ISL 2011 C5

Let $m$ be a positive integer and consider a checkerboard consisting of $m$ by $m$ unit squares. At the midpoints of some of these unit squares there is an ant. At time 0 , each ant starts moving with speed 1 parallel to some edge of the checkerboard. When two ants moving in opposite directions meet, they both turn $90^{\circ}$ clockwise and continue moving with speed 1 . When more than two ants meet, or when two ants moving in perpendicular directions meet, the ants continue moving in the same direction as before they met. When an ant reaches one of the edges of the checkerboard, it falls off and will not re-appear. Considering all possible starting positions, determine the latest possible moment at which the last ant falls off the checkerboard or prove that such a moment does not necessarily exist.