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


Mega listing deadline given another extension

Mega listing deadline given another extension

By Paul McBeth

Sept. 30 (BusinessDesk) - The proposed backdoor listing for file storage and encryption firm Mega has been given another deadline for regulators to go through documents outlining the offer to shareholders of TRS Investments, the proposed vehicle for the deal.

Stakeholders in TRS and Mega have agreed to extend the date to complete the transaction in another four weeks, by Nov. 28, to let the regulators scrutinise the TRS notice of special meeting, profile and independent adviser's report on the transaction, TRS chairman Keith Jackson said in a statement. It had originally looked at a June 30 deadline, before extending that to Aug. 31 and then Oct. 31.

Once the documentation is finalised with the regulators, it will be circulated to TRS shareholders who will vote on whether to approve the deal to buy Mega for $210 million by issuing 700 million shares at 30 cents apiece to Mega shareholders, after undertaking a 148 for 1 consolidation. Mega shareholders would own 99 percent of TRS, which would adopt Mega as its name.

Mega was launched by internet entrepreneur Kim Dotcom in 2013 to replace his Megaupload empire, which was frozen after the mogul's high profile arrest at the behest of the US Federal government. He has since stepped back from the firm to fight his extradition and to bankroll the Internet Party, which failed to gain seats in Parliament at this month's general election.

The firm has since been distancing itself from Dotcom, while featuring prominently in his 'Moment of Truth' election stunt, which used encrypted video links. Mega announced Graham Gaylard as chief executive last month, the third since Dotcom's departure.

Mega raised US$7 million to help fund the listing, though 18.8 percent of its shares have been frozen by a restraining order over the assets of Auckland business William Yan, formerly known as Bill Liu.

Shares of TRS were unchanged at 0.3 cents apiece today.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Conservation Win: Mice Eradicated From Antipodes Island

In a world-leading conservation effort, mice have been successfully eradicated from Antipodes Island in the New Zealand Subantarctic, Conservation Minister Eugenie Sage announced today... More>>


Transport Tech: Roadmap To Harness $1.5 Bn Sector

A new Future Technology Leadership Group will help New Zealand harness some of the $1.5 billion a year estimated value to the economy from Intelligent Transport Systems (ITS) as well as the social benefits they create... More>>


Economy: GDP Rises On Strength In Services

The economy, as measured by gross domestic product (GDP), grew 0.6 percent in the December 2017 quarter, Stats NZ said today. Growth was driven by increases in the service industries but was tempered by falls in the primary sector. More>>


Dolphins In Danger: More measures to protect

Fisheries Minister Stuart Nash and Conservation Minister Eugenie Sage are accelerating work to improve protection of the nationally endangered Hector’s dolphin, after five were accidentally killed in a fishing net off Banks Peninsula. More>>


Innovative Partnerships:Govt Launches R&D Programme

Research, Science and Innovation Minister Megan Woods has today formally launched the Innovative Partnership programme which aims to attract future-focused international innovators and firms to undertake R&D and develop their products in New Zealand.... More>>


Planes And Oil: Current Account Deficit Widens To $2.0 Billion

New Zealand's seasonally adjusted current account deficit widened to $2.0 billion in the December 2017 quarter, Stats NZ said today. The $407 million increase in the deficit was mainly driven by New Zealand importing aircraft and other transport equipment, and crude oil. More>>


RMTU: Lyttelton Port Strike

Sticking points now include LPC’s insistence on docking the pay of workers who didn’t take part in strike action last week – because they withdrew the strike notice. “In our view this amounts to an illegal lockout.” More>>


"Licensed To Krill": Greenpeace Report On Antarctic Fishing

A new Greenpeace investigation has exposed the environmental risks of the fast-growing krill industry in one of the most pristine parts of the Antarctic Ocean. More>>