Teck Resources (TECK) advanced in pre-market New York trading after the Canada-based mining company said it has been informed that the Toronto Stock Exchange has accepted Teck’s notice of intention to make a normal course issuer bid to buy its class B subordinate voting shares.
Shares rose as much as 1.5% as of 9:15 a.m. in New York.
Under the normal course issuer bid, Teck may buy up to 20 million class B shares during the period starting Oct. 10, and ending Oct. 9, 2018, representing 3.5% of the outstanding class B shares, or 3.9% of the public float, as at Sept. 27. 570.5 million class B shares were issued and outstanding as at Sept. 27.
Teck said it will make any purchases through the facilities of the TSX, the New York Stock Exchange or any other exchanges or alternative trading systems in both Canada and the United States, if eligible, or by such other means as may be permitted under the TSX’s regulations, including private agreements under an issuer bid exemption order or block purchases in accordance with the applicable regulations.