columbia and Rocky Mountain regions.