RE: 2 for 1 SPLIT ???From the NR below, the shares are to be split on or about May 7, 07. Between the share buyback, share split and base metals prices continuing to climb, I do not plan to sell any of my traders unless the prices moves well into the $90's....Now I am not much of daytrader - more of an investor who is willing to try to make a few extra bucks if the price gets unreasonably high or low....
https://www.teckcominco.com/news/07-archive/07-04-tc.html
'If the share split is approved by shareholders, the record date for the share split is expected to be May 7, 2007."
Teck Cominco Announces Normal Course Issuer Bid, Proposed Share Split
Vancouver, February 12, 2007 - Teck Cominco Limited (TSX – TCK.A; TCK.B; NYSE – TCK) announced today that, subject to regulatory approval, it intends to purchase up to 20 million of its outstanding Class B subordinate voting shares. Teck Cominco plans to file a notice of intention to make a normal course issuer bid with the Toronto Stock Exchange that will permit Teck Cominco to commence purchases two trading days after notice of acceptance by the Exchange.
Teck Cominco President and Chief Executive Officer, Don Lindsay, said: “The Board has carefully considered a range of options for our growing cash balance. Our first priority continues to be to strengthen and grow the company through the development of current projects in our portfolio and the possible acquisition of new, high quality assets. In the meantime, the proposed share repurchases will provide an opportunity for us to effectively return some capital to shareholders, while preserving substantial capacity for future growth. Our intention would be to use these normal course purchases to maintain our cash balance at a reasonable level for this point in the cycle, taking into account potential alternative investments.”
Teck Cominco intends to purchase up to 20 million of its outstanding Class B shares (as those shares are constituted before the share split described below) through the facilities of the Toronto Stock Exchange, representing, as at January 31, 2007, approximately 9.5% of its 211,158,069 Class B shares and approximately 9.6% of the public float of 207,467,096 Class B shares. Purchases will be made from time to time at the prevailing market price of the Class B shares as traded on the Toronto Stock Exchange, and any Class B shares purchased will be cancelled.
Teck Cominco believes that the purchase of the Class B shares represents an appropriate use of cash, given its substantial cash balance. The actual number of Class B shares to be purchased, and the timing of any such purchases, will be determined by Teck Cominco from time to time based on prevailing market conditions and other considerations.
In addition, Teck Cominco announced plans to implement a two-for-one subdivision, or “share split”, of its issued and outstanding Class A common shares and Class B subordinate voting shares. The share split, which has been approved by Teck Cominco’s Board of Directors, must be approved by shareholders at Teck Cominco’s annual and special meeting on April 25, 2007. If the share split is approved by shareholders, the record date for the share split is expected to be May 7, 2007.