Cobram Estate Olives Limited (CBO), Australia’s largest vertically integrated olive farmer and marketer of premium quality extra virgin olive oil, has successfully completed a $175 million institutional placement. The company received commitments for the placement at $3.20 per share and has launched a non-underwritten Share Purchase Plan (SPP) to raise up to an additional $10 million. The placement saw strong demand from both existing institutional shareholders and new investors, with interest exceeding the targeted funds.
The funds raised will be used to accelerate CBO’s growth strategy in the United States, including the purchase of additional freehold farmland and the development of approximately 1,600 hectares of olive groves. This expansion is targeted for completion by the end of calendar year 2027, increasing CBO’s total Californian plantings to approximately 3,600 hectares. At full maturity, these groves are expected to produce over 9 million litres of Californian olive oil per annum, significantly increasing the current two-year average of 0.5 million litres from the Company’s own Californian groves.
In addition to the placement, CBO’s Joint-CEOs and Executive Directors, Sam Beaton and Leandro Ravetti, have committed to selling an aggregate of 2.0 million CBO shares at the placement price. The primary purpose of this director sell-down is to repay their company loans that are approaching maturity. The company confirmed that both Beaton and Ravetti remain fully committed to CBO and will continue to hold a significant shareholding following the sell-down.
CBO shares are expected to resume normal trading on the ASX from today, 9 September 2025. The SPP offer will be open from Tuesday, 16 September 2025, to Monday, 29 September 2025, subject to CBO’s discretion to amend these dates. Further information regarding the SPP will be available on CBO’s website from 16 September 2025.
