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    It was my understanding that ASX Listing Rule 3.16.1 required immediate notification of "a change of chairperson, director, chief executive officer (or equivalent), or company secretary".

    On 27 May 2002, NFD's CEO, Max Ould, advised of the appointment of NDS's CFO, Clive Hooke, as Company Secretary.

    There was no corresponding announcement at the time concerning the departure from NFD of the previous Company Secretary (and General Counsel), Janice van Reyk.

    When Ms Reyk was appointed to her position in January 1999, the ASX release at that time advised of both Ms Reyk's appointment, and Mr Smith's resignation.

    Indeed, this is the approach that most listed companies operating on the ASX seem to adopt.

    In the case of NFD, however:
    no notification of Ms Reyk's departure /resaignation as Company Secretary has been made; and
    no explanation has been forthcoming regarding Mr Hooke's appointment as Company Secretary (the Company Secretary reported in to the CFO, but otherwise, the CFO was not a member of the NFD Board).

    In late April /early May, NFD was advising in the Australian Financial Review for the position of General Counsel /Company Secretary.

    This suggests that Ms Reyk may well have departed from NFD at that time.


    No-one knows, and clearly the Company has been less than disclosing on this issue.

    With consolidation of the dairy industry fast approaching with Fonterra, Dairy Foulds, and Danone all predominantly represented on the NFD share register, could this be a case of:
    NFD executive management jockeying for position; or
    NFD management not wanting to highlight the departure of a senior executive (for whatever reason).

    Time, will tell on this issue.
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