Mighty Craft appoints voluntary administrators

Mighty Craft Limited (ASX: $MCL) has appointed Liam Healey and Quentin Olde of specialist restructuring firm Ankura as Joint and Several Administrators pursuant to section 436A of the Corporations Act 2001. The appointment includes the Company and its wholly owned subsidiaries.

Executive Commentary

It now appears unlikely that an agreement will be reached between MCL's senior lenders, Better Beer, and Mighty Craft that is acceptable to all parties. The Directors therefore formed the opinion that the Company should be placed into voluntary administration to evaluate options for the Company to continue as a going concern, or if this is not possible, that an administration will result in a better return for the creditors and members of the Company than would otherwise result from an immediate winding up of the Company.

Summary

Mighty Craft Limited has appointed voluntary administrators to evaluate options for the Company to continue as a going concern. The Administrators will be working closely with Management and the Board to determine the appropriate way forward to maximize the outcome for all stakeholders. Shareholders are advised that trading in the Company's shares on the ASX will remain suspended during the administration period. Updates on the progress of the administration will be provided by way of announcements to the ASX.