Queries Despite merger, Bethex shares have value

As holder of 100 Bethex Exploration shares, I notice that this company has not traded for some years. It is rumored that Bethex was absorbed by another company and new shares issued. Could you let me know if the Bethex shares have been replaced by shares of the new company? M.K. Toronto.

Only industry historians will remember that Bethex Exploration was wound up almost two decades ago. Back in January, 1969, Bethex was sold to Bethlehem Copper which already held a 65% interest in the former copper exploration company.

However, the agreement did not include a 780,000-share holding of Valley Copper Mines, joint owner of a large copper deposit in British Columbia’s Highland Valley.

A total of 513,000 shares of Valley Copper was acquired by Bethlehem while 270,000 shares were placed directly in public hands.

It is important to note that, under a previous agreement, Cominco Ltd. had an option to acquire a 73.8% interest in Valley Copper.

Following the agreement, Bethex distributed to its shareholders three shares of Bethlehem and 17.4 shares of Valley Copper for every 100 shares of Bethex held.

Within about three weeks of the Bethex/Bethlehem agreement, Bethex was delisted on the Vancouver Stock Exchange and then liquidated.

The sale increased Bethlehem’s direct interest in Cominco’s adjacent Highland Valley copper project and set the stage for a possible merger.

As reported (N.M., May 28/81), the three companies — Cominco, Bethlehem and Valley Copper — agreed to amalgamate under wholly-owned Cominco subsidiaries.

According to a trust officer in British Columbia’s provincial treasury, your 100-share certificate was worth $686.70 at press-time. Because of the complicated amalgamation involving Bethex, Bethlehem and Valley Copper, 100 Bethex shares are worth 17.4 shares of Valley Copper, multiplied by $33 and three Bethlehem Copper shares multiplied by $37.50.

If you want to cash in your certificate, sign it at the rear before sending it to Merle Wood at the British Columbia Ministry of Finance and Corporate Relations, 620 Superior St., Victoria, B.C. V8V 1X4.