Mighty Craft - Case Update

Mighty Craft’s creditors have voted to accept a DOCA that will see the business transfer to senior lender Pure Asset Management.

The craft drinks accelerator, whose shares were listed on the ASX until their recent suspension from trade and removal from the official list, entered voluntary administration on 22 July, with Quentin Olde and Liam Healey of Ankura Consulting appointed as voluntary administrators.

Now, the company has announced that on 26 August, creditors voted to accept a DOCA proposed by Pure Asset Management. No details have been provided on the DOCA, other than that it proposes to compromise the company’s liabilities and includes a condition precedent that the company’s shares be transferred to Pure Asset Management for no consideration to current shareholders. The DOCA must be executed 15 business days after the second meeting of creditors.

Read the update HERE.