Former Warrnambool Cheese and Butter corporate development general manager Bernard Kavanagh has emerged as the chairman of a New Zealand-based Keytone Dairy company that this week listed on the Australian Securities Exchange (ASX).
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Mr Kavanagh was estimated to have received nearly $6 million when he sold his WCB shares to Saputo in 2014 as part of the Canadian dairy giant’s takeover.
He said investors gave a big show of confidence in Keytone Dairy on Wednesday, with its shares rising from 20 cents to 30 cents shortly after listing.
Mr Kavanagh said the company would use the funds raised to build a new dairy processing plant near Christchurch in New Zealand and had no specific plans for manufacturing operations in Australia.
