Shen increases stake in Mega

Last updated 17:48 04/08/2014

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Chinese investor Zhao Wu Shen has upped his stake in Mega, ahead of the proposed sharemarket float of the Kim Dotcom-founded online file-storage service.

TRS Investments, an NZX-listed shell company that plans to carry out a reverse takeover of Mega to enable the backdoor-listing, said on Friday that Mega had completed a US$7 million capital-raising.

The capital-raising has not been confirmed by Mega, which is between chief executives.

However, documents filed with the Companies Office suggest Shen supported the offer. The number of Mega shares on issue has risen by about 10 per cent to 130855.

The Dotcom family's share in Mega has fallen to 16.2 per cent and the share owned by chief technology officer Mathias Ortmann, who is understood to be in day-to-day charge of the firm,  dropped to 16.6 per cent.

TRS expects to put a vote on its reverse takeover of Mega to shareholders by the end of October.


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