Just to add to my reply to madas;Perpetual holdings will average...

Just to add to my reply to madas;
Perpetual holdings will average just over $1.00

Masfen through his large purchases in August will probably now average in the 80 cent range.

Substantials/top 20 shareholders will combine to own over (exceed) 70% of NFK shares

Maui will be under positive pressure from these other substantial holders who have taken up their positions alongside Maui - in what I think are close to cosy type relationships (at arms length of course) They will also be happy to support (even facilitate) an M&A deal and realise a smaller return than originally planned. The reason for this is because, this was always their investment strategy - i.e. they were not ever going to be able to trade their way in and out of their positions as NFK was always to small and illiquid for their position sizes, but these investors were certain on the one strategy and that was an M&A deal was imminent. Nothing has changed in this regard, the job is just a bit harder now to obtain the original multiples. NFK's balance sheet is perfectly positioned now for an M&A deal especially with the recent streamlining into ODG Haden. As per a recent conversation I have had regarding NFK the other persons comments were "smells like a company positioning itself for a bidder"

Remember to qualify all this Maui content in the NFK discussion - Maui and NFK are essentially one, via the NFK CEO Glen Wallace (who is also a Maui shareholder and Director) and Paul Chrystall Share holder and Managing Director of Maui (and is also the Chairman of the Indigo Fund & a Director of Norfolk)
Paul & Glen along with much of the current Maui Team created the Norfolk Group back in 2007 where through their positions in Goldman Sachs floated Norfolk on the ASX. They all left GS and later formed Maui Capital (with Glen remaining as CEO of Norfolk) and launched the Indigo Fund, where they took up a position in NFK due to market sell of in 2009. Funds such as Maui do not normally hold stock in public companies unless it is of compelling value (substantial discount to its intrinsic value) Maui will not be comfortable just sitting here! they will want to move on ASAP and be out of the public arena.