Preheat oven to 350°F.
Melt 1 Tablespoon butter in a 9-inch square or round glass baking dish. Brush butter evenly over the sides and bottom of the dish and set aside.
Melt 3 tablespoons of butter in a sauté pan over medium heat; stir in flour to form a dry roux; continue to stir and cook (about 3 minutes) until mixture gives off a slight ‘nutty’ aroma. Set this mixture aside.
In large skillet, melt the remaining 4 tablespoons of butter over medium heat. Stir in cayenne pepper, salt and onions; cook until the onions are soft. Stir in spinach and basil and continue to sauté until the spinach is wilted. Remove from heat and allow to cool. Then combine roux and spinach mixtures.
In a large bowl, beat the eggs, add ricotta cheese and blend until the mixture is smooth.
Fold in spinach mixture, feta cheese and half the olives. Pour into prepared baking dish. Sprinkle remaining olives over the top and press gently into the surface.
Bake at 350°F for 35 minutes (or until edges begin to brown and center is firm). Allow to set 10 minutes before cutting.
Spinach needs to be as dry as possible. If washing, drain and pat dry with paper towels.