FRANKLAND River Olive Company’s plans to list on the ASX took another step forward with the passing of a number of resolutions at a shareholder/ grower meeting this week. In April, the company announced plans to restructure its managed investment schemes into a single vertically integrated olive business and raise $5.9 million, ahead of listing on the ASX. At the meeting, growers voted to accept shares in FROC for the groves they own under the current MIS structure. In addition, it was agreed that the Southern Olive Management Company, the management arm of the business, would be acquired by FROC. Shareholders also approved the issue of shares to growers. A capital raising, by way of rights issue to be managed by Patterson Securities, will now go ahead, for shares at an issue price $0.25. “The issue is due to close on June 23 and underwriting is scheduled to close on July 4, followed by listing set down for July 11,” FROC general manager Phil Raffan said.
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