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TRS - THE REJECT SHOP LIMITED


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  • 6 years later...
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I wonder if the cause of the recent kaibosh put on the Mega-TRS reverse merger were the negotiations currently underway that make up the TPP agreement with regards to internet use or file sharing. Or whether their business model is so good it was determined that KDC just wouldn't be allowed to have it.

 

Certainly something must've been behind the canning.

 

http://www.nzherald.co.nz/business/news/ar...jectid=11449325

 

Mega, the file storage and encryption firm, has rebutted claims that it operates as a 'cyberlocker' profiting from "content theft" with a legal opinion by Olswang calling the allegations "defamatory".

 

Auckland-based Mega, which arose from the ashes of Kim Dotcom's Megaupload empire, commissioned a report by international law firm Olswang to investigate a NetNames report that accused Mega of operating illegitimately.

 

The report was then used by US senator Patrick Leahy to pressure Visa and Mastercard to stop processing users' payments for Mega, and online payment system PayPal later succumbed to the same pressure

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This must be the longest, most drawn out, dribbly drabbly deal in the history of the stockmarket.

 

On top of that, where are the regulators? According to the TRS constitutution AGM notices should be issued to shareholders no less than ten working days ahead of the meeting. They have until the end of this month to comply with statute and hold one. To date there is no notice. Not to the market at least. Nor a request for director nominees.

 

So what is going on? Are they closing the deal? Dissenting shareholders? Who knows.

 

It is no wonder the ordinary person has no real interest in equities with this kind of behaviour going unchecked across the board.

 

 

 

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  • 4 weeks later...

If there were any real conviction to get this deal over the line they would've made sure they could get the shareholder approvals at the AGM. Instead the AGM comes and goes and then they say they have filed some draft documents with the NZX for their approval.

 

Which means there is no guarantee this will get across the line whether shareholders approve it or not because it depends on NZX approval first. Seems a bit like the cart before the horse. What difference does it make what the shareholders say or think when it all depends on the NZX?

 

With the action taken recently against the NZX it sounds like they have enough to deal with and with what has been revealed, it has to be asked, just whose interests are they furthering when they review the documentation? It certainly won't be TRS shareholders' interests.

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This was filed on October the 2nd. Just two working days after the AGM which is when you would've expected the resolution to offered to shareholders since they've months and months and months, maybe years to get this thing sorted.

 

The proposed transaction is progressing well and TRS has completed a draft Notice of Meeting for a special meeting to be held for shareholders to approve the transaction together with a listing profile. TRS has lodged these documents with NZX for their consideration and review. Upon approval of the above documentation TRS will call a special meeting to consider the transaction.

 

Now, instead of TRS being the slackers, I guess they can turn around and say, not us, its the NZX which is useless. Blame them. But why do they need the NZX's approval for their business structure in the first place? Hell, they might as well go and ask the auditors what they think any Minister that could be connected through the various Acts that apply but the last thing you do is ask your shareholders.

 

 

 

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  • 4 weeks later...

Am beginning to wonder if the documents filed are very complex or the NZX is a bit too thick to be able to comprehend them because they are taking so long to respond. Here is TRS' last press release.

 

TRANSACT: TRS: Update on LIDA Transaction 2 October 2018 TRS: Update on LIDA Transaction This announcement is to provide an update on the transaction with LIDA Agricultural International Holdings Limited ("LIDA") described in the announcement made on 13 June 2018. The proposed transaction is progressing well and TRS has completed a draft Notice of Meeting for a special meeting to be held for shareholders to approve the transaction together with a listing profile. TRS has lodged these documents with NZX for their consideration and review. Upon approval of the above documentation TRS will call a special meeting to consider the transaction.

 

 

 

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