Chinese investor lifts Mega stake

Last updated 08:55 05/08/2014

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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 (NZ$8.2m) capital-raising.

The capital-raising has not been confirmed by Mega, which this evening announced the appointment of businessman Graham Gaylard as its new chief executive.

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 was understood to be in day-to-day charge of the firm, after former chief executive Stephen Hall stepped down, 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.

Gaylard founded internet provider Wave Internet, which was sold in 2000, and is currently a director of Real Time Genomics. 

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