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

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news