Canadian Stocks/Old CP Railway stock
I have 2 old Canadian Pacific Railway perpetual 4% debenture certs. Both dated 1962. Value @ $US100.00 each. Cert. #s are K0795 & K0797 Coupons are attached to each. Also have unattached coupons for each cert. Stated value of coupons is $2 each.
Last date on any attached coupon is 2002. Have tried to contact US Transfer Agent (BNYMellon) but no response.
Question is: Is there any value to these? If so how can they be redeemed?
Thank You for any information regarding this matter.
Rick, those Canadian Pacific perpetual 4% debentures are quite the curious historical oddity. And, they are still outstanding. Due to the original terms of the issuance, CP is likely to have a very difficult time redeeming them as the holders of these debentures have significant authority over the company. This also means they trade very sporadically, and tend to do so at a premium over their face value, as CP is trying very hard to buy them back and get rid of them. They are also somewhat rare - CP only has about $35 million in face value perpetual debentures outstanding.
You need to continue to attempt to contact the US Transfer Agent, as they are the only ones who can tell you if the certificates are still valid. The problem you might have is the certificates you have only have coupons through 2002. It is possible that is when CP switched from paper to electronic transfer, which is another reason you need to contact the agent and see to who they are registered and if additional transfer documentation is required.