“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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