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Ionic shares first issued as a 1:1 split from SER per record date June 15 2015.
SER issued an announcement on July 31 2015 detailing the Capital Gains Tax Base Allocation - essentially allocating 48.65% of cost base to Ionic and 51.35% to SER - cost base being the cost of buying SER shares.
ie Cost Base to buy SER - say $100 - after split then cost base of SER $51.35 and cost base of Ionic $48.65


Since then SER had a 10:1 share consolidation, but Ionic have not.
This being the initial way to acquire Ionic shares.



Then in 2017 Ionic had a CR @ 1c and came with the free option - exercise now in 2025 @ 2c
All SER shareholders could subscribe plus non holders could subscribe
These 1c shares have the special tax component - able to claim a deduction straight away plus tax free on the capital gain for 10 years I think.
I do not know if the options also have the tax free status.
This being the 2nd way to acquire Ionic shares for normal investors.


The options initially expired June 30 2020 and one had to apply for them to be extended. if one did not apply then the options lapsed.
For the 2nd extension to June 30 2025 one also had to apply, but then Ionic decided to automatically extend all remaining options.


In 2020 Ionic also had a CR @ .005c and some shareholders were invited to participate.
This being the 3rd way to acquire Ionic shares for normal investors

Ionic also have had some other CR with sophisticated investors


Since the Ionic shares were not paid for then it seems they came from the SER split in 2015 and if so, then the SER shares could have been sold after the split. Prior tax returns should detail this and also the cost base.

You are correct in expecting Ionic shares to be worth something - hopefully by Q2 2024.
To sell them you will need to talk to your stockbroker or maybe set up a share trading a/c via your bank


hope this helps

cheers