Yatango mobile startup division collapses into voluntary administration
Friday, October 2, 2015/
The mobile division of consumer data startup Yatango has entered voluntary administration.
According to records from the Australian Securities and Investments Commission, Yatango Mobile (Australia) entered voluntary administration on September 29.
Hugh Armenis and Katherine Barnet of Bentleys Corporate Recovery have been appointed to manage the administration.
The appointment was made under section 436C of the Corporations Act, which allows an individual to enforce a security interest in an entire company or a substantial part of a company.
The first meeting of the company’s creditors is scheduled to take place in Sydney on October 25.
A spokesperson for Bentleys confirmed the appointment to SmartCompany this morning and said the appointment only relates to Yatango’s “mobile platform”.
“The business is still trading, it’s business as usual, there is no disruption to services,” the spokesperson says, adding it is too early to comment on if the administrators will pursue a restructure of the business.
Yatango was founded in 2013 as a consumer-focused data usage startup. The company quickly became known for his mobile platform, which allows users to build their own mobile plans to save money, however it also operates in the travel, banking and shopping spaces.
In March, the company announced it would be seeking to raise $6 million by listing on the Australian Securities Exchange via a reverse takeover of listed mining company Latitude Consolidated Limited.
According to the company’s prospectus, which was lodged in July, Yatango Mobile (Australia) Pty Ltd, is a wholly owned subsidiary of another company called Yatango Mobile Pty Ltd.
At the time of the prospectus being lodged, parent company Yatango Pty Ltd owned 55.29% of Yatango Mobile Pty Ltd, however Yatango said it planned to purchase the remaining 44.75% of Yatango Mobile following its acquisition of Latitude Consolidated.
However, the reverse takeover deal with Latitude Consolidated appears to have fallen through, with Latitude issuing a statement to the ASX on August 12 that said the “minimum fund raising required under the prospectus … has not been reached”.
Latitude said the minimum fund raising was a condition for the Yatango Share Price Agreement and as a result of it not being reached, “the prospectus offer will cease”.
“The company has requested immediate repayment of its $250,000 loan from the Yatango group,” Latitude said.
SmartCompany contacted Yatango but did not receive a response prior to publication.
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