Zyber’s blockchain party is over and its shares have dived 50pc
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Investors are dumping shares in shell company Zyber Holdings after a change of directors.
The shares closed down 50 per cent after Peter Wall, a partner at Perth law firm Steinepreis Paganin, stepped down to be replaced by mining executive Bernard Crawford.
Zyber shares (ASX:ZYB) began to rocket in December from 1.2c to a year-high of 4.6c on the back of speculation it was going to be a reverse takeover vehicle for a blockchain business.
They closed on Monday at 2.2c.
The business, which listed via reverse takeover as a Canadian enterprise cyber security company in 2016, saw a board renewal in September.
The board never specifically said it was looking in the crypto field for possible transactions.
Instead, the board now consists of mining executives with little tech experience — Mr Crawford, chairman Geoff Gander and company secretary and director Scott Mison.
Mr Gander is the chief of Kazakh-focused oil explorer Jupiter Resources.
Mr Crawford is a consummate mining executive, currently working as the CFO and company secretary for gold miner Kalamazoo Resources (ASX:KZR), Impact Minerals (ASX:IPT) and Alchemy Resources (ASX:ALY), and is the CFO for Musgrave Minerals.
Mr Mison has a slightly broader background. He is currently the interim CEO of Longford Resources (ASX:LFR), company secretary for GetSwift (ASX:GSW), and the CFO and company secretary for Jupiter Energy and Rift Valley Resources (ASX:RVY).