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Teck Introduces Sunset for Dual Class Share Structure

Date Closed

May 12, 2023

Lead Office

Toronto

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).

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