new look for Olea

ASX-LISTED olive oil firm Olea Australis will be relaunched as a real estate investment vehicle.

Olea Australis will focus on commercial, industrial and retail assets, but will not invest in residential development or subdivisions.

Former JF Meridian Trust director and current 360 Capital Group director Tony Pitt will take a 15 per cent interest in Olea and has been appointed joint managing director to oversee the transformation.

Current chairman Trevor Clohessy and non-executive director Ian Murie will step down from the board at the company’s next AGM.

Ken Richards will remain as joint managing director until the AGM, where he will become a non-executive director.

Also, a company associated with Mr Pitt will grant Olea an option to acquire an established but dormant responsible entity company with a current Australian Financial Services licence, which Mr Pitt said would be useful in exploring new business opportunities.

“We’re obviously looking for liquidity for our shareholders and having an ASX vehicle is an opportunity to do that,” Mr Pitt said.