Ann: Change in substantial holding , page-6

Hi Fiscus Im not sure if thats a compliment but to be exact in my reply to you;
1. I am a private investor only.
2. I am not a broker
3. I am not an employee or anything close to it
4. I have no personal relationships with any person or entity that is closely related to Norfolk.

Fiscus I put in a lot of research before buying into this company, I have been to the last 3 AGM's an spoken to the senior management so on that basis yes I have met a few of them at that level.
I have researched the history of the Directors and senior management which has obviously increased my work load and more significantly lead me down an interesting track of understanding exactly the motives of "Maui Capital" and its investment funds, to which I did look at investing in directly as well but found being directly invested into NFK as more suitable for myself.

What I have written here in these posts is more about sharing information and the view with other investors who may not put in the time as I have. I am quite happy for anyone else to scrutinise what I have witten, as i see that as more helpful in bring about a good working knowledge of what I have invested in and hopefully other investors here will gain from this as well.

Even though this company has taken a pounding, the basis to my researched has not changed and if anything further reinforced by Masfen increasing his position. I do not want to hang my hat on a takeover but the investment case still sits behind this more especially now.

Personally now I am taking a bath on this investment, but do see that this SP activity has increased substantially the chances of M&A, the numbers now are more than compelling to a suitor. I say this on the basis that there has been interest in securing Maui's 20% holding as a prerequisite to making a move directly on Norfolk. Maybe now Maui will be more flexible on their expectations? or a more hostile and public approach may be considered? A point to note is that any previous attempts to secure Maui's 20% will have been behind closed doors and therefore not required to be notified to the ASX publicly

Just my thoughts