Optus reseller Yatango Mobile Australia has gone into administration less than two months after a reverse-listing attempt by Yatango Pty Ltd failed.
Administrators Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate Recovery were appointed on 29 September. The first meeting of creditors is scheduled for 12 October.
The company is continuing to provide services, a representative of the administrator told CRN. An Optus spokesperson stated on 2 October that "at this stage it is continuing to provide services to Yatango customers."
Yatango Mobile Australia bills itself as a “social telco”, allowing customers to earn points each time they refer friends or answer other customers’ questions.
The site links to Yatango Shopping, a company registered in Hong Kong and which sells smartphones, tablets, cameras, laptops, and wearables as well as shoes and makeup. Points earned by Yatango Mobile users can be put towards phone credit or products on the Yatango Shopping site.
Yatango Mobile Australia is one of a number of locally-registered companies with the Yatango name, though none of its sister companies were under administration at the time of writing.
Yatango Pty Ltd tried a reverse listing with gold explorer Latitude Consolidated in March this year.
But the plan failed after the company was unable to meet the minimum fundraising required, voiding the prospectus offer.
Other registered companies with the Yatango name include Yatango Holdings, Yatango Mobile, Yatango Cars, Yatango Travel and Yatango Labs.
The Yatango website lists several ventures as “coming soon”, including Yatango Money, Yatango Travel, Yatango Cars, Yatango Insurance and Yatango Energy.
CRN contacted the company but did not receive a response by the time of publication.