May 12, 2023 – Implementation of the Dual Class Amendment Arrangement
Under the terms of the arrangement, each Class A common share issued and outstanding on the record date of May 11, 2023, was exchanged at 12:01 a.m. on May 12, 2023, for 1 new Class A common share and 0.67 of a Class B subordinate voting share. Fractional shares were aggregated and sold, with cash proceeds distributed to Class A common shareholders as applicable (less appliable withholding taxes). The new Class A common shares will automatically convert into Class B subordinate voting shares on May 12, 2029, at which time the Class B subordinate voting shares will be renamed “Common shares”.
The closing price of the Class A common shares on the TSX on May 11, 2023, was $96.55. The closing price of the Class B subordinate voting shares on the TSX on May 11, 2023, was $58.00. Teck estimates the proportion of the fair market value of the new Class A common share and the 0.67 Class B subordinate voting share received for each Class A common share to be 59.8% and 40.2%, respectively. Teck does not provide tax information about trading shares – please talk to your own tax or financial advisor. Your advisor can also help you calculate the cost basis of your shares for tax purposes.
United States shareholders can find a copy of the Form 8937 here.
July 19, 2001 – Merger of Teck Corporation and Cominco Ltd.
Teck Resources Limited is the result of the merger of Teck Corporation and Cominco Ltd. In 2001
Cominco Ltd. Shareholders received 1.8 Teck Subordinate Voting Class B shares and $6 cash for each Cominco Ltd. Share, effective July 19, 2001 upon the merger. Teck Class B shares were valued at $12.60 per share on the date of the vote of the merger. The Common Shares were subdivided on a 2 for 1 basis on May 7, 2007, making the adjusted value $6.30.
Valuation Day Stock Prices (December 22, 1971)
Cominco |
Teck Class A Common |
Teck Class B Subordinate Voting |
$22.88 |
$ 4.75 |
$ 4.15 |
Cominco Ltd. – Share Splits |
May 4, 1984 |
3 for 1 split |
Adjusted V-Day Share Value post split- $7.63 |
Teck – Share Splits |
March 5, 1980 |
Stock Dividend of 1 Class B Subordinate Voting share for each Class A Common share or Class B Subordinate Voting share |
Class A Common share value: $21.50 (post split) |
Class B Subordinate Voting share value: $18.50 (post split) |
February 5, 1988 |
2 for 1 share split (Class A Common and Class B Subordinate Voting shares) |
Class A Common share value: $14.00 (post-split) |
Class B Subordinate Voting share value: $13.25 (post-split) |
September 25, 2001 |
Class A Common shareholders received 0.2 Class B shares (value $9.90) for each |
Class A Common share held. (No fractional shares issued) |
May 7, 2007 |
2 for 1 share split (Class A Common and Class B Subordinate Voting shares) |
Class A Common share value: $50.49 (post-split) |
Class B Subordinate Voting share value: $45.20 (post-split) |
October 30, 2008 – Teck Acquisition of Fording
Under the terms of the arrangement, unitholders of Fording received 0.245 of a Teck Class B subordinate voting share and cash in the amount of US$82.00 (less any amounts withheld on account of taxes) for each unit. The volume weighted average price of the Teck Class B subordinate voting shares on the NYSE for the ten trading days ended October 28, 2008 was US$11.71. Teck and Fording are using this price for purposes of valuing the arrangement consideration. Fording unitholders may find this information useful for tax purposes.