Mega NZX float delayed again

TOM PULLAR-STRECKER
Last updated 17:29 01/08/2014

Relevant offers

Industries

Council consultant to scope science research Ask the Expert: Getting past the steeper stairs of growth KiwiRail posts another loss and remains reliant on Government support NZI offers insurance excess waiver to top quarter of trucking firms Booksellers NZ wary as Australia explains limit to 'Amazon tax' NZ's richest businessmen lose millions in sharemarket turmoil Mighty River Power to pay special dividend, operating profit slips to $482m Falling petrol prices mask rising margins After Kirkcaldie & Stains move, Brierley moves on Smiths City NZ Post boosted by Kiwibank

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.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content