Mat Meeting 11 April 2026

Source type: Primary — direct meeting transcript Participants: Mat O’Keefe (CEO/Director, calling from Tokyo), Shae (Director, Melbourne) Duration: ~2 hours Format: Video call, recorded and transcribed Mat’s location: Tokyo, Japan (overseas holiday, returning Melbourne 20 Apr, at Pride 8am 21 Apr)

Meeting Context

Mat is three weeks into a holiday in Japan but actively engaged in crisis management. Revenue has dropped to critical levels (one Saturday at $7,000; one full week at $9,000). The Westpac $145,000 overdraft facility is being consumed. Multiple urgent bills outstanding (Collins & Co $8,000, water $2,500, security $8,000). Meeting covers strategic direction, financial position, staffing, and operational changes.

Key Outcomes

Decisions Confirmed

1. Theatre Restaurant Model — Shift Saturday operations from nightclub to seated theatre restaurant. Eliminates dance floor, DJs, security, and reduces floor staff. Biggest single cost reduction lever. Mat: “which I believe we have to do to stop the bleeding.”

2. Accounting Firm Tender — Collins & Co complete current tax lodgement, then go to open tender. Relationship has deteriorated; $8,000 in bills, poor service quality.

3. Square iPads — Replace small POS terminals with iPads behind the bar to fix uncategorised transaction problem. Mat confirmed as the solution.

4. Mountain Goat renegotiation — 54,000L beer deal nearly complete (50,000L sold). Renegotiation triggered. May reduce taps under theatre restaurant model.

5. Thursday events expansion — Target big events every Thursday (currently one/month). Planning underway.

6. Meeting cadence — Monday and Wednesday meetings while Mat in Tokyo. First in-person Monday 21 Apr at 6:30pm.

Decisions Under Consideration

7. Staffing Restructure Consideration — Tom to 1 day/week, Emily to 4 days/week? Or retain both and automate monotonous tasks? Needs Mon’s input. Decision by week of 21 Apr.

Major Corrections to Wiki

1. Westpac overdraft facility: $145,000 — not previously documented. Callable at any time by Westpac. Critical existential risk.
2. Emily Rose rate: $33/hr + super — below bartender rates ($37–$45/hr)
3. Survival threshold: $25,000–$30,000/week (revised upward from $25,000)
4. Wages understated — base wages only; PAYG + 12% super not included in previous figures
5. Security rates: $38/hr standard, $85/hr Sunday
6. Mat returns 20 Apr Melbourne, 21 Apr at Pride 8am (corrected from “late March”)

New Facts Documented

• Revenue crisis worst data point: $7k Saturday, $9k week (Easter)
• New corporate entity under consideration for capital raise (Mat’s preference, not consensus)
• Draft constitution exists with management protections for Mat and Mon
• Shae to be proposed as director at shareholder meeting
• Shareholder meeting required (constitution approval, director confirmation, financial disclosure)
• Music licensing (APRA/One Music) savings under theatre restaurant model
• Birchal equity crowdfunding platform identified
• Charlene’s public Facebook post — narrative control risk
• Merchandise program raised as revenue diversification
• $2,500 water bill, council rates, ASIC fees, SaaS costs — missing from financial model
• Xero reconciliation down from 1,200 to 379 unreconciled; Square $4.67M phantom balance resolved
• Collins & Co $8,000 outstanding; previous accountant Karam was hands-on
• Bartender rates: $45/hr Sunday, $38/hr Saturday, $37/hr weekday evenings

Key Tension (Unresolved)

Capital raise timing: Mat wants to be ready to launch immediately (Westpac risk); Shae believes the market is too hostile and capital raising would fail or produce worse terms than waiting. Both agree: have documentation ready to launch at short notice. See Capital Raise Strategy for full analysis.

Pages Created

• Theatre Restaurant Model (decision)
• Accounting Firm Tender (decision)
• Staffing Restructure Consideration (decision — under consideration)
• Mat Meeting 11 April 2026 (this source page)

Pages Updated

• Westpac — overdraft facility, loan discrepancy note
• Labour Cost Structure — specific hourly rates, PAYG/super correction
• Emily Rose — $33/hr rate, HR context, contractor status
• Cash Forecasting — survival threshold revised, missing expenses
• Revenue Model — survival threshold revised
• Saturday Revenue Collapse — $7k data point, theatre restaurant link
• Capital Raise Strategy — contention section, Birchal, new entity consideration
• Board Composition and Meetings — directors, constitution, shareholder meeting
• Cost Reduction Strategy — music licensing, beer tap renegotiation
• Square POS — iPad decision, reconciliation progress
• Revenue Diversification — Thursday expansion, merchandise program
• Supplier Management — Collins & Co, Mountain Goat
• Stakeholder Trust and Credibility — Charlene’s post, narrative control

Related Pages

• Mat O’Keefe — meeting participant
• Pride of Our Footscray — the operating entity discussed throughout