ANOTHER,,,,,,,,,,,,,,,,50 Cent SPECIAL Dividend............. Transaction Use of Proceeds
Subject to closing of the transaction and consistent with Teck’s Capital Allocation Framework, Teck intends to allocate proceeds from the sale of the steelmaking coal business as follows:
1. Cash Return to Shareholders
Repurchase of up to US$2.0 billion (CAD$2.75 billion) of Class B subordinate voting shares.
Distribution of approximately US$182 million (CAD$250 million) through the declaration of an eligible dividend of CAD$0.50, to be declared by Teck’s Board of Directors on both the Class A common and Class B subordinate shares. The supplemental dividend is expected be paid on September 27, 2024, to shareholders of record at the close of business on September 13, 2024. This one-time supplemental dividend is in addition to the regular base quarterly dividend of $0.125 per share, for an expected total eligible dividend payable of $0.625 per share.
Total announced cash return to shareholders from the 100% sale of EVR of US$2.6 billion (CAD$3.5 billion).