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IHL incannex healthcare limited

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Good work mate, I appreciate you going the extra mile for the...

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thevinnys

1,958 Posts.

4359

12/07/23

13:54

Post #: 68749260
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Originally posted by Lurker99: ↑

Hi All, I thought I'd leave this info here given its a Commsec thread.

Recently, I contacted the International Trading desk at Commsec to ask about the transfer from IHL on the ASX to IHXL on the NASDAQ and whether it would be accessible via their platform.

Here it is below:

MY EMAIL TO COMMSEC:Hi, One of my holdings (IHL) has been dual listed on the NASDAQ since Feb 2022.
They have recently put out an announcement saying they will be transferring completely to the NASDAQ and eventually no longer listed on the ASX.
I understand the company information about the transfer and the listing.
My question here is will I be able to see my NASDAQ listed holding on Commsec or will I need to access it via an alternative broker?

THEIR REPLY TO ME:Thank you for contacting the International desk regarding your shares. I can certainly help with your email.
Generally the domestic shares are sent back to the registry and the new shares are issued by them.
It is likely they will provide a DRS Statement for the new shares.
CommSec International can only accept stock transfers via the Broker ACATS system.
We do not accept DRS transfers.

MY REPLY TO THEM:
So, if I am reading it correctly and they issue the new NASDAQ shares via a DRS statement then Commsec international will not have access to them and I would need to register with an alternative broker to buy/sell the shares?
THEIR REPLY TO ME:
Thank you for contacting Commsec International desk.
I hope you are well.
Yes that is correct if the shares are sent to a new exchange ( NASDAQ ) you will more than likely be issues a direct registration statement with the share registry and you will then need to contact another broker for the share transfer through the ACAT system.

So that was where that stood. @thevinnys suggested I contact Joel and let them know. I did that yesterday and here is the reply from Joel today. He has let me know that they are happy for this info to be shared amongst holders.

JOELS EMAIL TO ME:
I also bank with CBA and use Commsec,
I want to implement a seamless transition to ensure the major online platforms (Commsec included) are able to facilitate trading for IXHL.

I am currently working through appointing a new Share Registry (Stock Transfer Agent in U.S terms), based on preliminary discissions and advice we have received, it looks as though it will be possible for IXHL to be traded through Commsec and other Australian platforms.

I have a lot of work to do in relation to selecting the right transfer agent, this is an important appointment as it relates directly to the transfer of stock, this outcome will be dictated by the willingness of the transfer agent to work with us to provide a custom service (as this is not a transition that occurs frequently).

The final selection will essentially come down to the third party that can provide us with the best path of least resistance for shareholders and transferring stock to their preferred trading platforms.

Given the board and I are significant shareholders it is also obviously in our best interest to make the process as simple as possible.

My plan to outline over the coming months a clear and concise instructions for all shareholders on the transfer process.

So that's all that.

On a separate note, Joel replied to an email from a random shareholder in less than 24 hours with a detailed response. Say what you will, but to me that's a pretty good indication that IHL are aware of the shareholder concerns and committed to working through them as efficiently as possible.

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Good work mate, I appreciate you going the extra mile for the benefit of the rest of us here on HC

Good luck @Lurker99

IHL Price at posting: 11.0¢ Sentiment: Buy Disclosure: Held
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