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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news