Teck Introduces Sunset for Dual Class Share Structure

On May 12, 2023, Teck Resources Limited ("Teck") announced that it completed the previously announced plan of arrangement introducing a six-year sunset for the multiple voting rights attached to the Class A common shares of Teck (the “Dual Class Amendment”). On the effective date of the Dual Class Amendment, each Teck Class A common share was acquired by Teck in exchange for one new Class A common share and 0.67 of a Class B subordinate voting share.

The terms of the new Class A common shares are identical to the current terms of Class A common shares, but will provide that, on the sixth anniversary of the effective date of the Dual Class Amendment, all new Class A common shares will automatically be exchanged for Class B subordinate voting shares, which will be renamed “common shares”.

Teck based in Vancouver, Canada, is a mining company that has major business units focused on copper, zinc and steelmaking coal.

McCarthy Tétrault advised Temagami Mining Company, a controlling shareholder of Teck, with a team lead by Robert Hansen that included Dave Woollcombe, Alykhan Rahim (Business) and Pat McCay (Tax).