Winners and Losers: Mighty Kingdom on top after record low
Even the tiniest of movements can look large for a micro-cap like Mighty Kingdom which topped the Winners list as a familiar name creeps up its shareholder registry.
Having seen its share price fall to an all-time low of $0.005 per share last Wednesday, video game developer Mighty Kingdom’s shares rose a few fractions of a cent in the second half of the week.
This 33.33 per cent rise over the five trading days meant it was the strongest performing South Australian company by percentage growth last week. The company closed out the first full trading week of 2025 at $0.008.
It follows an extended period of voluntary suspension for Mighty Kingdom, which was looking to raise capital in the last two months of 2024 but ended up entering into a $1.2 million debt facility on Christmas Eve.
In its business update, the company said its contracts “continue to be serviced effectively with ongoing initiatives underway to drive profitability and minimising cash burn”.
“In addition, the company is actively progressing corporate opportunities that it believes have the potential to add significantly to shareholder value.
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“It is expected that additional updates will be made to shareholders in the short term with respect to both ongoing operations, new opportunities and board composition.”
The debt facility was put in place for ongoing working capital requirements for Mighty Kingdom and was secured against R&D and Digital Games Tax Offset rebates owed to it by the South Australian and Federal governments.
“This facility had the strong support of existing and new investors to MKL including participation by directors of the company,” Mighty Kingdom said.
“The board of Mighty Kingdom confirms that it is currently able to pay all of its debts, as and when they become due and payable.”
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The company’s CEO recently stepped down, and a permanent replacement is yet to be found.
With MKL stock at record lows, a familiar name has crept back up the company’s shareholder register.
This morning, the company published a notice that former Mighty Kingdom CEO and serial entrepreneur Shane Yeend – who was instrumental in toppling former ABC boss Michelle Guthrie from her chairman position in 2023 – has bolstered his stock in the firm.
Yeend, via his Gamestar Studios vehicle, has acquired about 2.6 million shares in Mighty Kingdom, giving him 5.17 per cent voting power in the company, up from 1.69 per cent.
Gamestar was previously Mighty Kingdom’s top shareholder but wound down its substantial holding in the company in April last year.
Orbminco – formerly Wommera Mining – was the biggest Loser for the week, falling 25 per cent, and was followed by Vintage Energy, Archer Materials and Andromeda Metals.
The full list of Winners and Losers for the week ended 13 January 2025:
