British Columbia Resources Investment Corporation

From Wikipedia, the free encyclopedia

The British Columbia Resources Investment Corporation, or BCRIC (pronounced "brick") was a holding company formed under the government of William R. Bennett. The company took over ownership of various sawmills and mines that had been bought and bailed out by the government. The name was eventually changed to Westar Group Ltd.

The most famous aspect of the company were the five free bearer shares, dated August 7, 1979 that were distributed to all British Columbians, to promote investment in the province, and earn back a profit to the buyer. British Columbians and investors were encouraged to buy more. The company expanded, and bought a numerous mining and logging installations.

Unfortunately, because of the North-East Coal debacle, which resulted in the creation of Tumbler Ridge, the company ran into financial trouble. Investors saw their thousands of dollars dwindle to pennies.

The company was eventually taken private by Jim Pattison

Many individuals still have possession of the bearer shares that they received. In 1995, the shares were consolidated at a ratio of 125 to 1. At that time, 5 bearer shares were worth .008 (or 0.8%) of one post-consolidation share. In 1997, the consolidated shares were subject to a compulsory buy-out at $70 each (i.e. 56 cents per bearer share).