Canadian Stocks/BRINCO (British Newfoundland corporation Limited)
I have some BRINCO shares and original certificates which we left to me. I'm trying to find out if they have any value. The certificate notes common shares without nominal or par value. Does this mean they are worthless?
Paula, from the information I have available, BRINCO consolidated its shares and became Consolidated Brinco. I believe only holders of 1000 or more common shares of BRINCO received shares in the consolidated company. Those holders received 1 new share and $1 cash for every 10 old shares held. For those that held less than 1000 shares, I believe they received a nominal cash payment and their shares were cancelled. Consolidated Brinco later was acquired by Hillsborough Resources on the basis of 1 share of Hillsborough for every 1.625 old shares held. Hillsborough was acquired in 2009 by Vitol for 50 cents per share cash.