In therory if they (Liard shares) are not worth much then Teck should transfer them as it should not trigger a capital gain, or at least just a small one. then they would get them back at an inflated value upon buyout thereby increasing their cost base of the shares, which would shelter future gains should they sell a portion of the Liard shares to someone else.

This does all hinge on the assumption that the shares are not currently worth much, and that they would be worth more on buyout.

This could also cause tax consequences for CUU depending on how any buyout may be structured. If Teck bought CUU shares no consequences. If Teck purchased Assets, then capital gain is likely.

FWIW,

Nut