Guvera Creditors To Vent Anger
As many as 150 angry creditors are expected to head for the Deloitte company’s Parramatta, Sydney, office today, demanding to know what’s happened to money they put up for investment in subsidiaries of Brisbane-based music streaming service Guvera – an outfit whose ambitious plan for a stockmarket listing was knocked back last month by the ASX.
It’s the first creditors meeting involving the fate of the two Guvera subsidiaries now in administration. Those creditors are believed to include the Australian Tax Office, which presumably will have observers present.
In all, around 3000 would-be investors are believed to have pumped money into the Guvera subsidiaries as clients of accountants who had signed up to AMMA Private Equity Network, which was connected to Guvera co-founder Darren Herft.
Questions seem likely to be asked about relationships between the accountants and Herft as well as Guvera’s failed ASX listing, which if successful would have seen Herft and co-founder Claues Loberg emerge with shareholdings worth $98 million and $144 million respectively.
The ASX debacle, it turns out, was not the first listing attempt by Guvera. According to an Australian Financial Review report, Guvera had plans to float on the London Stock Exchange before its Blinkbox operation in the UK – acquired from the Tesco supermarket group – failed spectacularly, forcing the company to try its fortune on the Australian Securities Exchange instead.