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This is from a Motley Fool piece from yesterday, on Teck wanting to regain its credit rating. I've underlined the portion that might be (hopefully is) relevant to us.
Teck has already started to trim away its debt, reducing it from $9.6 billion at the end of last year to $6.97 billion as of the end of the second quarter. That said, the company still has a way to go. CFO Ron Millos stated that it would need to trim another $1.5-2 billion to regain its investment-grade rating.
The CFO noted that additional asset sales would likely be its ticket to hitting the debt-reduction target. He said the company is working to put some of its infrastructure assets up for sale, including the Waneta Dam and Ridley coal terminal in British Columbia. In addition, the company has several non-core exploration projects it could sell. However, it will not sell assets at just any price; it needs to get a good value.
If anyone is planning on attending for the "free" cookies or otherwise, perhaps they could also ask about share consolidation. Surely they're going to have to do that if they want to raise some funds and surely they're going to need some more funds on the way to "monetizing" this pig. They probably can't/won't answer a direct question but indirectly, we might be able to read the tea leaves from their response to the question "In what circumstances would you consider a share consolidation?" And "How close are we to those circumstances?".
CF, as a shareholder of Carmax, may have personal claims against those directors of Carmax who were at fault for the oversight, with the claims founded on negligence or breach of fiduciary duties to shareholders. It would all depend upon facts which, of course, are unknown to us. I am sure that CF is seeking legal advice in this regard.
Teck up over 5% to 6.35 with the rest of the market tanking. Anybody know why?
BNN was quoting Cannacord with a $1 target for teck.b this morning. I've been looking for more backup for that comment but can't find it yet.