Teck Resources Ltd. (TCK_A.TO,TCK_B.TO, TCK) said Monday that the Toronto Stock Exchange has accepted the company's notice of intention to make a normal course issuer bid to purchase its Class B subordinate voting shares.
Under the normal course issuer bid, Teck may purchase up to 20 million Class B subordinate voting shares during the period starting June 28, 2012 and ending on June 27, 2013, representing about 3.47% of the outstanding Class B subordinate voting shares, or 4.30% of the public float, as of June 15, 2012. The company noted that it 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 a total of 5 million Class B subordinate voting shares at a weighted average price of $35.44 per share. All repurchased shares were cancelled.
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