Privacy company Mega's stock-market listing fails
A proposed back-door listing of Mega, the privacy service founded by Kim Dotcom, has failed.
Listed shell TRS, which was to acquire Mega in order to list it on the New Zealand Stock Exchange, informed the market on Wednesday that it would be unable to secure shareholder approval for the deal before a May 29 cut-off date. "It has become evident that this condition will not be satisfied within this time frame," TRS said in a notice to the NZX.
"TRS has been advised overnight by Mega that the shareholders of Mega will not agree to an extension of the conditional date. As a consequence, it will be the case that on 29 May, the conditions to the acquisition will not be satisfied, the share sale deed entered into between TRS and the Mega shareholders will terminate, and the proposed acquisition of Mega will not proceed."
