The progestogen in that HRT (Kliovance) is testosterone derived and as such I gather can have more side effects like this. I think women tend to get hairier (in the wrong places!) once we reach menopause - and I think aside from the effect of some HRT types, it's due to the imbalance of testosterone and oestrogen which occurs after menopause. Can't find definitive info on this but to be honest haven't looked in detail!
Hurdity x