Break-up won't affect Mega float
TOM PULLAR-STRECKER AND LAURA WALTERS
Mega chief executive Stephen Hall says the company's proposed sharemarket float should be unaffected by the separation of founder Kim Dotcom from his wife, Mona.
The Dotcom family's 18 per cent interest in Mega is registered in Mona's name.
Mega is planning a backdoor listing through a reverse takeover by NZX-listed shell company TRS Investments that would value the online storage company at $210 million, on paper.
Kim Dotcom tweeted over the weekend that he had separated from Mona, after a tumultuous week that saw the Immigration Service order the deportation of the couple's four nannies.
Hall did not anticipate any impact on Mega's listing, however.
"A company is a different entity to its shareholders. Shareholders come and go, they change, they buy and sell, trusts change - whatever - it doesn't usually affect the company."
TRS remained on track to issue a notice of meeting to shareholders by the end of June to approve the transaction, but that would be dependent on approvals from the NZX and the Takeovers Panel, he said.
Meanwhile, Kim Dotcom's wife was pulled out of directorship roles of three of the Megaupload founder's New Zealand companies four days before Dotcom announced the pair had split.
Companies Office records show ownership and directorship of Dotty Media, Kimpire Music and MD Corporate Holdings changed from MD Corporate Trustees, owned and directed by Mona Dotcom, to Coatesville Trustee Service, owned and directed by Kim Dotcom, on Tuesday.
However, Mona Dotcom still held the family's stake in Mega, the company behind Dotcom's encryption-based cloud storage sitemega.co.nz.
MD Corporate Trustees holds 17.73 per cent of the company. National donor Shen Zhao Wu holds the largest stake,18.3 per cent, followed by Wolf Ortmann, who owns 18.2 per cent of Mega.
- Fairfax Media