Mighty Kingdom EGM Results 19 Jan 2024
MIGHTY KINGDOM SHAREHOLDERS REJECT DISRUPTIVE RESOLUTIONS AND ENDORSE BOARD CONTINUITY
Mighty Kingdom is pleased to announce a strong positive outcome of today's Extraordinary General Meeting (EGM). Shareholders overwhelmingly rejected the disruptive resolutions, reaffirming their trust in our Board, Management, and commitment to delivering value for all stakeholders.
With less than 10% of shareholders voting for resolutions proposed by shareholder Mr Yeend aimed at replacing the Board, this EGM signifies a commitment to stability and trust in the company's future direction. In total, less than 34% of total issued shares were voted in favour of the resolutions proposed by Mr Yeend, of which half of this total were from Mr Yeend and his related companies.
We greatly appreciate the support and confidence placed in the company.
David Butorac, chair of Mighty Kingdom, said: "I don’t consider it a win. I consider it the strongest possible endorsement and mandate for the board, the company’s strategy and its remarkable staff and management team. We are focused on leveraging our expertise to drive operational excellence, attract strategic investments, and unlock sustainable growth. I look forward to all shareholders now aligning behind the direction and strategy that this majority vote signifies."
Mr Butorac added: “In the many conversations that Management and I have had with shareholders over the past month, there has been a consistent theme of these distractions having to stop, and the company needs to get on with restoring shareholder value. This will be our primary focus as we rebuild Mighty Kingdom and work towards finalising arrangements for strategic investment.”
Building upon this foundation, we are excited to progress the exclusive negotiations with the leading global consortium of games and media industry pioneers. This collaboration represents a crucial step towards accelerating our growth trajectory and maximising shareholder value. Combining the company's expertise with theirs will unlock new revenue, margin expansion, and overall shareholder benefit.
We remain dedicated to developing innovative and groundbreaking games that capture the hearts of audiences worldwide. In addition, our staff are entirely behind the Board and Management, and we thank them for their commitment and dedication during this process.
Read the Announcement here.
For further information, please contact
Simon Rabbitt
Interim Chief Executive Officer
Mighty Kingdom Limited
T: +61 8 7200 3252
E: [email protected]
CONTACT DETAILS FOR MEDIA INQUIRIES:
Megan Lloyd
0414 585 108
Stefanie Correani
0401 500 461