Can't see FRB doing much good.FRB showed themselves to be a...

Can't see FRB doing much good.
FRB showed themselves to be a company that cannot be trusted when they ripped off small shareholders on listing.
Paid small holders 20c IPO price and not the 50c+ market price for their compulsorily disposed "unmarketable parcels" - yet mine were worth well over $500 at market price, but I only got $185.

https://hotcopper.com.au/threads/ipo-firebird-metals-limited-19-march-2021.5894330/page-63?post_id=51939637

"As @tully7 correctly points out, small shareholders were "notified" on 19th Jan via 1 paragraph in the 18 page short form prospectus for FRB, and the same paragraph buried in a 149 page Notice of General Meeting announcement, both uploaded digitally to the ASX and neither sent directly to shareholders or providing a form or indication that those shareholders had a legal right to keep their shares. Dubious practice and potentially in breach of ASX lisitng rule 15.13

What you may find more interesting is that Euroz Hartley Securities (lead broker to the IPO and sale nominee for those small parcels of shares), appears to have sold them to CPS Capital Group - the co-manager they appointed to assist them with the IPO - in a special cross at 20c shown in course of sales at 3:10:54pm while FRB shares were trading on the open market at 57.5c.

CPS booked a tidy paper profit of over $685k in under a minute while over 700 new FRB shareholders with "unmarketable" parcels had their shares sold at nearly 1/3 market value.

I'd say they thought they were doing you a favour by establishing a sales facility to enable you to dispose of your small holding without being burdened by brokerage fees (as is the intention of ASX rule L/R 15.13), but it appears they may also charge you a fee for their "service".

If the Nominee elects to sell the Firebird Shares on a relevant Shareholder’s behalf, FFR will then account to those Shareholders for the net proceeds of sale after deducting the costs and expenses of the sale.

Not sure if any of this was really legal, but at least the brokerages are making a bit more money on top of the 6% fee and 2.4m 30c options they already received for managing the IPO.
FRB Price at posting: 57.0¢ Sentiment: None Disclosure: Not Held"