Ann: Ceasing to be a substantial holder from HAO,HAO-EXC.AX, page-5

Very simple !! In 2011 Haoma loaned EXC $ 1,000,000 @ 18% pa .... Gary Morgan was then a director of EXC as was/still is Peter Cole ( MD of Haoma )
That EXC loan was converted to 10,000,000 EXC shares @ 10 cents each... so HAO are taking a 5 c / share haircut..
2 years ago Gary Morgan resigned as a director of EXC ( he is NOT a mining man but rather a pollster at Roy Morgan etc )
Now that HAO are off the register this is a likely prelude to Peter Cole resigning and Seamus Cornelius wanting to become Chairman! ... now that EXC is "on the move "!