Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


TRS extends Mega takeover timetable, confirms US$7M raised

TRS extends Mega takeover timetable, confirms US$7 mln raised

By Pattrick Smellie

Aug. 1 (BusinessDesk) - TRS Investments, the vehicle being used to list data storage and encryption company Mega, has announced a two-month extension to Oct. 31 to gain shareholder approval for the transaction.

In a statement to the NZX today, TRS confirmed it has raised the US$7 million it has previously said was necessary to ensure adequate funding during and after the listing for Mega, founded by renegade internet entrepreneur-turned-political party founder Kim Dotcom, who has sold down to a minority shareholding.

Mega is seeking to distance itself from Dotcom and expects to announce a new chief executive next week and had originally intended to complete the backdoor listing process on June 30, but extended the completion date to Aug. 31 in its last update to the market, on June 6.

Dotcom launched Mega in 2012, but no longer appears among the 17 shareholders listed in Companies Office records, although his estranged wife, Mona Dotcom and Wolf Dieter Ortmann are listed as owning 16.21 percent and 16.62 percent of the company respectively. Mona Dotcom was listed as owning 26 percent of Mega in March and Ortman 18 percent.

The single largest shareholder is Chinese immigrant business Shen Zhao Wu, who owns an 18.3 percent stake, according the Companies Office, and is also recorded by the Electoral Commission as having made a donation of $49,220.18 in January this year to the National Party through his company, Contue Jinwan.

Dotcom is targeting National and its leader, Prime Minister John Key, through the creation of the Internet Party, which looks likely to win at least two seats in the Sept 20 general election through its alliance with the Maori nationalist Mana Party, following the government's involvement in espionage and a raid on his home coordinated by the US Federal Bureau of Investigation in January last year.

The FBI is seeking Dotcom's extradition to face piracy charges relating to an earlier version of the Mega concept, Megaupload, which US movie and music producers allege was used to distribute copyrighted material illegally.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news