SINGLE TRADE OF 29m SHARES, page-3

Hi GP,

If that's the case, then the share price fell after your disclosure of this (ie: crossed @$3.50, opened @$3.40, now @$3.30, but up on yesterday's close of $3.07). That makes you about $5.82m poorer for the exercise.

Seriously though, it looks like NFD is now in play with this morning's single trade accounting for 10.1% of the issued stock.

Prior to this morning's tarde, the key shareholders in NFD were:
1)
Fonterra, with 18.1%; and
2)
Dairy Farmers, with 9.2% (up from 8% in March).

Under the Listing Rules, and the Takeover provisions of the Corporations Law, Fonterra would breach the 20% takeover threshold limit.

That is, by acquiring the 10.1% stake without immediately launching a formal takeover offer.

As such, it is extremely unlikely that Fonterra were behind this morning's action.

Everyone else, however, could still be in play, with Dairy Farmers being the likely candidate (ie: moving to 19.3%, just under the 19.9% threshold).

That said, there is also only 2 possible sources of shares for this morning's trade:
1)
Fonterra, by selling down from 18.1%, to 8% (since August last year Fonterra has sold down its position from 18.9% to 18.1%); or
2)
Dairy Farmers (effectively selling out its 9.2%+ stake altogether).

That said, NFD have also recently sufffered from the loss of its Company Secretary /General Counsel, and despite adevrtising nationally /internationally for a replacement, have not yet appointed a person to the position.

Last week, however, NFD took the rather uncharacteristic approach of appointing its CFO to the role of Company Secretary.

Previously, the Company Secretary reported to the CFO, and worked closely with the MD on Board linked matters, but the CFO was not a member of the Board.

Last week's announcement, however, made no mention of the former Company Secretary's departure, and was signed byMax Ould, the MD, and not by the Company Secretary (former, or incoming).

This suggests also that something else may be in progress behind the scenes (ie: shoring up defences, etc).

Either way, NFD is now in play, and tomorrow's Substantial Shareholder Notices should make for interesting reading.