Expert: Steven Taylor - 11/9/2010

Question
QUESTION: In the 1980's I purchased a number of penny stocks. I still have the share certificates and I am wondering if they still have any value. These are the companies:

Action Resources Ltd
Consolidated Cotton Balls
Cultus Pacific NL

Thanks

Eric

ANSWER: Eric, from the information I have available:

Action has no value. It was dissolved in 1984.

Consolidated Cotton Balls became CTB Industries, which was struck from the corporate register in 1996.

Cultus became Cultus Resources, then Cultus Petroleum, which was acquired in 1989 by OMV Austraila in 1989 for 84 cents per share cash. If you did not receive the cash 21 years ago, the money might still be out there. You need to search the missing property offices of every State or Province in which you lived from the date you acquired the shares until the takeover. You can search many online for free at www.missingmoney.com and www.naupa.org.

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

QUESTION: I have lived in Ontario for the last 40 years. It appears that Ontario does not have a resource for unclaimed assets. Also Cultus was incorporated in New South Wales, Australia. I`m not sure where to go next to see if I have any unclaimed funds that are due to me. Any assistance is greatly appreciated.  

Answer
Eric, Ontario does not have a dedicated missing property department, but the Office of the Public Guardian and Trustee does handle assets for dissolved corporations and other types of assets. I would suggest you contact them and see what information they may be able to provide. Considering the takeover was 21 years ago, I think that is probably your best approach.