New CEO as Adelaide video games company unveils future plans

Mighty Kingdom today named its new CEO – the third since January 2023 – who will helm a new vision for the video games company that is planning on pushing into AI.

Mar 15, 2024, updated Mar 15, 2024
Photo: Mighty Kingdom

Photo: Mighty Kingdom

A $6.2 million capital raise will support Mighty Kingdom’s new direction which will see the company expand into “higher-value gaming products” and establish an AI Gaming Lab.

Also announced today, Storms Gaming Studio CEO and managing director David Yin will take the reins at the King William Street-based Mighty Kingdom through his appointment as CEO.

Yin will be Mighty Kingdom’s third new CEO since January 2023 when the company’s founder Philip Mayes stepped down from the top job after more than 12 years following a series of “unacceptable” financial results in 2022.

Mayes was replaced by Adelaide entrepreneur Shane Yeend who founded Imagination Entertainment – Mighty Kingdom’s top shareholder. Yeend resigned as CEO in September and was replaced on an interim basis by then-chief financial and operations officer Simon Rabbitt.

Yin’s appointment is “effective immediately”, and follows the new CEO being put forward as a potential board member in January ahead of a Yeend-led push to spill the existing board.

That attempted coup failed and the exiting leadership team remained in place after resolutions put forward by the company’s top shareholder were rejected at an Extraordinary General Meeting in January.

Last year, Yeend was successful in his push to remove ex-ABC boss Michelle Guthrie from her position as chair.

Today, Mighty Kingdom said Yin had been “instrumental in shaping the company’s future strategy through the proposal phase”.

Yin has more than 25 years of experience in gaming and was most recently the CEO and managing director of Singapore-based Storms Gaming Studio which developed owned IP games and published 3rd party games.

Prior to Storms, Yin was head of business development for Google Play in ANZ and Southeast Asia.

Interim CEO Rabbitt has returned to his role as CFO/COO.

Yin said he was “delighted to join Mighty Kingdom at a pivotal and exciting time”.

“The journey for Mighty Kingdom has been a challenging one but recent financial performance has been very encouraging and together with today’s capital raise, secures the company’s future and allows us to capitalise on the tremendous growth opportunities that lie ahead,” Yin said.

“I am confident that, with the strategic plan we have in place and the team we have, Mighty Kingdom will again be a gaming powerhouse.”

Two new non-executive directors were also appointed today including former managing director of Activision Blizzard King Mark Aubrey and corporate advisor Chris Whiteman.

Philip Mayes also announced today he would step down as non-executive director of the company.

“Mayes contributed greatly in the interim role with the company where he assisted hugely on the strategic review process,” Mighty Kingdom said.

The appointments come alongside a $6.2 million capital raise to support Mighty Kingdom’s “new direction”.

Capital will be raised at $0.003 per share through an entitlement offer for institutional investors and a retail entitlement offer which will be made available to all shareholders.

The firm said the strategic plan comprises three key pillars: “delivery of a funding strategy to allow future growth whilst reducing risk”, “execute on short and long term strategies within the current business model and expand into higher value opportunities including accelerating Work for Hire and joint development initiatives” and “expansion into higher-value gaming products and establishing an AI Gaming Lab”.

“The refreshed team at MKL intends to establish the company as a sustainable gaming company within 6 months with a reputation for developing quality games and resetting the business for controlled expansion into higher-value potential gaming products,” Mighty Kingdom said.

This means a business restructure will be implemented, beginning with a six-month process to right-size the firm. The company said it was aiming to “demonstrate financial independence and operating stability, achieve gaming profitability break-even by H1 FY25”.

Once this first phase is completed, the company will then move to expand its gaming business by developing original IP. It will also form an “Australia-first AI gaming lab, looking to push the boundaries of innovation by leveraging technology and in-house expertise in pioneering the next generation of gaming”.

Chair of Mighty Kingdom David Butorac said today’s announcements would “reset the company, fund it appropriately, and…execute a growth strategy aimed at delivering a return to all our loyal shareholders”.

“Our methodical approach to the strategic review process allowed us to assess several funding options and deliver the best outcome for all shareholders,” Butorac said.

“It provides an option for all shareholders to participate and be a part of the future of Mighty Kingdom.

“We have also been very deliberate about the amount of investment we are seeking to ensure we are appropriately funded to execute fully on the strategic plan.”

Local News Matters
Copyright © 2024 InDaily.
All rights reserved.