Bryan Hughes-chaired My Foodie Box Limited (ASX:MBX) is in talks regarding a potential management buyout of the ASX-listed stock which has plummeted 96% since listing 18 months ago. The e-commerce meal kit business was founded by insolvency veteran Bryan Hughes and his wife Mai as a WA contender during the emergence of the food box delivery marketplace in Australia. The company issued a statement to market indicating that a number of options were on the table but said there was no certainty that a transaction would take place.

"The company advises that, at the date of this notice, it is in confidential, incomplete, discussions regarding a potential corporate transaction with respect to a potential management buyout and privatisation of the company's business," the notice read. "The transaction, as currently contemplated, would see the acquirer taking on the liabilities of the Company in return for acquiring 100% of the business and assets of the company." My Foodie Box said the move would leave the company free of liabilities and able to seek a 'new project' to generate value for shareholders. "As at the date of this notice, the negotiations in respect of this transaction are incomplete and there can be no certainty that any agreement or agreements will be reached, or that any transaction will eventuate".