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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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