must be nearly the only asx listed company currently going on...

must be nearly the only asx listed company currently going on expansion plans when everyone else is either cutting divis back to near zero and cutting expenditure or addressing workforce numbers in light of the global financial crisis.

rights issue now cancelled and key staff member has resigned.
clearly the proposed new jv hasn't been given much due diligience in light of the current financial mkts crisis

Warrnambool Cheese and Butter CEO steps down


The chief executive of Warrnambool Cheese and Butter has resigned, amid the company's increasing financial trouble.

Last month Warrnambool Cheese and Butter announced a further reduction in farm gate milk prices for the rest of the financial year.

A farmer backlash forced the company to overturn the decision last Wednesday but angry farmers had already started withdrawing their business.

This morning the company announced its chief executive Neil Kearney has resigned.

It has also revised down its end of financial year forecast from a net profit of $6 million, to a net loss of up to $12 million.

The company says the economic crisis and the resulting fall in commodity prices has affected its finances more than predicated.