Teck Resources Ltd. has announced a plan to split the company into Teck Metals Corp. and Elk Valley Resources Ltd.
“This transformative transaction creates two strong, sustainable, world-class mining companies committed to responsibly providing essential resources the world needs,” Teck CEO Jonathan Price said in a statement.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The royalty will be payable until $7.0 billion in payments have been made or Dec. 31, 2028, whichever comes later. The preferred shares will have an aggregate $4.4-billion redemption amount and a 6.5 per cent cumulative dividend. The separation will require approval by a two-thirds majority vote by holders of Teck’s class A shares and class B subordinate-voting shares, each voting separately by class.
The new class A shares will be identical to the current terms of class A shares, but will automatically be exchanged for class B subordinate-voting shares on the sixth anniversary of the effective date of the dual class amendment.Article content
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Teck Resources changes name to Teck Metals, spins off steelmaking coal unitTeck Resources has changed its name to Teck Metals and will spin off its steelmaking coal unit as Elk Valley Resources Ltd. Read more.
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Teck Resources changes name to Teck Metals, spins off steelmaking coal unitTeck Resources has changed its name to Teck Metals and will spin off its steelmaking coal unit as Elk Valley Resources Ltd. Read more.
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