No word on new Mega boss

Last updated 15:15 31/07/2014
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MEGA MUDDLE: Former Mega Chief Executive Officer Stephen Hall.

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Mystery surrounds the progress of Mega towards its NZX-listing, with no word yet on who its new boss is or on the timing of a slated US$7 million (NZ$8.2m) capital raising.

Former chief executive Stephen Hall said this month that he had stepped down from the role.

Hall said today that although he was no longer chief executive, he was still working from Mega's offices and was not in any dispute with the firm.

He again deferred further comment to Mega chief technology officer Mathias Ortmann, one of the executives indicted by the United States, alongside Mega founder Kim Dotcom, on copyright charges.

Ortmann had indicated that he would be able to provide an update last week but has since been uncontactable.

TRS Investments, the NZX-listed shell company that entered into a conditional agreement to carry out the reverse takeover of Mega, said last month that it had decided to delay putting the deal to its shareholders until after Mega had completed a US$7m capital raising.

TRS said in the June 6 statement that the deadline for the transaction with Mega had been postponed from June 30 to August 31.

Its chairman, Keith Jackson, could not be reached for comment today.

He last updated shareholders in [the] TRS'  annual report, released on June 26, when he said TRS expected it would seek approval from the NZX and the Takeovers Panel to call a shareholder meeting to approve the Mega transaction soon.

Baboom, the online music service founded by Dotcom, is meanwhile continuing its efforts to raise A$4.5m (NZ$4.9m) from private investors before its launch this year and a planned listing on the Australian Securities Exchange (ASX).

Ben Yeo, a senior adviser at Novus Capital in Melbourne that is managing the offer, said the offer had been extended because many potential investors had requested meetings with Baboom's New Zealand-based chief executive, Grant Edmundson, before committing.

Edmundson said this month that Sony Music Entertainment's former finance director, Tony Smith, would join Baboom as its chief financial officer.

Other appointments are understood to be in the pipeline.

Dotcom holds a 45 per cent stake in Baboom New Zealand through a trust, but Baboom said in its offer to investors that he was not involved in the music company's day-to-day running.

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