Former iiNet boss joins Yatango

A local consumer services technology company currently in the middle of a backdoor listing has welcomed former iiNet chief executive Michael Malone to its board as a director.

Yatango, which is being acquired in a reverse takeover by copper miner Latitude Consolidated, also named Virgin Mobile’s UK founder Tom Alexander as a director and ActewAGL founder John Mackay as non-executive chairman.

Mr Mackay’s ActewAGL was Australia’s first multi-utility to offer electricity, natural gas and telecommunication services through a bundle offer.

They will join John Wilkinson and Yatango founder Andy Taylor on the new company’s board.

Mr Malone said he was passionate about the rapidly changing and evolving mobile telecommunications market.

“I believe the Yatango business model is dynamic and innovate, and offers a platform which is engaging and rewarding to consumers,” Mr Malone said.

Latitude announced its plans to exit the resources sector by acquiring Yatango in March, through a scrip deal worth about $18 million.

Yatango is planning to be listed on the ASX in June after final conditions are satisfied, and a $6 million capital raising is completed through joint lead managers Foster Stockbroking and Azure Capital.