Streaming music firm Guvera has finally ceased all operations, it seems, after the company told investors on Friday night that co-founder Claes Loberg, who had been leading the business of late, has now stepped down as a director. Major financial backer Steve Proch has also quit the board, leaving just the company’s other co-founder Darren Herft, who stepped down from his executive role with the digital music business last summer.
As much previously reported, Guvera has been faltering ever since its failed attempt at an IPO on the Australian stock exchange last year. The flotation was blocked by the Australian Securities Exchange, resulting in two Guvera subsidiaries going into administration, and the streaming service bailing on multiple territories, including home country Australia.
The company, which had always more heavily pushed its ambitions in the ad-funded free streaming space, then said it was focusing on some key emerging markets, and was building new tools to better service big brands and ad agencies in those countries. But speculation continued about the firm’s ability to continue trading, especially when another Australian subsidiary went into administration last month.
According to the Australian Financial Review, in the note on Friday Herft asked for two volunteers amongst Guvera’s remaining investors to join him on the board to help him “rebuild our company”. He said that parent firm Guvera Limited held some “valuable IP” and was still owed a sizeable tax refund.
He conceded, however, that there remained liabilities as a result of the agreement reached following the administration of Guvera Australia and Guv Services last year, and noted ongoing litigation in the UK relating to the company’s failed bid to launch in the British market via an acquisition of Tesco’s Blinkbox Music.[from http://ift.tt/2lvivLP]