Chinese investor lifts Mega stake

TOM PULLAR-STRECKER
Last updated 08:55 05/08/2014

Relevant offers

Industries

H&M opening expected to attract line of 1000 shoppers Five NZ Post buildings go under the hammer Is there a chance New Zealand's power grid could shut down? Kubb Brothers sets knocked off by Chinese manufacturer Prices rise as GST goes on digital imports Migrant worker calls for better support for skilled migrants New Zealand business HoneyLab working with global goods giant P&G Wellington industrial properties up for sale drop, investors slow to buy Auckland-based institution buys Wellington's Karori Mall for $22 million NZ one of world's most competitive economies: World Economic Forum

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. 

Ad Feedback

- Stuff

Comments

Special offers

Featured Promotions

Sponsored Content