IPTV company GoConnect (ASX:GCN) has announced plans to cut jobs in a restructure of its business.
The company said it will restructure its Undercover business. GoConnect chairman and managing director Richard Li said the restructure will be “implemented in the manner which will reduce costs and staff... without disrupting content production.”
He said the company will take the opportunity to restructure afforded by the resignation of executive director Paul Cashmere.
Cashmere resigned on Wednesday due to health issues, but said he planned to remain a long-term shareholder in the company.
GoConnect generates music and other programming for its uctv IPTV platform. The company purchased the Undercover.com.au web property a year ago in an all-stock transaction.
GoConnect provides uctv.fm over the internet, on Sony and LG internet TVs, and on smartphones.
GCN shares declined 9.09% in Wednesday's trading to $0.010.