Teck Receives Regulatory Approval for Share Buy-Back Program
October 18 2019 - 5:42PM
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 40
million Class B Shares during the period starting October 28, 2019
and ending October 27, 2020, representing approximately 7.3% of the
outstanding Class B Shares, or 8.2% of the public float, as at
October 10, 2019. 546,354,130 Class B Shares were issued and
outstanding as at that date.
Teck will make any purchases through the facilities of the TSX,
the New York Stock Exchange or other alternative trading systems in
Canada and the United States, if eligible, or by such other means
as may be permitted under applicable securities laws, including
private agreements under an issuer bid exemption order or block
purchases in accordance with applicable regulations. Purchases will
generally be made at the prevailing market price, although any
purchases made by way of private agreement under an applicable
exemption order issued by a securities regulatory authority may be
at a discount to the prevailing market price, as provided for in
such exemption order.
Under the TSX rules, except pursuant to permitted exceptions,
the number of Class B Shares purchased on the TSX on any given day
will not exceed 355,530 Class B Shares, which is 25% of the average
daily trading volume for the Class B Shares on the TSX during the
six-month period ended September 30, 2019 of 1,422,123, calculated
in accordance with the TSX rules. 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 repurchase
plan, 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.
During Teck’s previous normal course issuer bid, which commenced
on October 10, 2018 and ended October 9, 2019, Teck purchased
22,466,152 Class B Shares on the open market at a volume weighted
average price of $28.6921 per Class B Share. Teck sought and
received approval to purchase up to 40 million Class B Shares under
the previous normal course issuer bid.
Forward-Looking Statements This press release
contains certain forward-looking statements within the meaning of
the Unites States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information can be
identified by statements that certain actions, events or results
“may”, “could”, “should”, “would”, “might” or “will” be taken,
occur or achieved. Forward-looking statements include statements
regarding Teck’s expectations regarding the number of Class B
Shares that might be purchased under the normal course issuer
bid.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Teck to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that may cause actual results to vary include, but are not limited
to, the ability to acquire Class B Shares in the market through the
normal course issuer bid and in compliance with regulatory
requirements, share price volatility, availability of funds to
purchase shares and other risk factors impacting Teck’s business as
detailed in Teck’s annual information form and in its public
filings with Canadian securities administrators and the U.S.
Securities and Exchange Commission. Teck does not assume the
obligation to revise or update these forward-looking statements
after the date of this document, except as may be required under
applicable securities laws.
About Teck Teck is a diversified resource
company committed to responsible mining and mineral development
with major business units focused on copper, steelmaking coal, zinc
and energy. Headquartered in Vancouver, Canada, its shares are
listed on the Toronto Stock Exchange under the symbols TECK.A and
TECK.B and the New York Stock Exchange under the symbol TECK. Learn
more about Teck at www.teck.com or follow @TeckResources.
Investor Contact: Fraser Phillips Senior Vice
President, Investor Relations and Strategic Analysis 604.699.4621
fraser.phillips@teck.com
Media Contact: Chris StannellPublic Relations
Manager604.699.4368chris.stannell@teck.com
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