You can be sure that Keith has his finger on the pulse as to the...

You can be sure that Keith has his finger on the pulse as to the state of Fonterra. IMO the fact the situation at Fonterra is this bad is potentially very concerning for ATM. They run a capital light model and need strong processing partners. Don't think Fonterra will abandon a2 milk as it is the future of dairy but a very weak processing partner is not good whatever way you spin it. ATM won't want to be spending money on propping up a partner or investing in capital intensive processing plants while simultaneously upping their brand marketing. With questions over their two suppliers at the moment (remember SML have got a legal challenge going on at Pokeno which might cost SML significant money to solve) it is far from ideal. Maybe the war chest ATM are sitting on is being held as an insurance policy should the supply side get worse. The Fonterra a2 raw milk supply is pretty bloody important to ATM's future. Sold my shares at a reduced profit due to this and forecast reduced margin going forward plus Jayne's vagueness in interviews post results. Too many uncertainties imo.