by Roger | Feb 27, 2025 | Announcements
The CIPC have turned to the private sector to find Senior Counsel to head up the further stages of the investigation
We have learnt that appointments have been made and that they will be briefed by CIPC officials on 6 March “to unpack the preliminary report and scope the inquisition’s objectives and expected outputs (a final report with recommendations)”
This will trigger the release of the Investigation’s Interim Report. It will be emailed to those of the investigation participants who have returned signed non-disclosure agreements. CIPC then allows a thirty-day period “to allow affected parties to gather supplementary and supporting evidence and explore any other available legal remedy, while awaiting the contemplated inquisition.” Affected parties are the investigation participants
Then the investigation’s preliminary outcomes will be addressed at two levels:
* An “inquisition” will cover the “origin of the Schemes of Arrangement” (SoA) which means, in effect, how the Sharemax Business Rescue Plan originated and how it was sanctioned by the Courts under the provisions of Section 311 of the Companies Act * A separate internal tribunal within the Dtic (Department of Trade , Industry and Competition – of which CIPC is a Division) to address “the execution by Nova” meaning the execution of the SoA mission which is restitution for the original Sharemax investors or their successors and the reason for Nova’s existence
Thereafter, the Final Report will be released and the matter will enter a new phase where “a higher authority must be approached for a declaratory order.” But, “This obviously cannot happen before we give vent to Section 41 of the Constitution to allow those who may have been wrong in endorsing the Schemes to regularise a “crime”( which, in terms of the preliminary report; is found to be amiss and unlawful) a chance to defend their historical actions or concede that they were factually wrong.”
In other words, the findings which will hopefully turn the historical allegations of illegality and irregularity about the PSPC industry shut-down, into “fact” and presumably, persons and entities – both in the private and public sectors – will be named and thus, effectively, accused of “a crime” or wrongdoing. It is those persons and entities who/that will be given the chance to “defend their historical actions or concede that they were factually wrong”
What will follow is that quite possibly there could be legal actions which, in their turn, will take time. And then, there may also be a, possibly extended, period of negotiations on how to achieve restitution for the Sharemax investors
So, whilst the investigation is moving forward to its conclusion and whilst there is a good chance that the initial outcomes will beneficial for the Sharemax investors, these will also be the start of a lot of other legal processes which in their turn, will probably also take time
by Roger | Feb 27, 2025 | Announcements
Die CIPC het hom tot die private sektor gewend om Senior Advokate te vind om die verdere fases van die ondersoek te lei
Ons het verneem dat aanstellings gemaak is en dat hulle op 6 Maart deur CIPC-amptenare ingelig sal word“to unpack the preliminary report and scope the inquisition’s objectives and expected outputs (a final report with recommendations)”.
Dit sal die vrystelling van die Ondersoek se Tussentydse Verslag veroorsaak en wat sal per e-pos gestuur word aan diegene van die ondersoekdeelnemers wat ondertekende Non-disclosure Agreements teruggestuur het. CIPC laat dan ‘n tydperk van dertig dae toe “to allow affected parties to gather supplementary and supporting evidence and explore any other available legal remedy, while awaiting the contemplated inquisition.” Geaffekteerde partye is die ondersoekdeelnemers
Dan sal die ondersoek se voorlopige uitkomste op twee vlakke aangespreek word:
– Die “inkwisisie” sal die “origin of the Schemes of Arrangement” (SoA) dek, wat beteken: hoe die Sharemax Besigheidsreddingsplan ontstaan het en hoe dit deur die Howe goedgekeur is kragtens die bepalings van Artikel 311 van die Maatskappywet
– ‘n afsonderlike interne tribunaal binne die Dtic (Department of Trade, Industry and Competition) waarvan CIPC ‘n afdeling is, om “the execution by Nova” aan te spreek, wat beteken die uitvoering van die SoA-missie deur Nova waarvan die terugbetaling aan die oorspronklike Sharemax-beleggers of hul opvolgers hul bestaansrede is
Daarna sal die finale verslag vrygestel word en die aangeleentheid sal ‘n nuwe fase betree waar “a higher authority must be approached for a declaratory order.”Maar, “This obviously cannot happen before we give vent to Section 41 of the Constitution to allow those who may have been wrong in endorsing the Schemes to regularise a “crime”( which, in terms of the preliminary report; is found to be amiss and unlawful) a chance to defend their historical actions or concede that they were factually wrong.”
Met ander woorde, die bevindings wat hopelik die historiese bewerings van onwettigheid en onreëlmatigheid oor die sluiting van die PSPC-industrie sal verander tot in “feitlik” en vermoedelik sal persone en entiteite – beide in die private en openbare sektore – genoem word en dus, effektief, van “‘n misdaad” of oortreding beskuldig word. Dit is daardie persone en entiteite aan wie/wat die kans gegee sal word om te “defend their historical actions or concede that they were factually wrong”
Wat sal volg, is dat daar heel moontlik regsaksies kan volg wat op hul beurt tyd sal neem. En dan kan daar ook ‘n, moontlik verlengde, tydperk van onderhandelinge wees oor hoe om restitusie vir die Sharemax-beleggers te bewerkstellig
Dus, terwyl die ondersoek vorder na sy afsluiting en terwyl daar ‘n goeie kans is dat die aanvanklike uitkomste voordelig sal wees vir die Sharemax-beleggers, sal dit ook die begin wees van baie ander regsprosesse wat in hul sin ook tyd sal neem
by Kobus Potgieter | Feb 25, 2025 | Announcements
Die 2024 Jaarlikse Finansiële State (JFS) is uiteindelik – amper ‘n jaar na die jaareinde van 28 Februarie 2024 – vrygestel en op die Nova-webwerf gepubliseer. Sien: [https://novapropertygroup.co.za/> Downloads > Financial Statements](https://novapropertygroup.co.za/> Downloads > Financial Statements).
Hoekom het dit so lank geneem? En hoekom is dit altyd laat? Hoekom sukkel Nova blykbaar altyd om ouditbevestiging te kry? Gee Nova enigsins om, of is die uitvoerende bestuur se enigste fokus om die maatskappy tot in die grond te bestuur terwyl hulle, klaarblyklik, soveel moontlik waarde vir hulself probeer onttrek?
Ons verstaan dat Moneyweb binnekort hul gebruiklike oorsig van die JFS sal publiseer, en ons sal hier en op die webwerf inlig wanneer dit beskikbaar is.
Is dit beduidend dat geen Kommunikasie gelyktydig met die 2024 JFS gepubliseer is nie (in teenstelling met die jare 2021, 2022 en 2023 waarvoor een gepubliseer is)? Hoekom geen Kommunikasie vir 2024 nie? Die Kommunikasies verskaf (of behoort te verskaf) ‘n sekere vlak van inligting oor die individuele eiendomme wat aanvullend tot die inhoud van die JFS is. In die Desember 2023 Kommunikasie het die maatskappy sulke aanvullende inligting oor die nege kommersiële eiendomme in die portefeulje verskaf, maar net oor een (Theresa Park) van die residensiële ontwikkelings.
Ons plaas die volgende om kwessies aan die lig te bring wat Nova in die donker hou, wat beteken dat die Skuldbriefhouers – die maatskappy se grootste krediteure – geen idee het van die werklike situasie binne die maatskappy nie.
Ons het laat verlede jaar ‘n video ontvang wat die leegheid van die Tshwane China Inkopiesentrum (voorheen Zambezi Mall) toon. Sien skakels hieronder na Businesstech se plasing oor die eiendom.
Net so het ons ‘n videoklippie ontvang oor die toestand van die voormalige Liberty Centre in Welkom – nou herdoop tot Amogela Mall. Sien skakels hieronder na videoklippies en ‘n mediaplasing.
Ons is ook al lank bewus van die onwettige besetting van die Waterfall Residensiële Landgoed in Rustenburg deur informele inwoners. Sien gepaardgaande foto’s.
Hierdie situasies laat dadelik ‘n vraag ontstaan oor Nova se prestasie en vooruitsigte.
‘n Tweede vraag is: Hoekom gebeur hierdie situasies en wat word gedoen om dit reg te stel – vanuit die oogpunt dat die maatskappy ten volle in beheer van sy sake en bates is en vorentoe kan beweeg na terugbetaling van die uitstaande skuldbriewe (nie dat ons enige vertroue het dat die uitvoerende bestuur dit regtig sal regkry nie)?
En, ‘n derde vraag: Hoeveel ander eiendomme is ook “in nood” – in een of ander vorm – uit die oorblywende nege kommersiële en sewe residensiële ontwikkelings wat nog op die boeke is?
Ons weet nie, want Nova bly kampioene in nie-kommunikasie. Die laaste Kommunikasie wat uitgereik is, was in Desember 2023 as ‘n begeleiding tot die 2023 JFS. Die Kommunikasies was oorspronklik bedoel om kwartaalliks uitgereik te word en behoort die Skuldbriefhouers in te lig oor die status, prestasie en ander relevante inligting oor die portefeulje se eiendomme (wel, dié wat oorbly nadat baie oor tyd verkoop is sonder gepaste skuldbriefterugbetaling). Verlede jaar se Kommunikasie het ver tekort geskiet in die verskaffing van ‘n voldoende prentjie van die oorblywende eiendomme, en daar was nog geen in 2024 nie.
Kort besonderhede oor die drie eiendomme:
Liberty/Amogela in Welkom
Hierdie eiendom is in 2021 verkoop. Dit verskyn nie in die 2022 JFS nie, en in die gepaardgaande Kommunikasie is aangedui dat “die eiendom is verkoop en die oordrag is op 13 Desember 2021 geregistreer”. Die verkoopprys is nie bekend gemaak nie. Nodeloos om te sê (maar ons sê dit in elk geval), die relevante skuldbriewe is nie terugbetaal nie (boekwaarde in die 2023 JFS was R21.6 miljoen).
Daar word beweer dat die koper nooit vir die eiendom betaal het nie, maar, gegewe Nova se rekord sedert 2013, sal lesers waarskynlik sinies lag oor ons voorstel dat die Liberty/Amogela-verwante skuldbriewe dalk sou terugbetaal gewees het as die verkoopproses werklik plaasgevind het.
Om alles te kroon, is die skuldbriefwaarde van Amogela in die 2024 JFS net R5.6 miljoen – ‘n afname van R16 miljoen van die 2023-figuur. Wat beteken dit? Het Nova ‘n deel van die Amogela-skuldbriewe terugbetaal sonder om dit aan te kondig? Ons glo nie, en moet dus vra: Waarom die skuldbriefskrywing afwaarts, en wat is die impak op die relevante Skuldbriefhouers?
Liberty/Amogela Mall Skakels:
Facebook Video
Facebook Watch
Nuus24 Artikel
Zambezi/Tshwane China Inkopiesentrum
Het hierdie eiendom ooit sonder probleme bestaan? Daar was geskil met Capicol (die ontwikkelaar), oorstromings, lae okkupasiesyfers en betalingsprobleme met die Tshwane Metropolitaanse Munisipaliteit. Nou is daar amper nul besetting en geen inkomstestroom nie, maar daar moet steeds betalings vir dienste gemaak word – tensy Nova weer wanbetaling doen, soos in 2023 met 12 eiendomme wat deur die Quatro Group bedien is.
Zambezi/Tshwane China Mall Skakels:
YouTube Video
BusinessTech Artikel
Waterfall Residensiële Landgoed
Ons het lankal geweet van die onwettige besetting, en is ingelig dat Nova in gesprekke was (of is) met die Rustenburg Plaaslike Munisipaliteit oor die kwessie. Maar natuurlik het Nova niks hieroor bekend gemaak nie. Gaan Nova ooit die eiendom kan herwin, of is dit nou ‘n verlore saak?
Debentures in die 2023 JFS:
- Liberty/Amogela: R21.6 miljoen (maar R5.6 miljoen in 2024 JFS)
- Zambezi: R503.4 miljoen
- Waterfall: R47.2 miljoen
Ons twyfel steeds of die uitvoerende bestuur enigsins die vermoë het om hierdie skuldbriewe terug te betaal.
As enige van bogenoemde verkeerd is, verwelkom ons ‘n verduideliking van die Nova-direksie – maar meer belangrik, ‘n volledige antwoord oor die gapings wat hierbo uiteengesit is. Dit sou ten minste ‘n werklike kommunikasie wees – ‘n seldsame gebeurtenis in die afgelope paar jaar.
by Kobus Potgieter | Feb 25, 2025 | Announcements
The 2024 Annual Financial Statements (AFS) have – at last, and almost a year after the year-end of 28 February ’24 – been released and published in the Nova web site. See https://novapropertygroup.co.za/> Downloads > Financial Statements
Why has it taken so long? And why are they always late? Why does Nova always seem to struggle to get auditor sign-off? Does Nova even care or, is the Executive’s only focus that of running the company into the ground while they, apparently, extract as much value for themselves as they can?
We understand that Moneyweb will be publishing their usual review of the AFS soon and we will inform here and in the web site when it is available
Is it significant that a Communiqué has not been published simultaneously to the ’24 AFS (as opposed to the years 20121/2/3 for which one was published). Why no Communiqué for ’24? The Communiqués provide (or presumably, do) a level of information on the individual properties that is supplemental to the AFS content. In the December ’23 Communique, the company provided such supplemental information on the nine commercial properties in the portfolio but only on one (Theresa Park) of the residential developments
We post the following to raise some issues which Nova have been keeping in the dark meaning that the Debenture Holders – major creditors of the company – have no idea of the real situation within the company
- We received a video on late last year showing the empty state of the Tshwane China Shopping Mall, formerly Zambezi Mall. See links below to Businesstech’s posting on the property
- Likewise, we also received a video clip on the state of the former Liberty Centre in Welkom – was renamed Amogela Mall. See below links to video clips and a media post
- We’ve also long been aware of the illegal occupation of the Waterfall Residential Estate property in Rustenburg by informal settlers. See accompanying pictures
These situations immediately raise a question about Nova regarding its performance and its prospects
A second question is: Why these situations and what is being done to remedy them – obviously from the point of view of the company being fully in control of its affairs and assets and able to move forward towards repayment of the outstanding debentures (not that we have any confidence in the executive actually achieving this)?
And, a third question: How many other properties are also “in distress” – in one form or another – out of the remaining nine commercial and seven residential development properties that remain on the books?
We don’t know because Nova remain champions at non-communication. The last Communiqué issued was in December 2023 as an accompaniment to the ‘23 AFS. The Communiqués were originally intended to be issued quarterly and are supposed to keep the Debenture Holders informed of the status, performance and other information relevant to the portfolio properties (well, those that are now left in the portfolio anyway after many were sold off over time without relevant debenture repayment). Last year’s Communique fell far short of providing an adequate picture on the remaining properties and there haven’t been any during 2024 and so far this year
Some brief details about the three properties:
Liberty/Amogela in Welkom
This property was sold during 2021. It does not feature in the 2022 AFS and in the accompanying Communiqué it is stated that “the property has been sold and transfer was registered on 13 December 2021”. The selling price was not disclosed. Needless to say (but we’ll say it anyway), the relevant debentures were not repaid (book liability in ’23 AFS was 21.6 million). Perhaps that was impossible because, according to rumour, the buyer has never paid for the property (but, given Nova’s track record since 2013, readers may well laugh cynically at our suggesting that the Liberty/Amogela related debentures might have been repaid had the sale proceeds actually been received). AFS ’21 book value for the property was 21.3 million
In all other property sales since 2012 the sale proceeds were retained and applied to working capital to keep the company afloat (until August 2022 when CIPC issued a Compliance Notice prohibiting the sale of further of the properties). This was an arbitrary and unilateral decision by the board without informing, consulting or at the very least, a presentation of some sort communicated in which they would have motivated their actions. And they expect us to trust them!
And, to cap it all, the liability value of the Amogela related debentures listed in the ’24 AFS is only 5.6 million, a decrease of 16 million from the 2023 figure. What does this mean? Have Nova repaid some of the Amogela debentures? They’d do that without trumpeting that they had done so? We don’t think that they have and thus, must question: Why the liability value write-down and what is the potential impact on the relevant Debenture Holders?
And, if Amogela Mall is both derelict and unlisted in the financial statements, why does it still appear in the scrolling images of the portfolio of commercial properties in the home page and advertising a Gross Letting Area of 15 991 square metres? Misleading if not misrepresentation, surely?
Liberty/Amogela
Zambezi/Tshwane China Shopping Mall
Has this property ever been without problems? – issues between Nova and the developer, Capicol, flooding, low occupancy rates and services payments issues with Tshwane Metropolitan Municipality. Now, all but zero occupancy meaning no income stream but with payments for services still required (unless Nova are defaulting again – as happened with twelve properties contractually serviced by the Quatro Group which led to an application for liquidation in 2023 but averted when an agreement was reached and with Village and Courtside Centres in Mbombela, in the same year, where power was cut off due to non-payment for municipal services)
Zambezi/Tshwane China Shopping Mall
Waterfall Residential Estate
We’ve known for a good while about the illegal occupation situation and have also been informed that Nova is (or has been) in discussion with Rustenburg Local Municipality on the matter. Of course, Nova have not disclosed anything about this. We have no information on the current state of play and we wonder if Nova will ever be able to recover possession (do they actually carde?) or, is this property now a lost cause and will have to be written off? AFS ’23 book value was 50.8 million
If there’s any spark of good news in all of this, it is that in AFS ’23, the debenture liabilities for these properties is present and they show as:
- Liberty/Amogela: 21.6 million (but see above re reduced value in the ’24 AFS)
- Zambezi: 503.4 million
- Waterfall: 47.2 million
However, note our comment above regarding lack of confidence in the executive to ever deliver repayment
Those liabilities must remain whatever the fate of the underlying properties and they are so listed in the ’24 AFS. In fact, in the Director’s Report in AFS ’24 it was stated that:
The corresponding debenture liabilities remain payable in accordance with the provisions of the Schemes of Arrangement.
The downside in all of this is the wider implications that events/situations like the above have. They just weaken the company which, for many years now has been subject to ongoing opinion that it just doesn’t have the capability to repay, that it is technically insolvent, and that there is no intention to repay further anyway (an opinion stated by the CIPC in September ’22 – as quoted by Moneyweb). This, despite all of the excuses and assurances issued down the years and which for most of the duration of the company and its assets, have only been received with a great deal of skepticism if not outright rejection
Is all of the above accurate? To the best of our knowledge, yes. But in the event that it isn’t, we would welcome a communication from the Nova board pointing out where we may be incorrect but more importantly, filling in the gaps detailed above. Plus, of course, it would be an actual communication, a very rare event during the past number of year.
by Roger | Jan 1, 2025 | Announcements
We enter 2025 today after a disappointing year and it’s now in the fifteenth year since the shut-down of Sharemax and no closer to the repayment of the balance of the Debentures – 2.236 billion as at 28 February 2023
Disappointing at one level because the CIPC investigation into Nova and the shut-down of the Property Syndication Promotion Companies (PSPCs) – including Sharemax – has not yet moved to the next stage, viz: the release of the Investigation’s Interim Report which will herald the start of the endgame
It is our understanding that, whilst the report is ready for release (and has been for more than a year now), the current delay is internal at CIPC where problems are being experienced with the assignment of States Advocates to “head up” the further processes (this subject to clarity as to what their specific role is to be)
We hope that the release will take place in the near future so that CIPC and the investigation participants – both private sector and from state and oversight bodies – can, with minimal delay, reach consensus on the findings to be tabled in the Interim Report and move speedily on to the finalisation and production of the Final Report whereafter the findings will become public knowledge and we will then learn of them and of the proposed remedial actions to bring about restitution and, hopefully, compensation for the Sharemax investors
The other “disappointment” – or better, cause for serious concern – is the ongoing absence of the publication of the Nova Annual Financial Statements for 2024. Financial year-end is 28 February and thus, the AFS should have been published by end-August – six months after year-end as per the Companies Act requirements
The 2023 AFS were only published on 23 December ’23 and we think that we have a new record in terms of how late the ’24 publication is – and ongoing
But, why is it taking so long? Surely, in an environment of competent company management by the board and the CEO, there should not be delays every year – which is a historical fact
As per AFS ’23, there are only nine commercial properties left in the portfolio (of which, The Villa is non-operational anyway). Of the nine residential/mixed use “development” properties, there is no development under way at all (we say this based on the evidence of views of 2024 Google Maps satellite images of the properties). The contentious Cold Creek property is not included here. It was not part of the original portfolio and is not debenture linked
How hard can it be therefore, to produce and publish the AFS? What does the ongoing delay mean? Is the board having the usual problem of getting auditor sign-off of the AFS format that Nova has presented to them. Why, yet again, if indeed so?
Is the content of the AFS of such a nature that it will actually show that Nova is not a going concern anymore and is if fact, insolvent – which has been inferred in the media, out of previous AFS. Would such a situation cause CIPC to rule that Nova must stop trading? What would the implications of that be?
In the meantime, no progress towards debenture repayment and no communication from Nova since 23 December, 2023!
What is the Nova board hiding? It seems pretty clear that they have something to hide and it can’t be good news
All this whilst the executive directors continue to milk the company via their “market related” remuneration. The ’23 financial year executive director remuneration (actually shown as 2022 remuneration but perhaps this is a “typing error”) for Myburgh, Haese and Osterloh, was 12.2 million gross. Ironically, 4.8 million of that went to Sars as personal tax and thus, they (Sars), benefit out of the ineffective management and operations of the company at the expense of the Debenture Holders, the company’s largest creditor
by Roger | Jan 1, 2025 | Announcements
Ons gaan 2025 vandag binne na ‘n teleurstellende jaar en dit is nou die vyftiende jaar sedert die sluiting van Sharemax en geensins nader aan die terugbetaling van die balans van die skuldbriewe nie – 2,236 miljard soos op 28 Februarie, 2023
Teleurstellend op een vlak omdat die CIPC-ondersoek na Nova en die sluiting van die Property Syndication Promotion Companies (PSPCs) – insluitend Sharemax – nog nie na die volgende stadium beweeg het nie, naamlik: die vrystelling van die Ondersoek se Tussentydse Verslag wat die begin van die eindspel hoort te wees
Ons verstaan dat, alhoewel die verslag gereed vir vrystelling is (en nou al meer as ‘n jaar), die huidige vertraging intern by CIPC is waar probleme ondervind word met die toewysing van die saak aan Staat Advokate vir deelname aan die verdere prosesse (dié is onderhewig aan opheldering oor wat hul spesifieke rol moet wees)
Ons hoop dat die vrystelling in die nabye toekoms sal plaasvind sodat CIPC en die ondersoekdeelnemers – beide die in die private sektor en van staats- en toesigliggame – met minimale vertraging konsensus kan bereik oor die bevindings wat in die tussentydse verslag ter tafel gelê moet word om spoedig te kan skuif na die finalisering en produksie van die Finale Verslag, waarna die bevindinge publieke kennis sal word en ons dan daarvan sal leer en van die voorgestelde regstellende aksies om restitusie en, hopelik, vergoeding vir die Sharemax beleggers
Die ander “teleurstelling” – of beter, rede tot ernstige kommer – is die voortdurende afwesigheid van die publikasie van die Nova Finansiële Jaarstate vir 2024. Finansiële jaareinde is 28 Februarie en dus moes die AFS teen einde Augustus gepubliseer gewees het – ses maande na jaareinde volgens die vereistes van die Maatskappywet
Die 2023 AFS is eers op 23 Desember ’23 gepubliseer en ons dink dat ons ‘n nuwe rekord het in terme van hoe laat die ’24 publikasie is – en nog aan die gang is
Maar hoekom vat dit so lank? Sekerlik, in ‘n omgewing van bekwame maatskappybestuur deur die direksie en die “CEO” behoort daar nie elke jaar vertragings te wees nie – wat ‘n historiese feit is
Volgens AFS ’23 is daar slegs nege kommersiële eiendomme oor in die portefeulje (waarvan The Villa in elk geval nie-operasioneel is nie). Van die nege residensiële/gemengdegebruik “ontwikkeling”-eiendomme is daar geen ontwikkeling aan die gang nie (ons sê dit op grond van die bewyse van 2024 Google Maps-satellietbeelde van die eiendomme). Die omstrede Cold Creek-eiendom is nie hier ingesluit nie. Dit was nie deel van die oorspronklike portefeulje en is nie skuldbrief gekoppel nie
Hoe moeilik kan dit dus wees om die AFS klaar te maak en te publiseer? Wat beteken die voortdurende vertraging? Het die direksie die gewone probleem om ouditeur-aftekening te kry van die AFS-formaat wat Nova aan hulle voorgehou het. Waarom, weereens, indien dit wel so is?
Is die inhoud van die AFS van so ‘n aard dat dit eintlik sal wys dat Nova nie meer ‘n “going concern” is nie en wel insolvent is – wat in die media afgelei is, uit vorige AFS. Sou so ‘n situasie veroorsaak dat CIPC beslis dat Nova moet ophou handel dryf? Wat sou die implikasies daarvan wees?
Intussen, geen vordering met die terugbetaling van die oorblywende skuldbriewe en geen kommunikasie vanaf Nova sedert 23 Desember 2023 nie!
Wat steek die Nova-raad weg? Dit lyk redelik duidelik dat hulle iets het om weg te steek en dit kan nie goeie nuus wees nie
Dit alles terwyl die uitvoerende direkteure voortgaan om die maatskappy te melk deur hul “markverwante” vergoeding. Die ’23-boekjaar se uitvoerende direkteursvergoeding (eintlik getoon as 2022-vergoeding, maar miskien is dit ‘n “tikfout”) vir Myburgh, Haese en Osterloh, was 12,2 miljoen bruto. Ironies genoeg het 4,8 miljoen daarvan na Sars gegaan as persoonlike belasting en dus het hulle (Sars) gebaat by die oneffektiewe bestuur en bedrywighede van die maatskappy ten koste van die Skuldbriefhouers, die maatskappy se grootste skuldeiser
by Roger | Dec 9, 2024 | Announcements
Terwyl ons op die vrystelling van die CIPC se tussentydse verslag oor sy ondersoek en ook die publikasie van Nova se finansiële jaarstate vir 2024 wag, verskaf ons hierdie inliggende IOL-artikel van April ’24 as ‘n opknapping oor die omvang van die ondersoek
Ons kan sê dat daar nie veel intussen verander het sedert April nie en dit is steeds ons begrip dat die vrystelling van die verslag (waarvan die inhoud nie gepubliseer sal word nie aangesien dit onderhewig is aan die ondertekening van Non-Disclosure Agreements) tans intern binne CIPC opgehou word , oënskynlik as gevolg van die wye impak wat dit sal hê en moontlik ook die presedentskeppende effek daarvan
Lees verder hier:
www.iol.co.za/property/commercial/cipc-investigation-on-property-syn dication-schemes-to-be-released-715222e7-7121-4a6b-9048-19100ebd817b#google_ vignette
(Slegs in Engels beskikbaar)
by Roger | Dec 9, 2024 | Announcements
As we await the release of the CIPC’s Interim Report on its investigation and also the publication of Nova’s Annual Financial Statements for 2024, we provide this informative IOL article from April ’24 as a refresher on the scope of the investigation
We can say that not much has changed since April and it is still our understanding that the release of the report (the content of which will not be publicized as it is subject to recipient signature Non-Disclosure Agreements) is currently held up internally within CIPC, ostensibly due to the wide-ranging impact that it will have and also, its possible precedent-setting effect
Read further here:
www.iol.co.za/property/commercial/cipc-investigation-on-property-syn dication-schemes-to-be-released-715222e7-7121-4a6b-9048-19100ebd817b#google_ vignette
by Roger | Nov 15, 2024 | Announcements
We wrote to CIPC regarding the delays with the release of the Nova Property/Sharemax Shut-down Investigation’s Interim
Report
Read here:
<www.ndcag.co.za/go/12-nov-24-letter-to-cuma-zwane-cipc-ex-herman> www.ndcag.co.za/go/12-nov-24-letter-to-cuma-zwane-cipc-ex-herman
We have received a reply from Mr Zwane, viz:
“Thank you for the email and letter, the content of which is duly noted.
The release of the preliminary report is receiving the requisite attention.
We will surely click the ‘send’ button as soon as practically possible. There are no external factors or forces hindering the release.
Kindly bear with us.”
That there are “no external factors or forces hindering the release” is good news but this suggests there is a hang-up within CIPC. We have to hope that it’s only bureaucratic matters and that these can be resolved quickly
by Roger | Nov 15, 2024 | Announcements
Ons het aan CIPC geskryf oor die vertragings met die vrystelling van die Nova Property/Sharemax-toeluitingsondersoek se Tussentydse Verslag. Ons sal die antwoord publiseer indien en wanneer ontvang
Lees hier:
<www.ndcag.co.za/go/12-nov-24-letter-to-cuma-zwane-cipc-ex-herman> www.ndcag.co.za/go/12-nov-24-letter-to-cuma-zwane-cipc-ex-herman
(Brief inhoud slegs in Engels beskikbaar)
Mnr Zwane het geantwoord met:
“Thank you for the email and letter, the content of which is duly noted.
The release of the preliminary report is receiving the requisite attention.
We will surely click the ‘send’ button as soon as practically possible. There are no external factors or forces hindering the release.
Kindly bear with us.”
Dat daar geen eksterne faktore of kragte is wat die vrystelling verhinder nie is goeie nuus, maar dit dui daarop dat die vertraging interne vereistes binne CIPC is. Ons moet maar hoop dat dit slegs iets burokraties is en wat vinning uitgeklaar sal word
