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Teck cleared for share buyback

Canadian diversified miner Teck Resources (TSX:TECK.B) has been cleared by the Toronto Stock exchange to launch a normal course issuer bid to buy back its Class B subordinate voting shares.
Teck cleared for share buyback Teck cleared for share buyback Teck cleared for share buyback Teck cleared for share buyback Teck cleared for share buyback

Teck's Red Dog zinc mine, in Alaska, is one of its largest and longest-lived operations

Staff Reporter

Under the programme, Teck would be able to buy up to 40 million shares, or 7.9% of the public float, until October 9, 2019.

Teck said it was making the normal course issuer bid because it believed the market price of its Class B shares did not reflect their underlying value and the share buy-back programme could provide value by reducing the number of shares outstanding at attractive prices. All repurchased shares would be cancelled.

During Teck's current normal course issuer bid, which started on October 10, 2017 and ends on October 9, the C$17.5 billion company bought 7.48 million Class B shares on the open market at a volume weighted average price of C$31.0549 apiece.