Teck Receives Regulatory Approval for Share Buy-Back Program
22.06.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - June 22, 2011) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) has been informed that the Toronto Stock Exchange has accepted Teck's notice of intention to make a normal course issuer bid in respect of up to 40 million Class B subordinate voting shares, representing approximately 6.88% of Teck's 581,442,001 Class B subordinate voting shares outstanding as at June 15, 2011, or 8.47% of Teck's public float. The period of the normal course issuer bid will commence on June 27, 2011 and will continue until June 26, 2012 or an earlier date if Teck completes its purchases.Teck will make any purchases through the facilities of the Toronto Stock Exchange from time to time at the prevailing market prices of the Class B shares as traded on the Exchange and any Class B shares purchased will be cancelled. Daily purchases will be limited to 718,649 shares, in accordance with the Exchange's rules. The actual number of Class B shares to be purchased and the timing of any such purchases will be determined by Teck from time to time as market conditions warrant.
Teck is making the normal course issuer bid because it believes that the market price of their Class B shares may, from time to time, not reflect its underlying value and that the share buy-back program may provide value by reducing the number of shares outstanding at attractive prices.
About Teck Resources
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 TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. www.teck.com.
Contact Information
Teck Resources Limited
Greg Waller
Vice President, Investor Relations & Strategic Analysis
604.699.4014
greg.waller@teck.com
www.teck.com