Expert: Steven Taylor - 11/17/2010

Question
QUESTION: I saw someones question about Gordon-Daly Grenadier Securities. I bought 300 shares of Ross Island Rources Inc stock from them in 1987 but I took my $300 shares in a paper certificates. I returned to the USA and never heard anything from them. I need to know what happened to Ross Island Resources Inc and my shares of stock. I had heard that they switched from Gold to Natural Gas but a web search yields me nothing.

ANSWER: Anita, from the information I have available:

Ross Island became Impact Capital, then did a 1 for 4.9 reverse split and became Polar Innovative Capital. Polar then became Simplex (after a 1 for 7 reverse split). In 2007, Simplex was cease-traded by Ontario (which remains in effect). At the moment, there is no trading in the stock due to the cease-trade order and the lack of trading venue.

You might try and contact them at the listed address:

3044 Bloor Street West
Suite 1402
Toronto, Ontario
M8X 2Y8

(905) 994-6846



---------- FOLLOW-UP ----------

QUESTION: Excuse my ignorance, I am not a trader.

What is a reverse split?  Does that mean I lost some of the 300 shares?

What is a cease-trade order?  I can't sell?

What is a lack of trading venue?  

Answer
Anita, a reverse split is a consolidation of shares. So, taking into account these reverses, your 300 shares would have been cut to just 8 shares. However, at this point, it makes no difference as there is no trading market for the shares. The Cease-Trade order is issued by the government when the company fails to meet its regulatory requirements. It cannot be lifted until the company complies and fixes the problems. That has not happened, and there is no market for the shares, so they cannot be traded.