Mega's float is being pushed out yet again -- this time until the end of March.
The listing of the encrypted online storage service - founded by embattled internet entrepreneur Kim Dotcom - has been delayed numerous times since it was announced.
The proposed float will be a backdoor listing via NZX-listed TRS Investments.
Under the terms of the deal unveiled last year, TRS will acquire all of Mega's shares for $210 million and Mega's shareholders will be issued 700 million new TRS shares.
While the transaction's latest deadline was the end of this month, TRS Investments said yesterday afternoon it had been extended from until 31 March 2015. The Board of TRS Investments Limited advises that the date for the satisfaction of the conditions to the Mega transaction (mainly TRS shareholder approvals) has been extended from 31 January 2015 to 31 March 2015," the company said in an announcement to the NZX.
Nearly 20 per cent of Mega's shares, associated with Auckland businessman William Yan, are still subject to restraining orders applied for by the police.
Mega's chief executive Graham Gaylard told the Herald last August that he did not believe the freezing orders would cause problems for the proposed float.