Trevor O'Hoy resigns from Mighty Craft board
Mighty Craft has announced the resignation of Trevor O’Hoy from its board of Directors, effective immediately.
A former Managing Director and Chief Executive Officer of Carlton and United Breweries, O’Hoy was a shareholder and board member of Stone & Wood parent company Fermentum at the time of its sale to Lion.
O’Hoy only joined the board in April of this year, with the company describing his arrival as a “positive step” in its board renewal process, providing “a considerably enhanced skill-set and expertise required to advance Mighty Craft’s strategy of being Australia’s leading craft drinks business.”
“Attracting such a high-calibre and well-connected individual as Trevor to our Board, when combined with Katie [McNamara] and our management team’s industry network and capabilities provides me with great confidence around the Company’s future, and ability to execute our growth plans.”
His departure statement carries the sense of resignation of a doctor declaring the patient is too far gone to expend more effort, but the good news is the family can donate the body’s organs.
“Mighty Craft has some significant assets and brands in the stable and I believe the strategic review could allow the company to unlock value for stakeholders, however the company requires an extensive time commitment from all directors and right now I can’t commit the time required,” O’Hoy’s statement said.
“Better Beer is an asset that has significant potential, and the spirits business also has some wonderful early-stage brands.
“I wish the board and management team well and will follow the company’s progress with interest.”
O’Hoy joined the board while the company has a market capitalisation of $58 million and a share price of $0.16. As of today’s ASX opening the company is valued at $12.39 million and a share price of $0.034.
In July the company announced it had reached an agreement to sell its first investment, Jetty Road, and was shopping offers for Better Beer.
While Better Beer has been a beer market unicorn rapidly surpassing 10 million litres per year since launching in November 2021, the brand is increasingly shackled to the failing accelerator.
Last week Mighty Craft reported it had secured a $5 million loan at a 25 per cent interest rate capitalised and due for repayment in February next year.