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Aviva Corporation To Release Placement And Board Restructure Details

Aviva Corporation (ASX: AVA) is preparing to update the market on a proposed placement and board restructure and has gone into an ASX trading halt.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 11 March.

Aviva had in February completed the sale of its non core subsidiary Coolimba Power to Westgen for $1 million.

Coolimba Power holds the Coolimba project approvals to develop a 450 megawatt coal-fired and/or a 360 megawatt gas-fired power generation facility.

It has also invested A$125,000 in Papua New Guinea-focused explorer Coppermoly via a convertible note and is still considering other potential projects and investments to add to its current portfolio.

Aviva is trading near cash backing with about $19.6 million in cash, or $0.118 cash per share, as at 31 December 2012. This is close to its current market capitalisation of $22.43 million and share price of $0.135.

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