Errors in the 2024 Annual Report? Let's make the T20 list accurate and transparent, page-4

Voting against the re-election of directors and the remuneration report is definitely one thing we can do to help with accountability. The second strike rule didn't seem to help last time but the more strikes, the harder it should be for them to ignore. This management has had years and multiple opportunities yet delivered minimal value while burning time and opportunity cost. No clear strategy, and little respect for shareholders. If enough people band together then real pressure can be applied for a clean-out or at the very least a change in what they're doing with their capital.

If shareholders have genuine concerns, as I do and if they are not getting a response from the board, then here is a draft complaint to ASIC. This is just an example and concerns can be adjusted. Any shareholder or director is welcome to hop on here and tell us that the below concerns or information is incorrect, but as of yet, only crickets.


Subject: Concerns Regarding Disclosure and Transparency in SHE (Stonehorse Energy) Filings

Dear ASIC,

I am writing to raise concerns about potential issues with Stonehorse Energy Limited (ASX: SHE) regarding the accuracy and completeness of its disclosures, particularly in relation to:

1. Inaccurate or Duplicated Entries in the Top 20 Shareholder List

In the company’s most recent annual report, “World Trend” appears twice in the Top 20 shareholder list. This raises the possibility of either:

An error (duplication), or

Omission of another shareholder (e.g., Wingstar Investments, which is believed to be a director-associated entity but is absent from the list).

If this is a formatting or naming error, it has not been corrected. This could be materially misleading to investors attempting to assess major holdings

2. Underreporting of Director Interests

The annual report states that directors collectively hold ~56.3 million shares, or ~8.23% of the company. However, based on cross-referencing known associated entities (e.g., Fastwitch, possibly Wingstar and World Trend), there is reason to believe that director-related holdings may exceed this amount.

If any of the Top 20 entities are related parties not disclosed as such, this could be a breach of director disclosure obligations under the Corporations Act.

3. Failure to Update Public Records

Despite this apparent inconsistency and ongoing questions from shareholders, no correction or clarification has been issued by the company via ASX announcements or amended filings.

These matters contribute to a lack of transparency and could potentially mislead shareholders about who controls or significantly influences the company. As an investor, I believe the integrity of corporate disclosures is essential for fair and informed market participation.

I respectfully request that ASIC reviews the accuracy of these disclosures and whether the company is meeting its obligations under the Corporations Act.

Sincerely,

Your name