TSX re-jigs tickers

The TSX Group (X-T) has taken steps to clarify the much-maligned multiple and subordinate classes of shares that now trade on the Toronto Stock Exchange and the TSX Venture Exchange.

The changes, which began Oct. 1 and will continue on a staggered basis until Dec. 13, entail adding five trading symbol extensions for some shares. The extensions, or identifiers, are as follows:

— NV for non-voting shares, which have no right to vote, or a right to vote only in certain limited circumstances;

— MV for multiple-voting shares, which have more votes than the issuer’s standard voting shares;

— SV for subordinate-voting shares, which carry a right to vote where there is another class or classes of shares outstanding that carry a greater voting right on a per-share basis;

— LV for limited-voting shares, which have the right to vote only in certain limited circumstances;

— RV for restricted-voting shares, which carry a right to vote, subject to some restriction on the number or percentage of shares that may be voted by the owner.

While 140 share issues on both exchanges will be affected, only two mining or metals companies will have their tickers changed: precious-metal fund Central Gold Fund (CEF.A-T) and base metal miner Teck Cominco (TEK-T). On Nov. 24, Central Fund’s ticker will change to cef.nv.a from cef.a, and on Dec. 6, Teck’s A and B shares’ tickers will change to tek.mv.a and tek.mv.b, respectively, from tek.a and tek.b.

The TSX gives an example of a fictitious company with the root symbol AAP that has three share issues listed and trading on the TSX: aap.a is a share carrying one vote per share; aap.b is a share carrying four votes per share; and aap.c is a share carrying no voting rights.

Adding the new indicators, you would see the three fictitious tickers changed, respectively, to: aap.sv.a (a share class having a voting structure subordinate to the multiple voting class of shares); aap.mv.b (a class having the right to multiple votes per share); and aap.nv.c (a share class that doesn’t usually have a right to vote.)

There are no changes to any CUSIP numbers, and preferred shares or trust units are not affected.