Ann: Ceasing to be a substantial holder, page-12

To confirm: According to the notice at the top of this thread No shares were sold. They had 24M shares and they still have 24M shares. The reason they are no longer a substantial shareholder is that their shareholding was diluted by the recent placement which they did not take place in. While they still own 24M shares that no longer constitutes 5% of the issued capital so they have ceased to be a substantial holder.