Sweet debut for FROC

Fremantle-based olive oil producers Frankland River Olive Company Ltd debuted at a premium on the ASX last week before settling down to trade at or around its issue price of 25 cents, giving it a market capitalisation of about $11.7 million. The company has restructured several managed investment schemes into a single vertically integrated olive business, with growers previously voting to accept shares in FROC for the groves they owned under MIS. It was agreed that the Southern Olive Management Company, the management arm of the business, would be acquired by FROC – run by managing director David Carr and which raised $5.88 million from the issue of 23.5 million shares by way of a rights issue. FROC, which last year acquired the Parmelia (Larenta) olive project in Gingin, sells olive oil across Australia. It recently confirmed the appointment of Cape Mentell and Cloudy Bay Vineyards founder Mark Hohnen as company chairman. Merv Lange and Craig Readhead are also on the board.