Aviva Corporation is on the hunt for new resource opportunities as several managers leave and some directors take a pay cut, following the decision to sell its flagship Coolimba power project.
In an address to shareholders at the company annual general meeting today, chairman Tony Iannello said the board was "bitterly disappointed" that the development goals for Coolimba were not realised.
Last month, Synergy awarded Verve a contract to supply at least 638 megawatts of power under its 2008 power procurement tender, and named Verve as its preferred tenderer for further electricity supplies from its existing generators.
Aviva was banking on the contract, and as of late last month, has started to shop around the $1 billion Coolimba project.
Today, Mr Iannello said that steps have been taken to restructure the company with general manager energy Mark Chatfield, general manager development Richard Harris and non-executive director Shaun McRobert leaving the company.
Chief executive Lindsay Reed and Mr Iannello have agreed to take significant reductions in their remuneration.
"The company will be moving quickly to seek new opportunities in the resources sector and is well placed with cash resources of $5 million and a reduced cash burn rate," Mr Iannello told shareholders.
Shares in Aviva closed down one cent to 69c today.
