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12.0¢ firefly resources limited

Ann: FRB: Completion of Unmarketable Parcels Sales Process, page-27

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dwb15

173 Posts.

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09/04/21

23:09

Post #: 52371040
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Originally posted by Mylorman: ↑

I finally spoke to someone at firefly today re the firebird in specie sale of unmarketable parcels .. Took me two messages on their machine and two conversations with the receptionist in order to get a call back from firefly. I had a conversation with lady named Jodie who is assistant to the company secretary ( please excuse me there I may be wrong with both the name and the position she holds). She was very polite and was trying to appease me as regards the sale of unmarketable holdings without permission from the shareholders.
I indicated to her that the outcome of a shareholder meeting ( which we were not sufficiently notified of) and/or a hyperlink on a document sent in the mail was not sufficient to enable shareholders to be informed about the boards decision to sell off what they consider smaller unmarketable holdings without shareholder permission.
I also informed her that I thought it was a requirement of the ASX that the board should legally seek permission from the shareholder in order to dispose of the shares.
I asked her why we were given no opportunity to top up on shares post the issue and before the sale in order to meet the requirements for a holding that they deem reasonable.
I asked her why it was that the shares were sold at a third of market rate and what the relationship between the broker who made the large sum of money and the board was.
There was not much comment from her except for her to offer me an outline of the process in order to clarify what had transpired and to appease me with my grievances. I indicated to her that I did not care about the outline of the process and was not interested in resolution of the issue by the board deeming that they had done the correct and legally required thing as regards disposal of the shares without sufficient notification and individual shareholder approval.
I indicated to her that the process was likely in breach of ASX regulation and that many people who were expecting the shares in firebird felt as if they had been right and royally shafted by the board who is supposed to be there to act in the interests of the shareholders.
I indicated to her that a satisfactory outcome would be that I get the FBR shares I was allocated at which point the company can seek my permission to sell of the parcel for which I do not expect to pay a brokerage fee. Alternatively, if the shares cannot be re-allocated, I would expect the full price of the shares at market value and not to pay a brokerage fee.
I am going to send her an email to this effect and will post the details of the email in this chat room.
I would encourage those who feel that Firefly have done the wrong thing to follow up on their grievance with firefly direct by ringing them on 08 6389 2688 and pointing out the problems with their disposal process and then asking for your shares and/or asking for all of the share value at market price on the day they were disposed of. If you all just sit there and feel like you have been hard done by without actually following this up then it is not my fault if you feel sore about it all. This is an issue of principle and the monetary consideration is not really the major issue in this instance.
I for one will be posting firefly an email and will be expecting the correct and expected process to be followed as regards the balls up of a process they have put every small holder through. GLTAH

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The ASX listing rules allow this for unmarketable parcels in a spin-out... looks like you owe Jodie an apology

FFR Price at posting: 11.0¢ Sentiment: None Disclosure: Held
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