Entangled companies

It is readily apparent that Stephen Lunn has interests in various companies associated with PPP, and has indeed been taking specific actions to resolve holdings and director-level control of companies. Conflicts of interest occur not just in what you own, but also where you may be conflicted in your actions - in a deal between two organisations where you are a director of both, it stands to reason that you cannot feasibly act in the best interests of both companies, in your legal responsibility as a director.

Furthermore, it appears Stephen Lunn is actively taking steps to consolidate ownership and responsibility of various companies with Invictorium Limited updated on just 16 June 2025.

While Stephen Lunn is as yet to fully disclose to PPP's shareholders his directly beneficial interests and his personal relationship interests, we have investigated to try to understand the potential influence and ownership position.

As part of our investigation, we noticed two names that popped up again and again: Stephen Lunn and Phillip Henderson. Both are clearly closely professionally connected, with Phillip Henderson a joint director (alongside Stephen Lunn) of Petroquest Energy Limited, PPP's largest creditor and a company majority owned by Stephen Lunn. Indeed, this relationship extends well beyond, with FHF Securities (A'Asia) Limited's registered address moving from c/o Stephen Lunn to c/o Phillip Henderson in January 2025.

We also looked into the ownership of all of the shares loaned into PPP in 2023, and thus expected beneficiaries of the resolutions in the upcoming General Meeting, specifically scheduled to address a share issuance. Relevant details are shown below (click on table to expand):

We note that PPP is planning to issue 62,633,333 shares as part of these resolutions, and as the company has failed to disclose legally required information about this proposed transaction, we are unable to confirm the independence of the c. 14m additional shares.

Regardless, it is safe to say that, should the meetings at 3 July General Meeting be passed, at least 29% of the company will be held by Stephen Lunn, and other parties linked to Petroquest, via a 36% dilution to existing shareholders.

Stephen Lunn has not disclosed this to the market. A group of concerned shareholders has formally raised this issue with Stephen Lunn, and has gratefully allowed us to share this letter with yourselves. These issues are yet to be addressed, nor fully responded to by Stephen Lunn.