MIGHTY CRAFT LIMITED (ASX.MCL)

Shareholders in this company should consider crystallising a capital loss in 2024/25 by selling their shares. This process is now much easier and quicker. It can be achieved online by entering transaction details here. While, this usually makes good economic sense we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

delisted for non-payment of annual listing fee under Listing Rule 17.15

we understand the company failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2025

The second meeting of creditors of the Company was held on Monday, 26 August 2024 along with second meetings of creditors of the other Companies. At that meeting, creditors of the Company resolved that the Company execute a Deed of Company proposed by Pure Asset Management. The DOCA for the Company proposes a compromise of the liabilities of the Company to its creditors. The Administrators are working to finalise the DOCA and related ancillary transaction documents.

Under Listing Rule 17.6, an entity (if not already suspended) that had not paid its annual listing fees by close of business on Wednesday, 21 August 2024 would have its securities suspended from Official Quotation before the commencement of trading on Thursday, 22 August 2024. The Company has failed to pay to ASX the annual listing fees for the year ending 30 June 2025, and each entity's securities are already suspended from quotation.

The Administrators give notice that they intend to rely on the relief set out in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 which provides for the deferral of: financial reporting obligations under Part 2M.3 of the Corporations Act 2001 (Cth) (Act); and requirement under section 250N of the Act to hold an Annual General Meeting.

Liam Healey and Quentin Olde of specialist restructuring firm Ankura were appointed as Joint and Several Administrators of the Company.

The securities of Mighty Craft Limited will be suspended from quotation immediately under Listing Rule 17.3, having regard to the announcement today of the appointment of voluntary administrators of MCL and its subsidiaries. The securities will remain suspended until such time that ASX is satisfied with MCL's compliance with the Listing Rules and that it is otherwise appropriate for MCL's securities to be reinstated to quotation.

The suspension of trading in the securities of Mighty Craft Limited will be lifted immediately following the release by MCL of an announcement regarding a proposed capital raising via a placement to institutional and sophisticated investors.

Mighty Craft receives firm commitments to raise approximately $5.2 million via a placement of approximately 35.9 million new shares to sophisticated and institutional investors. New shares under the placement will be issued at a price of 14.5 cents per share. Funds raised will be primarily used to accelerate the growth of the Company's spirits portfolio, gear up to support the acceleration of Better Beer from a sales and distribution perspective and strengthen the balance sheet.

The securities of Mighty Craft Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MCL, pending the release of an announcement regarding a proposed capital raising.

name changed from Founders First Limited