Dominic Coyle answers a selection of your finance questions
Where are my shares listed?
I bought 300 shares in a company called Westfield Minerals some 30 years ago for £460. I still retain 100 shares. I don't seem to see them in print these days, even in the Financial Times. Can you throw any light on the matter? Mr P.H., Dublin
I had never heard of the company before your letter but it turns out that it was an Australian exploration group.
The reason you haven't seen it appear recently in stock lists is that it no longer exists as an independent listed entity. Shareholders, presumably including yourself, agreed back in February 2000 to accept an offer from BC Pacific Capital Corp. The deal, in which the company went private, saw shareholders receive $2.35 Canadian dollars for every common share in Westfield Minerals. The money was payable from March 1st, 2000.
At the time, letters were sent to shareholders asking them to return certificates and enclosed forms to the Montreal Trust Company of Canada in Toronto or Vancouver.
Your best bet is to contract BC Pacific Capital. The most recent address I have for them is: Suite 2050, 1055 West Georgia Street, PO Box 11179, Royal Centre, Vancouver, BC, V6E 3R5. Their head of investor relations appears to be Brian G. Kenning (Tel: 001 604 6693141)
Mortgage write-off
My husband and I purchased a house six years ago for £115,000. We would now like to purchase a second property to live in and retain our existing property as an investment property. It will be necessary for us to remortgage to do so. Our existing property is worth around €350,000 and our outstanding mortgage is close to €95,000.
I understand that if we were to remain in our existing property and purchase a second residential property as an investment, we could write off mortgage repayments against rental income received. If, however, we go ahead with our plans as outlined above, is it possible for us to write off the mortgage repayments on our remortgaged existing property against future rental income or will we be limited to writing off the repayments on the original mortgage? Ms S.T., Dublin
Appealing as it might be, I am afraid you will be allowed to write off future rental income only against the outstanding mortgage of €95,000 on the property that you intend to rent.
While the property is being remortgaged to buy your new home, you can only write off rental income against costs of buying the property that is being rented - in this case the original mortgage on the property.
Please send your queries to Dominic Coyle, Q&A, The Irish Times, 10-16 D'Olier Street, Dublin 2 or by e-mail to dcoyle@irish-times.ie. This column is a reader service and is not intended to replace professional advice.
