Ann: Notice of General Meeting/Proxy Form-HZN.AX, page-49

If you examine HZN’s FY15 Annual Report, Citicorp’s 40.9% holding per HZN’s website may not be what it seems at face value and may involve some duplication with IMC’s 30.0% holding.

From HZN’s FY15 Annual Report:
Twenty Largest Shareholders as at 25 September 2015, pg 109
1 Citicorp Nominees Pty Limited 27.96%
2 Austral-Asia Energy Pty Ltd 11.39% [IMC]

Substantial Holders, pg 110
Austral-Asia Energy Pty Limited as trustee for Triplex Global Ventures Limited 28.17%
Commonwealth Bank of Australia 7.78%
Tribeca Investment Partners Pty Ltd 5.26%

From GM Notice:
IMC has Voting Power in Horizon of 30%.

From HZN website:
Citicorp Nominees Pty Limited 40.9%
IMC Pan Asia Alliance Corp 30.0%

Assuming the HZN FY15 Annual Report is the accurate source, it seems some of Citicorp's 27.96% holding at 25 Sep 2015 is held on behalf of IMC and the balance by other parties, possibly CBA and Tribeca, both of whom are not listed in the Top 20 (pg 109) but are listed as substantial shareholders (pg 110). Neither are on the HZN website list. We know Tribeca announced it ceased being a substantial shareholder in June 2016

Hope that helps.

DYOR.