I can’t stand it any more.
BNS.PR.S was issued by BNS to SLF as part of the payment for CI Investments on December 12 and at that time it was listed on the TSX.
Since that time:
- Not a single share has traded
- BNS hasn’t made any statements
- SLF hasn’t made any statements
I recently sent an email to the TSX:
You will recall that BNS issued preferred shares series 24 to SLF as partial payment a block of shares in CI Investments. These shares are currently listed on the TSX as BNS.PR.S, with the first day of potential trading being 2008-12-12.
Since this time, not a single share has traded.
According to your Company Manual (which I accessed at http://tsx.complinet.com/en/display/display_viewall.html?rbid=2072&element_id=327&record_id=327), Section 711 states that the TSX will “normally consider the delisting of securities of a listed issuer if, in the opinion of TSX, it appears that the public distribution, price, or trading activity of the securities has been so reduced as to make further dealings in the securities on TSX unwarranted.”
Section 712 states “Specifically, participating securities may be delisted if: … (d) the number of public security holders, each holding a board lot or more, is less than 150”
It would appear that BNS.PR.S is subject to such a review.
Has such a review been scheduled?
It is my current understanding that they do not review individual securities. Delisting reviews are, I believe, performed on a company-wide basis and there is not much chance of Scotia being delisted any time soon!
I have been tracking BNS.PR.S – such as it is – since inception, but after three months can no longer justify the inclusion of this issue.