Having already disinvested from Kenya last year, the recent Mmamantswe sale leaves Aviva with about six months to identify a suitable business before the Australian Securities Exchange possibly suspends its listing.Yesterday, Aviva directors said the improved purse was helped by the Aus$3.5 million (P27.5 million) Mmamantswe sale as well as an Aus$1.65 million (P13 million) placement of Aviva shares with Arredo Pty Ltd."The company is now very well placed to pursue new business development opportunities in the resources sector," Aviva directors said in a statement.
"The company is continuing to assess new opportunities both domestic and overseas in the resources sector targeting a number of commodities".The hunt for new opportunities will be spearheaded by two new directors, Ian Middlemas and Mark Pearce, who were appointed to the board as part of the placement with Arredo. Middlemas is associated with Arredo."Middlemas and Pearce have historically been able to identify "company making projects" in a wide range of commodities such as coal, gold, uranium, iron ore and base metals," Aviva directors said."Middlemas and Pearce have had success in identifying and exploiting value creating opportunities for companies in which they invest. The directors believe that the appointment of Middlemas and Pearce to the Aviva board should better position the company to identify and attract value creating opportunities for the benefit of all shareholders".
