Printer Friendly

Canada : Teck Doubles Dividend and Announces Dividend Policy.

Teck Resources Limited (Teck") announced that Tecks Board of Directors has established a new dividend policy, and in accordance with that policy Teck will pay on June 30, 2017 an initial eligible dividend of $0.10 per share on its outstanding Class A common shares and Class B subordinate voting shares, to shareholders of record at the close of business on June 15, 2017.

The new dividend policy reflects Tecks commitment to return cash to shareholders in balance with the needs and opportunities to invest in, and the inherent cyclicality of, its underlying businesses. The policy will be anchored by an annual base dividend of $0.20 per share, which will be declared and paid quarterly, commencing in the third quarter, as $0.05 dividends on the last business day of each quarter. Each year the Board will review the free cash flow generated by the business, the outlook for business conditions and priorities regarding capital allocation, and determine whether a supplemental dividend should be paid. Any supplemental dividends declared would be paid on the last business day of the calendar year. If declared, supplemental dividends may be highly variable from year to year, given the volatility of commodity prices and the potential need to conserve cash for certain project capital expenditures or other corporate priorities. As always, the payment of dividends is in the discretion of the Board and the Board will review the dividend policy regularly.

[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Apr 29, 2017
Words:251
Previous Article:Canada : Teck Reports Unaudited First Quarter Results for 2017.
Next Article:United States : Barr hosts MnDRIVE mini-symposium on advances in biological water treatment.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters