Canadian Stocks/Old Stock Certificates
QUESTION: We have some old certificates and were wondering if they have any value?
Magnum Consolidated Mining Co. Ltd. and
Cassiar Consolidated Mines Limited
If there is value to any of them how would we dispose of them?
Appreciate your assistance.
ANSWER: Brenda, from the information I have available:
Magnum has no current value. The Company was struck from the corporate register and dissolved in the late 1970's.
Cassiar had a reverse split (1 new share for 5 old shares) and two name changes and became Pacific Cassiar, which was acquired in 2000 by NCE Petrofund for $6.05 cash per share. The registered holder would have received a check for their shares at that time. Usually in these cases, the certificate does not need to be submitted to receive the payment, which is why there are lots of old certificates still floating around.
---------- FOLLOW-UP ----------
QUESTION: Thanks Steven. The person who purchased the shares is deceased (prior to 2000) and the shares were probated (broker accountant used said no value for anything). I kept the certificates anyway. Found this site while surfing and thought why not check.
Any suggestions on who we could contact to see about receiving funds?
Appreciate the guidance.
Brenda, I am glad you followed up with the additional information. This certainly sounds like a possible case of lost funds due the deceased. It is possible the certificate was cancelled and a new certificate was issued post-reverse split and name change and then later sold prior to the persons death. But if it was probated, that is unlikely. Therefore, you need to check the missing property offices for each State or Province in which the owner lived from the time they acquired the certificate until their death. You can search many of them online for free at www.missingmoney.com and www.naupa.org. Search using the person's name exactly as it appears on the certificate. If you do find any assets held, the website will direct you on how to claim them for the beneficiaries of the estate.