Press Release – Mega
Shareholders of Mega Limited (“Mega”) have entered into a conditional agreement to acquire NZSX listed company TRS Investments Limited (“TRS”) in a reverse takeover transaction.MEGA announces plans to be listed on the New Zealand Stock Exchange
March 25th 2014
Auckland, New Zealand – 25 March 2014: Shareholders of Mega Limited (“Mega”) have entered into a conditional agreement to acquire NZSX listed company TRS Investments Limited (“TRS”) in a reverse takeover transaction.
Principal terms of the transaction
TRS (NZSX:TRS) will undertake a 148 to 1 consolidation of its existing share capital and will then issue 700,000,000 new shares in TRS to the existing shareholders of Mega at an issue price of 30 cents per share. Following completion of the transaction, the existing shareholders of Mega will hold approximately 99% of the shares on issue in TRS.
TRS will change its name to Mega.
Further particulars about the proposed consolidation will be provided to the market in due course.
The acquisition is principally conditional upon TRS obtaining all shareholder approvals and such other consents and approvals that may be required to undertake the transaction, and the arrangements collateral to the transaction, including but not limited to those approvals required in accordance with the Companies Act, the Takeovers Code, NZSX Listing Rules and the Securities Act, on or before 30 May 2014.
TRS will circulate a Notice of Special Meeting and collateral documentation for a meeting of Shareholders to approve the transaction.
Stephen Hall, Chief Executive of Mega, said “The rapid global growth of Mega has generated significant interest from potential investors. Listing on the New Zealand Stock Exchange will allow investors to participate in the ongoing growth of Mega”.
Mega is a global technology business headquartered in Auckland that delivers encrypted, cloud based services that enable private, secure online communication and collaboration for businesses and individuals.
Mega’s browser-based User Controlled Encryption (UCE) is unique in providing automatic encryption for all data transferred to and stored on Mega’s cloud service. UCE means that only the user controls the encryption key. This provides a level of privacy and security that is unique, and allows Mega to position itself as “”.
The Mega service was launched on 20th January 2013. Mega currently has around 7 million registered users, with new user registrations exceeding 20,000 per day. Users have stored nearly one billion encrypted files in the Mega cloud and are currently uploading up to 11 million files per day.
Mega expects to release encrypted instant messaging and encrypted chat and video conferencing in the second quarter of 2014. Development of an encrypted email service is planned.