Canadian Stocks/Bahamas-Caribbean Development Corp. Ltd.
QUESTION: Can you kindly tell me the current value of 50 Common Shares for Bahamas-Caribbean Development Corp. Ltd. registered on July 9th, l969.
Looking forward to your reply. With thanks,
ANSWER: Elaine, from the information I have available, the Company had a 1 for 20 reverse split and became Oceanus Industries. Oceanus was taken private in 1983 for $5.15 per share. Shareholders should have received a check for their shares at that time.
---------- FOLLOW-UP ----------
QUESTION: Thank you Mr.Taylor. I did not receive your first reply.
The shareholder was not aware of a split and the issue of a check for 50 shares from Oceanus Industries back in l983 or later than that date.
Could you please advise how this transaction can be dealt with?
for Miss Marney Pinder (shareholder)
Elaine, due to the 1 for 20 reverse split, the final number of shares of Oceanus would have been either 2 or 3 (sometimes they round up to the next whole share, sometimes down). The holder should have received a check for either $10.30 or $15.45.
In cases where the registered holder cannot be located, usually because they moved from their last known address, the money is turned over to the government of the last known address for safekeeping. Most governments hold such funds for a specific period. If the money is unclaimed at the end of the holding period, it is taken by the government and their general fund. Usually that period is either 10 or 20 years, but some do hold for longer or indefinitely. The registered holder of the shares needs to check the missing property offices of every State or Province in which they lived from the date they acquired the certificate in 1969 until the buyout in 1983. It is a longshot that the money would still be available, but you can search most offices online for free at www.missingmoney.com and www.naupa.org. Search using the name exactly as it appears on the certificate, even if it is abbreviated or misspelled.