TSX rejigs tickers

The TSX Group (X-T) is taking 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 by adding two-character identifiers to existing ticker symbols.

The changes began on Oct. 1 and will continue on a staggered basis until Dec. 13.

Specifically, the changes involve the addition of the five new trading symbol extensions for shares:

* 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; and

* 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 effected, 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 while 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.

“Given the prevalence of multiple and subordinate voting securities, standardizing the classification of these securities will assist investors in appreciating some of the differences with respect to voting entitlements of these securities,” states the TSX Group.

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 does not ordinarily have a right to vote.)

There are no changes to any CUSIP numbers, and preferred shares (symbol includes .PR) or trust units (symbol includes .UN) are not affected.