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Dotcom’s Mega to use New Zealand shell for $179 million listing

25
Mar
2014

The New Zealand based cloud storage company Mega Ltd, founded by Internet entrepreneur Kim Dotcom, plans a NZ$210 million ($179.4 million) listing on the local stock exchange through a reverse takeover of a local investment shell company. TRS, an inactive investment company, said on Tuesday it has a conditional agreement to buy Mega Ltd through a share issue to Mega shareholders, which will result in them holding 99 percent of TRS. Mega Ltd, founded in 2013 by Dotcom and several other people involved in the now closed Megaupload, offers encrypted, cloud based data storage. Official records show its shareholders include Dotcoms wife, through a trust, with a 26 percent stake.

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