It would appear Mr Henry had a contractual right to restrict the...

It would appear Mr Henry had a contractual right to restrict the trade by Primero Group in the shares that Primero held in GT1. I'm not sure the nature of this agreement but with it coming to an end on the same day GT1 issued new shares there could have been a sunset clause relating to GT1 next raising capital.

Anyway from the note (d) below, that power he had has lapsed.

Upon lapsing, his deemed interest in shares drops back to anything he beneficially owns. Because his beneficially owned interest is under 5% he needs to file a substantial shareholder notice around no longer being a 5% shareholder.