Mega NZX float delayed again

Last updated 17:29 01/08/2014

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The proposed sharemarket float of Mega, the online storage company founded by Kim Dotcom, has been delayed again.

NZX-listed shell company TRS Investments had conditionally agreed to become the vehicle for the listing by taking over Mega.

It said it might not now put a vote on the reverse takeover to its shareholders before the end of October.

TRS had previously been expected to convene a meeting to approve the transaction by the end of this month.

Chairman Keith Jackson said the delay had been at Mega's request.

However, TRS understood Mega had completed a US$7 million ($8.2 million) capital raising, which Mega had wanted to complete before the backdoor listing, he said.

The capital raising was the reason TRS gave for earlier extending the deadline for its shareholder vote from the end June to the end of this month.

The October extension would provide "sufficient time for the documentation required to be circulated to TRS shareholders, in respect of the transaction, to be finalised", TRS said in a statement to the NZX.

"TRS has previously advised that Mega had resolved to proceed with a US$7m capital raising to ensure that Mega has adequate funding during and after the listing process.

"TRS confirms that Mega has successfully completed that capital raising," the statement said.

Mega chief technology officer Mathias Ortmann could not immediately be reached for comment.

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