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Mega using reverse takeover to enter Stock Exchange

Published: 12:58PM Tuesday March 25, 2014 Source: ONE News

The internet storage company Mega is planning a $210 million listing on the New Zealand Stock Exchange through a reverse takeover of TRS Investments Limited.

The local shell company, which is currently inactive on the NZX, has announced it is buying all of Mega's shares and that Mega shareholders will be given 700 new TRS shares.

Once this transaction is complete, Mega's shareholders will hold 99% of TRS shares and the company will then change its name to Mega.

However, the transaction is dependent on gaining the approval of all TRS shareholders and other approvals before 30 May.

The deal has been in the works for some time and more details will be given at a later date.

The announcement comes as Mega founder Kim Dotcom had his appeal for access to all FBI investigation files before his extradition hearing denied.

Dotcom is facing extradition to stand trial in the US after he was accused of committing mass copyright infringement and money laundering of more than US$500 million through Mega's predecessor Megaupload.

Mega's existing shareholders include Dotcom's wife Mona, who owns 26% of Mega via MD Corporate Trustee Ltd, followed by Wolf Ortmann with 18%, and Michael Sorensen via VIG Ltd with 11%, according to Companies Office filings.