Guvera ceases operations, co-founder Claes Loberg leaves

Guvera Limited has ceased all operations nearly a year after the ASX rejected the music streaming service's controversial $1.3 billion float, with co-founder Claes Loberg stepping down as director and major backer Steve Porch also giving up.

In a Friday night note to the 3000 shareholders from whom Guvera raised $185 million between 2008 and 2016, sole remaining director Darren Herft asked for two volunteers to replace the departees on Guvera's board and help him "rebuild our company".