remained unknown on Tuesday, suggesting that the outcome was too close to call only one day ahead of a shareholders’ meeting that the Vancouver company hopes to use to formally launch its break-up plan.
Shareholders were asked to approve a plan that would see Teck, Canada’s biggest diversified mining company, split itself in half, creating separate metals and metallurgical coal businesses with their own stock market listings. on Monday that owing to various administrative snafus, there is a significant lag between receiving the votes and calculating the scorecard.
Investors were allowed to change their vote up until the proxy deadline, but the tally was not reflecting in real time any such “flipped” votes. A lag time means that flipped votes may not enter the ledger until several hours later.
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