Canadian Stocks/Old stocks
QUESTION: Hi Steven.
I recently came across old stock papers of my late husbands. They are shares for Cannon Mines Limited, registered by Doherty, Roadhouse & McCuaig Bros. in 1966. The shares were purchased through Bache & Co , Stock exchange members, address st the time listed as 18 King Street East, Toronto, Ontario. I would appreciate any information you may be able to provide.
Thank you very much!c
ANSWER: Unfortunately, from the information I have available, the shares have no current value. The Company went through several name changes and at least 3 reverse splits (1 for 4, 1 for 5, and then 1 for 4) and became Big Hammer Group, which had serious financial difficulty and was cease-traded in 2001. That cease-trade order remains in effect.
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QUESTION: Thank you for your prompt reply Steven! The information you provided is very helpful, now I know that the stock is worthless so there is no need to keep the paperwork. I apologize though because I must ask one last question. There was one stock that was missed and this one is for 300 shares in Lombard Consolidated Resources Inc. It was issued through Trend Capital Services in 1987. Is there any information on this particular stock? Your assistance is very much appreciated! Thank you
From the information I have available, the Company had at least one reverse split (1 for 4) and two name changes and became Diversinet. Diversinet went into receivership in 2014, but unlike most receiverships, the receiver actually did estimate that shareholders would receive a cash distribution of between US$0.05 and US$0.065 per share once the creditors were paid. The last report was in July 2014 and they had no timetable on when the distribution would be made. I suggest you contact the last transfer agent, Computershare (www.computershare.com) to confirm the current status.