What happened if a BCE common shareholder was entitled to receive a fractional share?
Fractional new Nortel shares were not distributed, but aggregated and sold on the market. The proceeds were distributed to shareholders, in the form of a cheque based on their fractional entitlements, and are subject to regular capital gains tax treatment. For example, a shareholder entitled to receive 100.7 new Nortel shares should have received a certificate for 100 new Nortel shares and a cheque representing 0.7 x the market price of new Nortel shares. For registered shareholders, the mailing of the cheques began approximately on May 15, 2000. For shares held in brokerage accounts, the proceeds were credited directly into the accounts.
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- What happened if a BCE common shareholder was entitled to receive a fractional share?
