Mega, a cloud storage service founded by cyber fugitive Kim Dotcom, is heading for the New Zealand stock market for NZ$210 million ($179 million) via a back door listing.
Local investment company TRS said in a statement that it reached a conditional agreement to buy Mega through a share issue to Mega’s shareholders. This will result in them holding 99 percent of TRS.
The plan is expected to be concluded by the end of May and would see 700 million new TRS shares issued at 30 NZ cents each. This would mean that TRS’s current 1.1 billion shares would be reduced to about 7 million.
Indicted. Raided. On Bail. All assets frozen without trial. But we don't cry ourselves to sleep. We built #Mega from 0 into a $210m company.
— Kim Dotcom (@KimDotcom) March 24, 2014