Frankland River Oil Company chairman Paul Letari has acquired more than 382 million shares at a cost of $1.9 million, through his participation in the company’s three-for-one rights issue announced last November. The entitlement offer, which was launched to help the olive oil producer retire debt and fund future operations, closed 30 per cent undersubscribed with Mr Letari appearing to be the only major investor. Mr Letari now has a stake of 509.9 million shares in the company currently worth over $3 million.
© Business News 2017. You may share content using the tools provided but do not copy and redistribute.