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Teck receives regulatory approval for renewal of share buy-back program
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 will be at a discount to the prevailing market price as provided in the exemption order. Purchases on the New York Stock Exchange, or any other published market that is not a "designated exchange" within the meaning of Multilateral Instrument 62-104 will not commence until July 2, 2012.
The average daily trading volume calculated in accordance with the policies of the TSX (ADTV) for the Class B subordinate voting shares during the six-month period ended May 31, 2012 was 2,266,727. As a result, under the TSX's rules, Teck may purchase a maximum of 566,681 Class B subordinate voting shares (being 25% of the ADTV) on any one day, except pursuant to permitted exceptions.
The actual number of Class B subordinate voting shares to be purchased and the timing of any such purchases will be determined by Teck from time to time as market conditions warrant. All repurchased shares will be cancelled.
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.
Under Teck's previously approved normal course issuer bid, during the 12 month period commencing June 27, 2011, Teck purchased an aggregate of 5,000,000 Class B subordinate voting shares at a weighted average price of $35.44 per share. All repurchased shares were cancelled.
This article is a press release from Teck.