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.
 

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