Motopia announces board shake-up
- 07 November, 2011 19:00
The board of mobile marketing and content company Motopia (ASX:MOT) has chosen two new members, and announced the resignation of chairman Jitto Arulampalam.
The new members include CFO Veronica Duff, who joined the company in November last year.
Telecom veteran Dean Verberne will also take a seat as an independent non-executive director. Verberne has held senior management roles in telecom-facing companies including Siemens, Cellnet and Hutchison Telecom during a career spanning around 20 years.
Arulampalam, who has been chairman since 2009, meanwhile stepped down citing other executive commitments. Non-executive director Frank Vetrone will step in as interim chairman in his absence.
Motopia in September reported a $16.6 million FY11 loss, blaming disappointing results from the $8 million takeover of mConnect which had brought it into the mobile solutions sector.
The company had threatened — and later pursued — a legal claim against the vendors in the deal as a result, but last week revealed it had settled the dispute with the help of its legal advisors.
While the exact terms of the settlement are confidential, Motopia disclosed that the agreement means the vendors will no longer hold any shares in the company, with those already allocated now sold off to a third party as part of the settlement.
Motopia is also now no longer obliged to make any further payments to the vendor.
MOT shares grew 7.14 per cent in Monday's trading to $0.015.
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