Canadian Stocks/My father's old certificates
QUESTION: I came across some of my father's old stock certificates - any value in them?
1) Stanrock Uranium Mines Ltd - November 6, 1968 - Canada Permanent Trust Company
2) Merrill Island Mining Corporation,Ltd. - October 24, 1968 - Canada Permanent Trust Company
Any info on these stocks would be greatly appreciated!!
Thanks in advance for your time and reply!
ANSWER: Costas, from the information I have available:
Stanrock had numerous changes. It had a 1 for 70 reverse split, then a 1 for 20. If your father had less than 1400 shares, the reverse splits would have wiped out the certificate. If not, the company had a complicated reorganization. Shareholders received 1 share of Denison Mines, 1/5 of a share of Forte Resources, and 1/21 of a share of Denison Energy. Denison Mines later had a merger where shareholders received 2.88 new shares for every old share. Denison currently trades for about $1.40 a share - you need to contact the current transfer agent, Computershare (www.computershare.com) and ask if your father is listed as a shareholder.
Merrill also went through numerous changes. It had a 1 for 5 reverse split, then sold its assets to Francana Oil and Gas for 1.9 Francana for every old share of Merrill. Francana later merged into Sceptre on the basis of 2.5 Sceptre shares for every old share. Sceptre was acquired by Canadian Natural on the basis of 0.38 of a new share for every old share. Canadian Natural is currently trading for about $47 per share. Contact their transfer agent, Computershare, to determine if the old certificate is still valid.
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QUESTION: Thank you so much for all the information you provided.
It looks like the Stanrock certificate is probably wiped out. I will have to contact ComputerShare about the Merrill one as it seems that it might still be valid. If it is still valid indeed, what has happened to all dividends paid out to shareholders over the years? Is my father still entitled to that money?
Thank you again,
Costas, that is a good question. Typically, yes, any dividends should be paid to the registered holder. However, in cases where the address of the holder is unknown and the dividend checks cannot be delivered, the money should eventually be turned over to the government of the last known address. What you need to do is search the missing property offices of every State or Province in which your father has lived from the time he acquired the original certificate and see if any are holding unclaimed funds in his name. You can search many of the offices on line for free at www.missingmoney.com and www.naupa.org. Search using the name exactly as it appears on the certificate.