Ann: Ceasing to be a substantial holder , page-10

If they are playing by the rules then as of two days ago Liongold must still have had less than 77.22% of SBL

From ASIC Regulatory Guide: RG 159.264 A person must give a substantial holding notice within 2 business days of becoming or ceasing to be a substantial holder or moving at least 1% (or by 9.30 am next business day during a takeover bid), whether or not they have completed a larger investment move or unwound their investment position within that time:s671B(6)(a).

The complete 159 Regulatory Guide is available for download here:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg159.pdf/$file/rg159.pdf

Cheers

U.Plodder