General Motors To Stop Trading On Toronto Stock Exchange

In 2010, General Motors shares began trading on the Toronto Stock Exchange.

The move came after the Harper government helped bail-out the company when it nearly collapsed.

Now, General Motors will be ending the trading of their stock on the TSX as of November 30, 2017.

Here’s what the company said in a release:

“Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume. Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified.”

According to BNN, the stock will continue to be traded on the New York Stock Exchange, and shareholders can keep trading their shares on other stock exchanges.

This is disappointing to see, as GM only survived in part because of a bailout paid for by Canadian taxpayers. And yet, they have decided to show no respect for that Canadian support. This is usually how it happens – big corporations get our money, get back to profitability, and then forget that they were ever in trouble in the first place.

Spencer Fernando

4 comments Add yours
  1. GM: Aside from that money that is owed by GM, there is so much money lent to them, its robbery!

    One loan: In a research paper published this month in Canada , Mr. Milke says $6.6-billion in GM loans were written off in the federal public accounts in 2009-2010. He cites his email correspondence with the federal Department of Finance to confirm the numbers.

    Another loan: An outstanding $110-million interest-free loan from the Quebec government to GM that the automaker has yet to pay a penny on. Due in 2017.

    Another loan: Similarly, he says the so-called “old” Chrysler did not pay back $1.2-billion worth of loans it received from the two governments (provincial and federal Canada) before it filed for creditor protection in the United States. Jim Flaherty, the federal finance minister, has said none of those original loans to the old Chrysler will be recouped.

    If you want to read the full article, go to: http://business.financialpost.com/transportation/gm-yet-to-pay-on-110-million-quebec-loan/wcm/3455b201-e804-4fbd-b4db-7b87d036fa52

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