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Mega reverse listing target TRS pushes out deadline again

20 Jan 2015

TRS Investments has again pushed out its deadline to complete a reverse listing of file storage and encryption firm Mega, this time by another two months.

The Auckland-based firm, controlled by interests associated with Australian investor Paul Choiselat, has extended its deadline for the Mega deal until March 31 from Jan. 31, it said in a statement.

Under the deal, TRS would acquire Mega for $210 million by issuing 700 million shares at 30 cents apiece to Mega shareholders, after undertaking a 148 for 1 consolidation. Mega shareholders would then own 99 percent of TRS, which would change its name to Mega.

In November, TRS said the documents it must put before shareholders to vote on the acquisition - a notice of special meeting, profile and independent adviser's report - have been submitted to regulators for approvals.

Mega was launched by internet entrepreneur Kim Dotcom in 2013 to replace his Megaupload empire, which was frozen after his high profile arrest at the behest of the US federal government. He has since stepped back from the firm to fight his extradition and to bankroll the Internet Party, which failed to gain seats in Parliament at last year's general election.

Some 18.8 percent of Mega's shares had been frozen by a restraining order over the assets of Auckland businessman William Yan.

Shares of the shell company last traded at three-tenths of a cent.

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