The proposed backdoor listing for Mega has been pushed out further with a new deadline of late November for documentation to be finalised 'in conjunction with the regulators'.
The deal, which would see investment company TRS Investments acquire 100% of the shares on issue in Mega for $210 million – satisfied by the issue of 700 million new shares in TRS to existing Mega shareholders at 30 cents apiece – was announced in March.
Following completion of the acquisition, the existing shareholders of Mega would hold approximately 99% of the shares on issue in TRS, which would change its name to Mega.
TRS chairman Keith Jackson says stakeholders in Mega have agreed to extend the date for completion to 28 November 'in order to provide sufficient time for the transaction documentation to be finalised in conjunction with the regulators, and then ultimately circulated to TRS shareholders'.
The deadline was initially June, then August, before being pushed out to October 31.
In August select shareholdings in Mega, related to William Yan, formerly known as Bill Liu and amounting to 18.8% of Mega, were frozen under a restraining order under the Criminal Proceeds (Recovery) Act.