Onetime music streaming ASX hopeful Guvera has ceased all operations 11 months after its plans to launch on the sharemarket were scuttled by the ASX.
The Gold Coast-based streaming service had been looking to raise between $50 and $80 million via its float, but the ASX said it had “exercised its discretion to refuse admission, based on material contained in Guvera’s application for admission”, with the specific reasons remaining “confidential”.
The company has since sought to continue in business, but has been unable to repay a number of substantial debts. According to a Financial Review report, in a Friday note to the remaining 3000 shareholders from whom Guvera had raised $185 million, director Darren Herft asked for two volunteers to replace departees on Guvera’s board and help him “rebuild our company”.
It might take quite a bit of rebuilding. The company sacked all its 80 staff last year after placing subsidiaries Guvera Australia and Guv Services into administration and is understood to have ongoing issues with the Australian Tax Office.
