The new board will reposition the company to focus on alternative opportunities for the company that will deliver more immediate value to shareholders, according to its new executive chairman Adam Santa Maria.
“In doing so, the board will look to conserve cash and reduce costs where practicable,” he said.
“The company remains committed to preserving and maximising its interests in its Comet Ridge Coal project, and will take all necessary steps to ensure its rights are protected.”
Former managing director Gavin May will continue to remain with the company in an advisory capacity to assist in that regard.
Kim Livesley has resigned as a director and chairman of Acacia.
Consistent with its goal of reducing costs, new directors will be paid fees of $10,000 each per annum and the executive chairman will be paid an additional fee of $1,000 for each day of which executive services are performed on behalf of the company.