Ann: Ceasing to be a substantial holder, page-7

To help with your confusion....

This means that effective today there is no 5% or greater holder. Not the best look for the share register given the announcements that have been made lately.

It also means the Au Xingago may well be up to something with their debt facility that also can be converted (partially or fully) to equity after 31st December 2022. If they decided to call up the debt that would be an interesting play on their part as the cost to AEV would be somewhere nearing $3.5m ($3m + accruals) and maybe with the latest announcements AEV would have little difficulty securing that funding.

If Au Xingao did convert then it means they secure the top position on the totem pole, again.

So Au Xingao effectively still remains the top dog in respect to issued capital by a number of avenues but it lacks any horsepower in regards vote control. It will be the complacency of the retail punters that will help vote results.

An interesting conundrum to say the last and governance specialists in here might want to proffer why this has happened...now there is a fascinating point of debate to add to the confusion, perceived, real or otherwise.