Mega cashed up as minority investors diluted in pre-Christmas rights issue

Wed, 06 Jan 2016

By Paul McBeth Jan. 6 (BusinessDesk) - Minority shareholders in Mega were further diluted in a pre-Christmas $7.4 million rights issue largely bankrolled by its two biggest investors, which has left the file storage and encryption firm flush with cash heading into 2016. The Auckland-based company sold 2.01 billion shares at less than 0.4 of a cent each on Dec. 23 in a 50-for-one rights issue, according to documents filed with the Companies Office. The capital raising was backed by Mega's two biggest shareholders - Beijing-based Li Zhi Mi...

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