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What happens if you deploy the patch? Does it fail to install, or does it put the regkey into place that the detection is expecting?
Ok, I give up in view of the mess Microsoft has done with the early MSDN download of the Windows 8.1 Update and subsequent replacements. Citing an infoworld article: "Many people who installed Win 8.1 Update from the MSDN download last week are complaining that they're being offered a new patch, KB 2934018. Moreover, one of the patches in the MSDN download, KB 2949621-v2, doesn't exist on the Windows Update site. Apparently, Microsoft swapped KB 2949621-v2 in last's week's MSDN download package for the newer KB 2934018 and didn't tell anybody. The result is confusing, at best." (I can emphasize the latter!).
The update we have installed comprises KB 2919442, KB 2919355, KB2932046, KB2937592, KB2938439, and KB2949621-v2. And so we rightly are offered KB 2934018. Therefore I close this thread and hope the findings may shed some light on the confusion linked to this subject .
Answering your question:
KB 2934018 can be installed flawlessly. Being installed Shavlik Protect doesn't list this Feature Update as missing anymore. Furthermore the previously lacking registry key is now present.