Quintessential moving on Y&B takeover

Former copper and gold explorer Quintessential Resources has moved another step towards its scrip takeover of technology incubation company Yonder and Beyond with the appointment of Y&B chief executive Shashi Fernando as a non-executive director.

The move follows the resignation of Quintessential managing director Paige McNeil today, and comes ahead of a planned general meeting to approve the takeover plan.

Quintessential plans to issue nearly 600 million ordinary shares to shareholders of Y&B, which would give Y&B shareholders control of around 80 per cent of Quintessential.

The takeover transaction is subject to shareholder approval and a successful $8 million capital raising, which is being conducted by Foster Stockbroking and Taylor Collison.

Quintessential concluded a placement of $314,000 in August.

Y&B has an interest in online payment app Boppl, and digital recruitment agency Prism Digital, among others.

Mr Fernando previously founded Saffron Digital, which was sold to HTC Corporation in 2011 for $50 million.

Quintessential recorded a total comprehensive loss of $9.3 million for most recent financial year, and was unchanged at 1 cent per share at the close of trading.