Hi Cripps,I also have a friend holding less than a marketable...

Hi Cripps,

I also have a friend holding less than a marketable parcel (less than $500) of IHL and I hold some IHLAZ options. These are held with Superhero.
We also didn't receive any correspondence from Superhero or IHL regarding the 'Small Parcel Holders' sale facility and opt-out form. I contacted Superhero to see what the go was and to find out what will happen with my IHLAZ holding. I've copied the relevant part of their response below. Basically because they operate under a custodial model there will be no sale facility for their customers. Their customers IHL shares will disappear and then once issued, the US shares will appear in holders account. I'm not sure who your friend holds with but maybe they are also held under a custodial model. Best they contact the broker themselves to be sure.
The last part of the response below concerns me. I believe if it eventuates a fee will need to be paid to transfer the shares from their US market participant to a different broker that can trade the "penny stocks". I responded and asked if there was time to transfer the shares out of Superhero now (this was yesterday) and they said highly unlikely. So me and my friend are just going to have to suck it and see on these ones.

"Because Superhero operates under the custodial model, Superhero customers will not be participating in the sale facility.

Also because of the custodial model, Superhero will take extra time to convert IHLAZ options into US shares pursuant to the official announcement and then distribute them to each eligible customer.

If all goes as expected according to the announcement, the resulting NASDAQ shares will show up in your Superhero account. Please note that according to our US market participant, penny stocks below $5 USD generally do not pass vetting rules and are therefore not listed on Superhero. However, this is not a definitive outcome for IHL as it is too early to tell.

Please consider the fact that there is no fee to transfer IHL shares or options out of Superhero while our market participant charges $100 USD per US security name to transfer out a US security."

Please DYOR. I take no responsibility in any inaccuracies in the above, it is just to the best of my knowledge. I am not an expert in this field.