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This post comes courtesy of science and technology reporter Jack Ryan from the ABC’s Science unit.

The circus rolled into Adelaide yesterday, as embattled video game studio Mighty Kingdom held its annual general meeting (AGM).


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As shareholders rolled into the meeting on King William Street in the city’s CBD, a ringmaster offered popcorn — a stunt organised by major shareholder Shane Yeend.

Over the past two months, Yeend, a self-dubbed serial entrepreneur and CEO of entertainment brand Gamestar+, has been locked in a battle with the Mighty Kingdom board and called for the axing of its chair, Michelle Guthrie.

Former ABC managing director Michelle Guthrie(ABC News: Nick Haggarty)

Guthrie is the former managing director of the ABC.

Prior to voting at the AGM on Wednesday Guthrie stated, “I absolutely take responsibility for the past unsustainable cash burn of the business.”

She also noted she would be stepping down as chair by March 2024.

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The company has burnt through around $35 million in cash after listing on the ASX in April 2021. Last financial year it posted a $9 million loss.

Last August, Yeend, and a group of investors he’d rallied via Facebook, committed to injecting around $4m into Mighty Kingdom during a capital raising. By January, Yeend had taken over as CEO. But things quickly soured.

On August 31, he resigned, with Mighty Kingdom claiming he still owed $2.1 million. Yeend contends that the share subscription agreement he signed was broken by Mighty Kingdom. Mighty Kingdom denies any wrongdoing.

His departure kicked off a campaign to oust Guthrie in early November, mailing letters to every shareholder and launching a website with an “urgent call for change.”

That change is afoot: The results of the AGM were posted this morning and 54.11 per cent of shareholders voted against the re-election of Guthrie.

The ABC understands Mighty Kingdom will be hosting its annual Christmas party tonight.

As of writing, MKL was trading at 2 cents, up 25% from yesterday’s close.

This post was originally published on 3rd party site mentioned on the title of this site

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