Changes at Brainytoys

PERTH toy company Brainytoys is poised for a major change following a $1.5 million helping hand and the appointment of three new directors, including a former West Coast Eagles managing director.

Late last year, Brainytoys was teetering on the brink of collapse after it was unable to secure funds to fulfil its contractual obligations for the acquisition of a toy company in the US.

Shares in the company have been in voluntary suspension since January as then directors hunted for cash, merger opportunities and held talks with prospective buyers for Brainytoys assets.

Directors Charles MacKinnon, Alex Aguero and Graham Nicol, who last month resigned from the company, have been fairly quiet since then.

Taking their place are former Eagles managing director John Walker, Vanilla Group of Companies chief executive Colin Oxlade, and Kirby Marketing founder Richard Simpson.

Mr Oxlade told WA Business News the company was targeting a number of different assets to vend in.

"There have been a couple of approaches to us from different industry sectors ... and we haven't made a decision yet at all," he said.

"All we want to do is secure the shell first and foremost, recapitalise that as soon as we can and then make an announcement in the future in terms of what assets we vend in."

Restructuring of the company may take time, with administrators appointed to Brainytoys' US and UK subsidiaries.

The company has recently raised a minimum of $1.5 million through a convertible note deal with Pinnacle Equities.


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