Australia’s largest gaming company Mighty Kingdom has restructured its board and taken a $7 million buy-in from fellow gaming company Gamestar+.
The Adelaide-based company announced its “recapitalise and restructure” this morning.
In addition to the funding, Mighty Kingdom has appointed three new non-executive directors: Ian Hogg, David Butorac and Melanie Fletcher.
Hogg has previously held senior leadership positions at MGM UA, Network Ten, Mediaworks NZ and as CEO of the Singapore based World Sport Group.
Butorac has held executive positions at OSN, WIN Corp, Star TV and Astro, while Fletcher spent seven years as COO and Executive Producer of global content creator Done+Dusted.
Tony Lawrence has also tendered his resignation as Executive Director of the Company.
“After a period, which has been very disappointing both corporately and from a shareholder perspective, this restructure and capital raising represents a very significant change in Mighty Kingdom’s outlook going forward,” Managing Director and CEO of Mighty Kingdom, Philip Mayes said.
“We have built a great culture and world class creative team that is in high demand. We produce games for some of the biggest brands in the world. We now have an immediate focus on revenue in building a sustainable business that will allow us to have options moving forward. With some significant new shareholders and Directors who can assist us on this path, we anticipate a far more successful FY23.”
“This is a very exciting strategic investment for Gamestar+,” adds Founder and CEO of Gamestar+ Interactive Shane Yeend.
“Phil and his team of 160 developers and an office literally 100 metres away from ours and immediately Mighty Kingdom can benefit from our relationships and experience learned in our 25+ years in global interactive entertainment as well as potentially being a key supplier to Gamestar+.
“We are confident about getting Mighty Kingdom to profitability fast and there are a lot of companies that would be a great fit for MK’s skillsets in a world of gaming and web3.
“2022 has been a staggering year already in gaming deal value with $US107B in total transactions, and Mighty Kingdom is well placed to lead Australia into this new world – I can’t wait to be a part of that.”
