We’ve just received word that there was too much on the “story board” at Geldsake tonight and although Herman was on standby, there was just not enough time to get to Sharemax/Nova. We’ll keep you posted as to when tonight’s planned discussion will air
Herman Lombaard will be on air on RSG’s Geldsake with Ryk van Niekerk again this evening. Herman will be giving some background information on the issues surrounding the resignation of the former Trustee (Mr Derek Cohen) and the company’s failure to appoint a replacement within the time frame set down in the Trust Deed. He will also speak on the company’s nominated candidate and why we reject this person and on the candidate whom we have nominated and why we have done so. There might also be content on why we have said to Nova that they have, through their failure to appoint the new trustee at the right time (per their obligations set out in the Trust Deed), they have forgone their right to nominate a candidate and convene a meeting to vote on approval of that person
We are putting out some of our Facebook posts on aspects of the proposed January 11 meeting.
This one is on the email announcements of the proposed January 11meeting that members have received via email and how many votes one will have whether at the meeting or via proxies given
To clarify the reason for possibly having received more than one email notification of the Jan 11 meeting:
There are four categories out of the Sharemax closure and the Nova Debenture issuance
The Villa Companies (Villa 1 & 2) plus the Zambezi Company were restructured in terms of Section 311 of the Companies Act
The Malls are styled The Income Plan Companies and the residential developments are styled as the Growth Plan Companies. These were re-structured through the Business Rescue Plan
You will see the applicable category stated in the email(s) received
Therefore, you have a vote in each of the categories for which you have received an email
If you are invested in one of the properties in all four categories, then you should have four emails and you therefore have four votes
This will necessitate that you will give a proxy for each of the categories for which you have received an email
The number of actual debenture certificates that you hold is not relevant. You only get one vote per category that you are invested in
It is also our understanding that each of the categories will be the subject of a separate vote. This is to comply with the legal requirements in the four separate Schemes of Arrangement – one for each category
This is our understanding of the situation right now. If it changes later on we will advise
Meantime, we will communicate the names of two persons to insert in the proxy forms soon. These persons will be at the meeting and will speak and vote for NDCAG members
Please wait for these
We also have to provide you with an email address to which to send the proxies. Although the email address [email protected] <mailto:[email protected]> appears in the proxy form, this is not necessarily the ema to which it should be sent and quite likely, the last one that we want Debenture Holders to send them to
We will advise re this aspect as well as soon as possible
Most Important>>>>>
PLEASE DO NOT GIVE YOUR PROXY TO ANY MEMBER OF THE NOVA BOARD OR TO ANY EMPLOYEE OF THE COMPANY
Thank you
We have been inactive in the operation of this site for a good while and apologise to registered members for this
The Email announcement of the planned January 11 meeting to approve the appointment of the company nominated new Debenture Trust Trustee, together with the background happenings with the CIPC and their Compliance Notices has revived us because it presents such a wonderful opportunity to engage with Nova – an opportunity that might not come again
We have much information to post in the web site but have been posting in our Facebook page on an ongoing basis. To access the Facebook page, please Google Sharemax Investors. In the results you will find a search result reading: <www.facebook.com/pages/category/Cause/Sharemax-InvestorsNova-Debent ure-Creditors-387000062051144/> Sharemax Investors/Nova Debenture Creditors – Facebook. In that page you will all our recent posts
This evening, on RSG’s Geldsake at 1810 (Fm 100 to 104) the latest developments will be featured with Ryk van Niekerk talking to Herman Lombaard of our operating committee, and possibly also, Deon Pienaar – a long time crusader against all the wrongs in the Sharemax close down and Nova and the debentures
Ryk has also invited Dominique Haese, CEO of Nova, to join the discussion although at this time we do not know if she will
More information and news postings will follow over the coming days
We will be posting the RSG podcast on tonight’s program in due course
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