by adminS | Dec 17, 2019 | Uncategorized
We’ve mailed to all NDCAG members the link to a this week’s Moneyweb post on this topic
What is the nature of the irregularity?
Whilst not specifically stated in the article, it appears that the auditors have reported the company’s failure to publish its financial statements for 2019. In terms of the Companies Act, such publication must take place within six months after financial year-end (28 February)
What does this say about the company and what does it say to the Debenture Holders?
In addition to the “significant developments” detailed in the article there was a December, 2018 Moneyweb post in which it was contended that the company was, at that time, all but bankrupt
We’re now a year further down the line and the company, seemingly, can’t, or won’t (despite the legal risks) publish the overdue financials
Why not?
What are they hiding?
Note also the information in the latest article on the new content on the financial statements in the Nova web site (https://novapropertygroup.co.za/index.php/financial-statements-2019/#). We cannot say what appeared there prior to the complaint submission by the auditors but the article content implies that once the complaint had been lodged, Nova rushed to publish a statement of “explanation” as to when the financial statements will be available
Are they fooling anyone with that statement?
So what if they make them available when they submit their CIPC (Companies and Intellectual Properties Commission) Annual Return with financial statements? That’s got nothing to do with the issue and is certainly not an acceptable explanation for Debenture Creditors.
The fact remains that they are in default as regards their obligations under the Companies Act and surely, that failure requires an appropriate explanation and not some “delaying tactic” statement that is clearly designed to fob off any web site visitor who is looking for the 2019 financial statements that should have been published at the end of August.
Again, what are they hiding?
by adminS | Sep 4, 2019 | Uncategorized
See the recent Rekordeast article on this at https://rekordeast.co.za/215235/villa-mall-could-be-complete-in-3-years/
There’s no mention of this via a Communiqué or a Press Release in the Nova website but perhaps that’s
understandable if negotiations are still underway
One might wonder, though, if they would announce the sale if and when it takes place anyway? Or,will they leave
their Debenture Creditors in the dark as is so often the case
Will this sale result in debenture payouts?
Dare we hold our collective breaths this time?
by adminS | Jul 19, 2019 | Announcements
Hello NDCAG members
We can now announce that we have topped the 50 membership mark – primarily Debenture Creditors (DCs) but also some brokers
Not a huge achievement you might say given the time since NDCAG started (Nov 2017)
Not a huge achievement as concerns mobilisation of the DCs over the nearly 10 years since the Sharemax “collapse”
Simply put, we at NDCAG have just not been able to reach all DCs and as you may be aware, Nova has declined to recognise us or give us the necessary contact details
So the purpose of this mail is to put a proposal to you by way of requesting a “contribution” to the cause from you
The opportunity exists to initiate a recruitment drive using SMSs
Would you be willing to “donate” say, 10 of the SMS‘s that you have under your cell phone contract (we appreciate that this will only apply to some members and that differing cellphone contract/prepaid features will apply) to use to message a list of 10 DC numbers that we will supply and with a message from us? The numbers will be those on a list of supposed DCs that was given to us way back and which contains only telephone #s
(We mention that we have looked at using a bulk SMS service but have found two inhibitors: 1) cost: cheapest per message price seen is 20¢ and to reach all on our list would cost 7000 +/-, 2) integrity of the contact list: not good. It does not have a cell # for all persons in same and rejection rate may be high – the list is old)
Here’s the objective: if our current 52 members could reach 520 supposed DC’s via the numbers that we provide, this might result in up to 520 new registrations
If we repeat the exercise after say a successful pilot effort, we’d have 572 members potentially reaching 5720 supposed DCs which might take our membership up to 6292 (ignoring ‘rejections’)
Another two rounds of this exercise could take us to a “critical mass” membership level where we could knock on Nova’s door and demand recognition and representation. We could become “the voice of the Debenture Creditors”
Of course, the above outcomes imply a 100% response by the SMS recipients but it is not necessarily “pie in the sky” stuff. If we can initiate and then broaden this, to recruit a significant number of DCs, perhaps NDCAG, representing the member DCs (but also working for non-members) will have acquired a level of “clout” that the Nova board will be unable to ignore and thus get a foot (and more) in the door and start addressing the ongoing issues effectively on the inside rather than ineffectively from the outside as has been the case for almost ten years now
So, will you assist with your participation?
To implement, we will have to:
– prepare a sufficiently short yet compelling SMS text for transmission
– prepare the “rules of engagement” for participant members (which will include a specific request that SMS message recipients are not to respond to the sender)
– track who has been addressed and who not
– prepare for the future expansion to rounds 2,3 and beyond if viable
But, meantime, please consider the above and revert (we hope) agreeing to participate
Should you need to ask any question re this or if you have any suggestions, please email us at [email protected]
We look forward to plenty of positive responses and thank you in anticipation of same and will decide on actually proceeding based on the take-up from this mail
Yours in the Cause!
NDCAG
PS: Apologies for only being in English. If you want it in Afrikaans, request same to [email protected] and we’ll send you a translator version – which may not be entirely accurate
by adminS | Jun 2, 2019 | Uncategorized
We’ve mailed members with the link to the Moneyweb post on this topic but we’re repeating it here to keep it visible (it seems that Moneyweb articles go into an archive after a while – requires subscription and payment to access there).
As advised in our broadcast mail, we’re working on our assessment of the auction event and will post soonest.
Please go to https://www.moneyweb.co.za/in-depth/investigations/nova-properties-auctioned-off/ for the full text of this media article.
