Mega listing collapses

Kim Dotcom’s new incarnation of Megaupload has had its backdoor listing spiked.

A deal for an NZX listing for Mega, the cloud-based file storage and encryption firm launched by internet entrepreneur Kim Dotcom in 2013 to replace his Megaupload empire, has fallen through because of delays in gaining approval from the listed shell company TRS Investments.

Auckland-based TRS, controlled by interests associated with Australian investor Paul Choiselat, has repeatedly extended its deadline for the Mega deal, with the latest deadline for shareholder approval set at May 29.

“It has become evident that this condition will not be satisfied within this time frame,” TRS said in a statement.

“TRS has been advised overnight by Mega that the shareholders of Mega will not agree to an extension of the conditional date.” ?

As a result, “the share sale deed entered into between TRS and the Mega shareholders will terminate, and the proposed acquisition of Mega will not proceed”.

TRS said it is now considering its obligations to issue new shares to Mega as payment for meeting TRS’s transaction costs.

“The board of TRS are very disappointed with this development, and will be looking at other investment opportunities for TRS as a matter of urgency.”

It was always a dodgy deal, and now it is even dodgier.

Any money Dotcom thought he had before, or his estranged missus has just evaporated.

Mind you there is little call for money sitting in Leavenworth.

 

– NZ Herald

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