Gaming elite back themselves to save Mighty KingdonCAMERON...

Gaming elite back themselves to save Mighty KingdonCAMERON ENGLANDMighty Kingdom is also proposing to bring on McKinsey-the existing Mighty Kingdomtrainedtransformationmanagement team, the consor-A high-powered group of gaming experts has agreed to join and help fund embattled game developer Mighty Kingdom, setting up a showdown with activist major shareholder Shane Yeend.The ASX-listed outfit on Friday told shareholders it had raised $726,000 through the issue of convertible notes to provide short term capital, and also said it had signed a letter of intent to set up a new board and management team.The proposednew boardmembers - Mark Aubrey, David Yin and Chris Whiteman - have significant gaming experience.Mr Aubrey led Activision Blizzard Asia Pacific for more than seven years. Mr Yin was chief executive of gaming company Storms, which was acquired by¡Candy, where he subsequently was president of Web 3 gaming.Mr Whiteman is a director ofHong Kong-BasedAnimocaBrands, which is valued at more than $5bn.expertHang Yan to put together a newtium will develop a strategic planstrategic plan for the company.for the company's future."A non-binding letter of intent"This plan, including recom-has been signed with a consortiummendations, will be presented toof Australia's top gaming execu-shareholders by January 15th,tives to facilitate their appoint-2024, alongside the proposed board appointments.ment to the board of directors,""The proposednew boardMighty Kingdom told the ASX.Yeendmembers, in collaboration with"This agreement includes ex-Mighty Kingdom, is confident inclusivity arrangements paving the way for a multi-year strategic plan and capital raising and potential appointment to the board of directors and management."Mighty Kingdom said it expected to appoint the proposed new directors to the board *on or before 15 January 2024".This is just days before a scheduled extraordinary general meet-ing, at whichMrYeend'scompany Gamestar will attempt to unseat the current board and install its own nominees, including Mr Yeend.Mr Yeend's proposed board members- RoseanneHealy,Keith Middleton and Boris Patkinsector, Mighty Kingdom says. Mr Yeend is also proposing to set up a 10 member advisory board of global gaming experts and install his nominee for chief executive should his board putsch on January 19 be successful.Mighty Kingdom said on Friday that the proposed new board members had participated in the capital raising, and had high hopes for the company."With deep industry experience and a keen eye for growth op-portunities,the consortium'svision for Mighty Kingdom covers all aspects of the transformational path needed to deliver shareholder returns," the company said."Led by Mr Hang Zhang andits ability to spearhead a capital raising process."This willaddress workingcapital needs and fuel growth op-portunities. Specific details will be disclosed within the strategic plan."Recognising the need for immediate action, the proposed new board members will also support any short-term financing requirements to ensure Mighty Kingdom's working capital needs are met until the capital raise is completed."The company said a "definitive proposal" encompassing restruct-uring, capital raising and board appointments was expected to be put to another EGM no later thanFebruary 28.$726,000 convertible note issue had been necessary because Gam-estar and other shareholders had voted down the company's capacity to raise capital at the November annual meeting.Gamestar also failed to pay $2m out of a $4m capital raising commitment it made in 2022, with Mr Yeend saying Mighty Kingdom had not met its commit-ments, which the company denies.Former ABC managing director Michelle Guthrie was ousted as chair of the company at the November annual meeting, where the company's remuneration report received an overwhelming protest vote.Mighty Kingdom chair DavidButorac said the plan that had emerged from the strategic review"will chart a clear course for growth and unlock the company's immense potential".Mighty Kingdom shares closed17.6 per cent lower at 1.4c on Fri-day.Mighty Kingdom listed at 30c in April 2021 after a $18m capital