Geldsake headlined the segment:

The CIPC says Realcor did not contravene the Banks Act

In a letter sent by CIPC to Ms de Ridder, they stated, inter alia:

2.3.1. We have evidence to believe that what you call the Realcor Group of Companies (“Realcor”) was not in contravention of the pieces of legislation it was accused of contravening and for which they were eventually liquidated.

2.3.2. From a causality/causation perspective, following the merits of paragraph 2.3.1 above, your sequestration was unlawful.

2.3.3. The above averments stem from the misrepresentation of facts identified in some of the evidence obtained thus far, which was obtained from other regulators, former CEO’s of other companies which managed/administered/promoted property syndications, former property syndications brokers, investors and attorneys (list not exhaustive).

Read Realcor as Sharemax. The former Sharemax directors in office in 2010 will have received, or will be receiving, a similar letter and it will contain, to all intents and purposes, the same text as above meaning that Sharemax was not in contravention of the Banks Act either

This finding out of CIPC’s Inter Regulatory investigation means that there’s light at the end of the tunnel – the possibility begins to emerge that the former Sharemax investors now stand a chance of getting their money back

That decision is however, only the start and a lot of further consultation and decision making between relevant parties, lies ahead

We suggest that you tune in to radio RSG’s Geldsake (presented by Moneyweb) at around 1810 each week-day evening next week and onward. Sharemax and the other PSPCs are going to be in the news – BIG TIME!

Meantime, click on the below link to listen to this evening’s Geldsake program segment Ms de Ridder on Realcor

iono.fm/e/1374657

Please note this podcast is available in Afrikaans only

Following the 18th’s meeting, there has been no formal feedback from Nova on the vote outcomes – ie; no communiqué posted in their web site (as was done after the 11 January meeting – and which we re-posted in our internet sites)

Why not? Should the Debenture Holders not have been formally advised of this or is this Nova simply falling back on their usual custom of not communicating, having achieved what they wanted out of the process?

In our posts ahead of the meetings, we stated that the whole purpose of the exercise was only, in the event of receiving approval for the appointment, to be able to tell the CIPC that they could now cross out two of the issues (probably) listed in the Compliance Notice issued to the company in November, viz:
– No Trustee appointment following Mr Cohen’s resignation in March 2019
– The deadline of 20 January 2022 for the repayment of the debentures

It came as no surprise to learn at week’s end that Nova had already communicated to CIPC that the appointment of the nominated Trustee, Mr J Tromp, had been approved, that he had assumed duties and that an extension of the 20 January repayment deadline had been proposed, approved, and implemented

We trust that CIPC will see these outcomes as the fiction that they are

Has Nova communicated the repayment extension to the Debenture Holders? Of course not! Will they? Of course not!

It’s all part of the way that they maintain a distance between the company and the Debenture Holders: keep them in the dark and only communicate when absolutely necessary (like having to get off the hook with CIPC)

You can use the “strip sheet” in the accompanying image for this. Members may have seen these sheets on community notice boards, eg; at supermarkets – advertising services, rentals, etc. – and from which one tears off a tag to take with and follow up

To copy the image for use:
* Right click on it * Click Save Image As * Save it wherever is best for you to print it * Print * Cut in half * Cut up the vertical lines in the grid to make tags that can be torn off * Post copies on local community notice boards

An alternative is:
* Right click on the image * Click Copy Image * Open a blank Word document * Click Paste * Resize to fit page * Print * Cut in half etc etc

As an alternative, in case of difficulty in printing from this site, please visit the Facebook page and try there: Sharemax Investors/Nova Debenture Creditors

Anyone trying this out, please email in to [email protected] to confirm successful print or otherwise. Please state if you took it off the web page or off the Facebook page

Thank you for participating and for your feedback

We are disappointed at this result but not surprised and it is clear that Nova implemented a strategy to achieve that result

All is not lost and we are addressing it in order to plot our way forward and will inform members of this in due course

We thank all Debenture and Proxy Holders & their underlying Proxy Givers, who went to the meeting and voted. Likewise, we thank all of the those Debenture Holders who gave proxies to Herman Lombaard and Deon Pienaar

Your support and involvement are very much appreciated

The picture included below is of Deon Pienaar with Aleta Labuscghagne who travelled from Port Edward (at the southern tip of KZN) to vote at the meeting

<www.moneyweb.co.za/in-depth/investigations/we-invited-whom-we-could /?fbclid=IwAR2GHCqAwuOU_v_jmRU_bscAByoOn9wCdKc27dgcAZtwjWd0YBcY3H22pDY> www.moneyweb.co.za/…/we-invited-whom-we-could/