Mighty Kingdom Ltd - Notice of Extraordinary General Meeting - August 16, 2024
MIGHTY KINGDOM LIMITED (MKL) Share Update July 2024 Wednesday 17th
Mighty Kingdom Ltd Announces Extraordinary General Meeting
Mighty Kingdom Ltd (ASX: MKL) has announced an Extraordinary General Meeting (EGM) to be held on August 16, 2024, at HLB Mann Judd, 169 Fullarton Road, Dulwich, South Australia.
Instant Summary:
- EGM scheduled for August 16, 2024, at 4:00 PM (Adelaide time).
- Key resolutions include consolidation of capital and approval of various option issues.
- Shareholders urged to submit proxies by August 14, 2024.
Meeting Details
The Extraordinary General Meeting of Mighty Kingdom Ltd will take place on August 16, 2024, at 4:00 PM (Adelaide time) at HLB Mann Judd, 169 Fullarton Road, Dulwich, SA 5065. The meeting will address several important resolutions that require shareholder approval.
Key Resolutions
Resolution 1 proposes the consolidation of the company's issued share capital on a 15:1 basis, reducing the number of shares and options proportionally. This aims to reduce share price volatility and make the company's stock more attractive to institutional investors.
Resolutions 2 and 3 seek approval for issuing short-dated and long-dated broker options to Taylor Collison, 708 Capital, and Cerberus Investments. These options are part of the fees for their roles as joint lead managers and corporate advisors in the company's recent entitlements issue.
Resolution 4 requests approval for issuing up to 25,000,000 fully paid ordinary shares to 708 Capital as part of their fees for the entitlements issue.
Resolution 5 seeks ratification of the prior issue of 58,333,332 fully paid ordinary shares due to an over-allocation during the 2024 placement.
Resolution 6 aims to approve the issuance of securities under the company's Employee Incentives Plan for another three years, aligning with the recent capital expansion.
Resolutions 7 and 8 propose issuing options to non-executive directors Ian Hogg and David Butorac as part of their compensation packages.
Voting and Participation
Shareholders are encouraged to submit their proxy votes by 4:00 PM (Adelaide time) on August 14, 2024. Proxies can be submitted online, by mail, fax, or mobile. The company has provided detailed instructions for submitting votes in advance of the meeting.
In case of technical difficulties during the EGM, the Chair has the discretion to proceed with the meeting and conduct business, including voting on resolutions, based on valid proxy instructions received.
The proposed consolidation of capital is expected to reduce share price volatility and make the stock more attractive to institutional investors. The approval of broker options and shares as part of the entitlements issue fees reflects the company's strategic financial planning. The ratification of prior share issues and the approval of the Employee Incentives Plan will help align employee interests with those of shareholders.
Investor Reaction:
Investors have shown mixed reactions to the proposed resolutions. Some are optimistic about the potential for reduced share price volatility and increased institutional interest, while others are cautious about the impact of issuing additional options and shares.
Conclusion:
Investors should carefully review the resolutions and consider their potential impact on the company's stock. Participation in the EGM, either in person or by proxy, is crucial for making informed decisions. The final outcomes of the resolutions will play a significant role in shaping the company's future strategy and performance.