Canadian Stocks/Turisom Industries LTD
QUESTION: Iím sure you get questions like this all the time, so if you donít mind I will add mine as well. We found stock receipt of a close relative who passed away but donít know if Itís any good or not.
The company name on the stock is Turismo Industries LTD. It says This Certificate is Transferable at the Office of Guaranty Trust Company in Vancouver, BC Canada.
Can you tell me if Turismo Industries LTD still exists?
ANSWER: Unfortunately, from the information I have available, the shares have no current value. The Company had a 1 for 4 reverse split and became General Energy, which was cease-traded and delisted in the 1980's.
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QUESTION: Thank you for the information you have provided. My follow-up question is in regards to General Energy.
Do you know if General Energy is the same as General Electric, and when you say there was a 1 for 4 split what does that mean?
Also, would a split indicate that any previous shares under a different name are non existent?
A 1 for 4 reverse split is a share consolidation. So the owner would have received 1 share in the new company for every 4 shares they had in the old company. The shares in the old company, in this case Turismo, became General Energy so the old shares were cancelled.
Unfortunately, General Energy had no relationship to General Electric. General Energy was a penny stock that failed, and there is no value.