money down under?

[edmund]

In 1968, stock was purchased in an Australian company - Timor Oil Ltd. We just found it last month. It's been forgotten all these years.

In 1984, that company was delisted following the Scheme of Arrangement leading to the formation of another company, and that one was delisted & relisted through 3 name changes, and then that one was delisted following a take-over by another company - Independent Print Media (IPM). Today, Timor is an unlisted public company, still filing taxes & making money. IPM - the ultimate holding company of Timor - is a limited proprietary.

Here's my question: What do I have shares in, Timor or IPM? Do I need a lawyer?

 

[ALawyer]

Someone familiar with Australian corporate law and practice would have to go thru each of the steps, one by one, and I fear that at the end there may be nothing of value.

First step might be to write the Companies and ask why you have not been receiving reports or dividends on you shares. Then decide if it makes sense to pursue this further, through a broker or lawyer.

 

[edmund]

Well, the reason we haven't rec'd any dividends (if they've paid any) is because they lost us - perhaps the registry has changed hands several times (as many as all the name changes?) in the last 33 years. We've certainly moved. Around the world.

The company I have stock in is still publicly traded. The ultimate holding company is private ltd. I believe British law requires that I offer my shares to other shareholders before offering them to anyone else.

The broker who sold the stocks said the company was "liquidated" but one peek into ASIC records proved him wrong. So I don't think I'll be going thru that broker. It seems to me there are a GREAT many people willing to throw in their two cents worth - people who have no idea whatsoever what they are talking about.

As for getting an Aussie lawyer - well, I presumed that if anyone was going to answer my post, it would be an Aussie lawyer. That's why I posted here.


p.s I don't know why you would say that the shares are valueless. Of course they have value. There have been no bankruptcies, and if there were any buybacks, we didn't get our share & there are some VERY interesting rulings in Aussie court lately about forcing minority shareholders out. Take a look. Any NL formation which presumed full share accouting was in error and in no way constitutes disentitlement.

I would liek ot thank you for helping me, but I suspect you spoke on a topic about which you are little informed. For that, I cannopt thank you.

 

[ALawyer]

And to think that until now I thought all folks in Australia were both nice and smart. If you write to the companies they will explain things and tell you. That's what I said then. And I say it again.