The CIPC’s investigation into Nova and the alleged historical illegalities and irregularities behind the Sharemax shutdown in 2010 has reached a point where a preliminary report has been prepared. This will shortly be distributed to various players (“relevant regulators, law enforcement agencies, affected parties and interested parties [which these latter are defined as being] “confined to regulators and organs of State”) for consideration ahead of a joint review of the findings in the report to pave the way for the compilation of a final report, the contents of which would be the basis for achieving some of the objectives envisaged (See link to CIPC’s covering letter below)

It is expected that there will be a meeting of the addressed players in May and out of which the true story behind the Sharemax shutdown is likely to emerge together with information on possible prosecutions, on remedial actions for the Sharemax investors and on the fate of Nova

Link to the CIPC letter:

<www.ndcag.co.za/go/09042024> www.ndcag.co.za/go/09042024

The interim report will be shared once received

So again, sit tight, be positive and be patient!

At Nova? – who knows. They don’t communicate – unless they want something from the investors

Their next communication – in the absence of any major developments in the interim – will only be in December when they issue their annual ( and not very informative) Communiqué that they publish in the web site along with the Annual Financial Statements

On the CIPC investigation front, the report has still not been released. It’s very frustrating especially as indications are that it’s going to be good news for the investors

But it cannot be rushed. Every aspect must be thoroughly finalized and every participating authority must be in full agreement with it. The last thing that must happen is that a slip up occurs and the door is opened to challenges, litigation and court delays. That would add years to a possible finalisation and could result in a reduced beneficial outcome
So, sit tight, be positive and remain patient

By Nova? – wie weet. Hulle kommunikeer nie – tensy hulle iets van die beleggers wil hê

Hul volgende kommunikasie – in die afwesigheid van enige groot verwikkelinge in die tussentyd – sal eers in Desember wees wanneer hulle hul jaarlikse (en nie baie insiggewende) Communiqué uitreik wat hulle saam met die finansiële jaarstate op die webwerf publiseer

Op die CIPC-ondersoekfront is die verslag steeds nie vrygestel nie. Dit is baie frustrerend, veral aangesien aanduidings is dat dit goeie nuus vir die beleggers sal bring

Maar dit kan nie gehaas word nie. Elke aspek moet deeglik gefinaliseer word en elke deelnemende owerheid moet ten volle daarmee saamstem. Die laaste ding wat moet gebeur, is dat ‘n glips plaasvind wat die deur kan oopmaak vir uitdagings, litigasie en hofvertragings. Dié sal jare by ‘n moontlike finalisering voeg en kan lei tot ‘n verminderde voordelige uitkoms

So, sit styf, bly positief en bly geduldig

Hier is ‘n nuwe artikel vanuit Moneyweb oor Nova se huidige stand van solvensie en kanse op insolvensie

Dit skets ‘n somber prentjie in vergelyking met wat Nova handhaaf (sien hul Desember ’23 Communiqué gepubliseer op hul webwerf by novapropertygroup.co.za/index.php/communiques/ en sigbaar onder Latest News>Communiques). Hoeveel lede en Followers het werklik die “positiewe” stellings wat in hierdie kommuniké gemaak is, geglo?

Alles is egter nie heeltemal ondergang en wanhoop vir ons lede en die Skuldbriefhouers as geheel nie

Die meer as ‘n dekade lange aktivisme oor al die kwessies met die oorspronklike SA Reserwebank-sluiting van die PSPC (Property Syndications Promotion Companies) – wat Sharemax insluit – en ander verwante kwessies beweeg nou regtig vorentoe

Die pogings van die betrokke aktiviste werp vrugte af en ‘n verslag oor die interregulatoriese ondersoek gedryf deur CIPC, kan binnekort verwag word

Lees hier:
www.moneyweb.co.za/in-depth/investigations/nova-predicts-a-bright-fi nancial-future-but-a-ratio-analysis-suggests-otherwise/# <www.moneyweb.co.za/in-depth/investigations/nova-predicts-a-bright-f inancial-future-but-a-ratio-analysis-suggests-otherwise/>

of hier:
<www.ndcag.co.za/go/30012024> www.ndcag.co.za/go/30012024

Slegs in Engels beskikbaar

Here is a new article from Moneyweb on Nova’s current state of solvency and chances of insolvency

It paints a bleak picture compared to what Nova maintain (see their December ’23 Communiqué published in their web site at novapropertygroup.co.za/index.php/communiques/ and visible under Latest News>Communiques). How many members & Followers actually believed the “positive” statements made in this communiqué?

However, all is not totally doom and despair for our members and the Debenture Holders as a whole

The more than a decade long activism over all the issues with the original SA Reserve Bank shut-down of the PSPC (Property Syndications Promotion Companies) – which includes Sharemax – and other related issues is really moving forward now

The efforts of the activists involved are paying off and a report on the inter-regulatory investigation driven by CIPC, can be expected soon

Read here:
www.moneyweb.co.za/in-depth/investigations/nova-predicts-a-bright-fi nancial-future-but-a-ratio-analysis-suggests-otherwise/# <www.moneyweb.co.za/in-depth/investigations/nova-predicts-a-bright-f inancial-future-but-a-ratio-analysis-suggests-otherwise/>

or here:
<www.ndcag.co.za/go/30012024> www.ndcag.co.za/go/30012024

This is Ryk van Niekerk kicking off his valuable and accurate (in our opinion) 2024 reporting by revisiting various aspects from last year

Read the article at:

www.moneyweb.co.za/in-depth/investigations/when-will-former-sharemax -investors-see-their-money/
or
www.ndcag.co.za/go/20240123

Dit is Ryk van Niekerk wat sy waardevolle en akkurate (na ons mening) 2024-verslaggewing afskop deur verskeie aspekte van verlede jaar te herbesoek.

Lees by
www.moneyweb.co.za/in-depth/investigations/when-will-former-sharemax -investors-see-their-money/
of
<www.ndcag.co.za/go/20240123> www.ndcag.co.za/go/20240123

Slegs in Engels beskikbaar

Ryk van Niekerk responds to Nova statements at AGM

Ryk van Niekerk reageer op Nova-verklarings by AJV

iono.fm/e/1388325

Only available in Afrikaans

<www.moneyweb.co.za/in-depth/investigations/moneyweb-editor-denied-e ntry-to-nova-agm-again/?mc_cid=123fdbadf9&mc_eid=8c2e642ad4> www.moneyweb.co.za/in-depth/investigations/moneyweb-editor-denied-en try-to-nova-agm-again/?mc_cid=123fdbadf9&mc_eid=8c2e642ad4

of

<www.ndcag.co.za/go/20231204> www.ndcag.co.za/go/20231204

Hoe reageer ‘n mens op die gebeure wat aangemeld is? Dit is nie ‘n verrassing dat Moneyweb-redakteur Ryk van Niekerk, toegang verbied is nie. Nova hou nie van opposisie nie, veral voorsitter Connie Myburgh. Trouens, Nova funksioneer op tipiese outoritêre wyse: sluit enige opposisie uit – die beste vorm van verdediging is aanval

Natuurlik is me Haese se stellings alles net “spin” in ‘n poging om kritiek af te weer. En, haar moralisering (weereens!) oor die geld wat hulle aan Beneficio verskuldig is as “die skuldbriefhouer se geld”! Die skuldbriefhouer se geld was die opbrengs van die na 2013-eiendomverkoop wat in bedryfskapitaal geneem is en wat in die drein gegaan het met nog nooit ‘n sent wat vir terugbetaling gebruik is nie

Verder is dit “ons geld”, maar ons het geen sê oor die bestuur daarvan nie. Daardie verantwoordelikheid lê by jou en die res van die Raad. Jy maak skaars goeie werk daarvan, Me Haese, ongeag jou protes en versekerings

Waarvoor moes Nova in elk geval twee en dertig miljoen leen? Wat was so dringend dat hulle bereid was om teen daardie buitensporige rentekoers te leen? Wat hulle nou ‘n gebruikskoers noem, is nie betwis toe hulle vir die lening gekontrakteer het nie, ja? Maar, nou huil hulle vies! Hindsight is 20-20 vision soos die spreekwoord gaan. Maar, in hierdie saak, waar was die vooruitskouing (foresight) wat uitgeoefen moes gewees het? Kwalifiseer hierdie lening dus nie as roekelose handel nie?

Nova het skuldbriewe laas in 2013 terugbetaal. Daar was glad geen goeie nuus in die daaropvolgende tien jaar nie en hulle verwag dat die voormalige Sharemax-beleggers (hetsy Nova-aandeelhouers of Skuldbriewehouers nou) en die wêreld in die algemeen hul versekering sonder twyfel sal sluk?

<www.moneyweb.co.za/in-depth/investigations/moneyweb-editor-denied-e ntry-to-nova-agm-again/?mc_cid=123fdbadf9&mc_eid=8c2e642ad4> www.moneyweb.co.za/in-depth/investigations/moneyweb-editor-denied-en try-to-nova-agm-again/?mc_cid=123fdbadf9&mc_eid=8c2e642ad4

or

<www.ndcag.co.za/go/20231204> www.ndcag.co.za/go/20231204

How does one react to the events reported? It’s not a surprise that Moneyweb editor Ryk van Niekerk editor was barred from entry. Nova does not like opposition, especially Chairman Connie Myburgh. In fact, Nova operates in typical authoritarian manner: shut any opposition out – the best form of defence is attack

Of course, Ms Haese’s statements are all just spin in an attempt to deflect criticism. And, moralising (again!) regarding the money that they owe to Beneficio being “the debenture holder’s money”! The debenture holder’s money was the post-2013 property sale proceeds taken into working capital and which has gone down the drain with never a cent used for repayment

Further, it’s our money but we have no say in managing it. That responsibility lies with you and the rest of the Board. You’re hardly making a good job of it, CEO Haese, whatever your protestations and assurances

What did Nova have to borrow thirty two million for anyway? What was so urgent that they were willing to borrow at that exorbitant interest rate? What they now call a usuary rate was not challenged when they contracted for the borrowing, yes? But, now, they cry foul! Hindsight is 20-20 vision as the saying goes . But, in this matter, where was the foresight that should have been exercised? Does this borrowing therefore, not qualify as reckless trading?

Nova last repaid debentures in 2013. There has been no good news at all in the ensuing ten years and they expect the former Sharemax investors (whether Nova shareholders or Debenture Holders now) and the world at large to swallow their assurances without question?