Teck Receives Regulatory Approval to Renew Normal Course Issuer Bid
November 18 2024 - 4:06PM
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 November 22,
2024, and ending November 21, 2025, representing approximately 7.9%
of the outstanding Class B Shares, or 8.0% of the public float, as
at November 8, 2024. 503,097,912 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 296,920 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 October 31, 2024, of 1,187,683, 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.
Consistent with its approach in previous years, 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.
As at November 8, 2024, during the previous normal course issuer
bid, which commenced on November 22, 2023, and will end on November
21, 2024, Teck has purchased 18,062,775 Class B Shares at a
weighted average purchase price of $62.75 through the facilities of
the TSX, the New York Stock Exchange and alternative trading
systems in both Canada and the United States. 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 TeckTeck is a leading Canadian resource
company focused on responsibly providing metals essential to
economic development and the energy transition. Teck has a
portfolio of world-class copper and zinc operations across North
and South America and an industry-leading copper growth pipeline.
We are focused on creating value by advancing responsible growth
and ensuring resilience built on a foundation of stakeholder trust.
Headquartered in Vancouver, Canada, Teck’s 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 PhillipsSenior Vice
President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
Media Contact:Dale SteevesDirector, External
Communications236.987.7405dale.steeves@teck.com
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