Canadian Stocks/Old Mining Stocks
Going through my deceased Dad's papers, he had in his possession stock certificates for Colt Resources Ltd. from Sept. 1972 in his name, in the name of Draper Dobie & Company Ltd., and in the name of another person I've never heard of. 1) how do I determine if these stocks have any worth to the estate? 2) Why would he have stock certificates in other people's names, especially a company that seems to have been amalgamated with Dominion Securities some years ago? 3) What should I do with the stocks that aren't in my Dad's name? Thank you for any light you can shed on this puzzle.
Jim, from the information I have available, the Company had several name changes and two reverse splits (1 for 5 and 1 for 5) and became Petromac, which was suspended, delisted and cease-traded in the mid-1980's. No current value.
There are several reasons why he may have shares in other names. A certificate is only a receipt - it does not denote actual ownership. Only the books at the transfer agent/registrar do that. So, he may have been sold shares that were held by another client of his same broker's and given the certificates to represent his ownership before new shares were issued by the transfer agent.
Since the shares have no value, there is no reason to hold on to the certificates.