once your holding becomes above/below 5% of the company, the...

once your holding becomes above/below 5% of the company, the holder must disclose how much of the company they own.

in this case, CGF owned more then 5% of the company, but with the WOW dilution they now own less then 5%. Nothing has changed from their perspective as they have not sold, they just have a lower ownership interest due to this.

For example, say there was 100 shares on issue, if they had 5 shares, they would have 5% interest in the company. if the company doubled that to 200 shares on issue via. some sort of dilutive event (capital raise, conversion of options etc.) they would only own 5/200, so 2.5%, and therefore would have to disclose to the market that they are no longer a substantial holder (more then 5% interest)

hope that helps