GUVERA ESCAPES WIND-UP ORDER

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the Supreme Court of Queensland this morning.

The Hong Kong residential property management company walked away from the case, as the dismissal was accepted by both sides.

Guvera's music streaming service is still operating in Indonesia, India, Saudi Arabia and the United Arab Emirates, but it shut down in Australia after the ASX rejected its $588 million IPO in June.

In the aftermath, co-founder Darren Herft (pictured) told Business News Australia that hundreds of the company's shareholders maintained support for the business, but days later its Robina-based Australian arm was placed into voluntary administration.

By July it had shut down its app in Australia, North and South America, Russia and Europe to focus on emerging markets in Asia and the Middle East.

The company was founded in 2008 by Darren Herft and Claes Loberg and the pair raised around $185 million over four years as they sought to commercialise the service, but the rejection of the IPO was a huge blow.

In FY15, the company made a loss of $81.1 million on revenue of $1.2 million and its planned IPO was criticised by prominent Australian tech entrepreneurs, including Atlassian co-founder Mike Cannon-Brookes.

Herft hit back at the criticism, but was unable to convince the ASX to accept the listing.
 

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...