Moneyweb analysis of the revised Nova Annual Financial Statements

by | Nov 9, 2023 | Announcements

The revised Annual Financial Statements (AFS) were posted in the Nova web site on 30 October

Moneyweb have done their usual thorough analysis and equally as usual, they “tell it like it is”. The picture that it paints is that Debenture Holders can not realistically expect repayment out of Nova, which, possibly, faces being placed under administration as one of the outcomes of the CIPC investigation into its affairs. This has already been alluded to in CIPC’s media release on the Compliance Notices issued to Nova, in August last year

Is this yet another blow for debenture holders and is there any good news? It’s long been apparent that Nova can’t repay and CIPC stated last year that, in their opinion, Nova has neither the capability nor the intention to do so!

The good news still lies in the potential outcomes of the CIPC’s inter-regulatory investigation into Nova and the wider issues surrounding the Property Syndication Promotion Companies (PSPCs) close-down in 2010 – which included Sharemax

CIPC have “gone public” with an announcement about the SA Reserve Bank & the (then) Financial Services Board’s (FSB) actions back in 2010. They did this (process still underway?) by advising the former directors of those PSPCs that that were shut down, that the 2010 actions of SA Reserve Bank and the FSB were/are illegal. They have also informed those directors that “A preliminary report containing comprehensive detail that establishes the grounds of our averments [refer our post in this page on 27 October] will be published in due course to allow various stakeholders to make submissions that will address the issues requiring attention and cause to be redressed that which various courts wrongfully accepted as truth”

Note the “address the issues” and “cause to be redressed”. It is in the further outflows of the investigation that the best hope of debenture repayment lies. But, it will take time. This is all taking place in the regulatory and legal arenas and much deliberation and decision making still lies ahead as well as the possible need for court orders and/or judgements

Read the Moneyweb AFS analysis here:

www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-sharem ax-investors/?mc_cid=7a776e03e7 <www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-share max-investors/?mc_cid=7a776e03e7&mc_eid=8c2e642ad4> &mc_eid=8c2e642ad4

Or

<www.ndcag.co.za/go/20231109> www.ndcag.co.za/go/20231109

The Nova AFS can be viewed at: novapropertygroup.co.za/index.php/financial-statements/

Ontleding van hersiende Nova Finansiële Jaarstate van Moneyweb

by | Nov 9, 2023 | Announcements

Die hersiende Finansiële Jaarstate is op 30 Oktober op die Nova-webwerf gepos.

Moneyweb het, soos gewoonlik ‘n deeglike ontleding gedoen en, weer soos gewoonlik, hulle “tell it like it is”. Die prentjie wat dit skets is dat skuldbriefhouers nie realisties terugbetaling van Nova kan verwag nie, wat moontlik nog onder administrasie geplaas kan word as een van die uitkomste van die CIPC-ondersoek na sy sake. Daar is reeds daarop gesinspeel in CIPC se mediavrystelling in Augustus verlede jaar, oor die Nakomingskennisgewings wat aan Nova uitgereik is

Is dit nog ‘n slag vir skuldbriefhouers en is daar enige goeie nuus? Dit is lankal duidelik dat Nova nie kan terugbetaal nie en self CIPC het verlede jaar gesê dat Nova na hul mening, nie die vermoë of die bedoeling het om dit te doen nie!

Die goeie nuus lê steeds in die potensiële uitkomste van CIPC se interregulatoriese ondersoek na Nova en die wyer kwessies rondom die sluiting van eiendomsindikasiebevorderingsmaatskappye (PSPC’s) in 2010 – wat Sharemax ingesluit het

CIPC het in 2010 “publiek gegaan” met ‘n aankondiging oor die SA Reserwebank en die (destydse) Raad op Finansiële Dienste (RFD) se optrede. Hulle het dit gedoen (proses is nog aan die gang?) deur die voormalige direkteure van daardie PSPC’s in kennis te stel dat die 2010-aksies van die Reserwebank en die RFD onwettig was/is. Hulle het ook dié direkteure ingelig dat “’n Voorlopige verslag wat omvattende besonderhede bevat wat die gronde van ons bewerings vasstel mettertyd gepubliseer sal word om verskeie belanghebbendes in staat te stel om voorleggings te maak wat die kwessies sal aanspreek wat aandag verg en dit wat verskeie howe verkeerdelik as waarheid aanvaar het, sal laat regstel (vertaling van die oorspronklike Engelse teks). Verwys ook ons pos in hierdie bladsy van 27 Oktober

Let op die “kwessies sal aanspreek” en “sal laat regstel”. Dit is in die verdere uitvloeie van die ondersoek dat die beste hoop op skuldbriewe-terugbetaling lê. Maar, dit sal tyd neem. Dit vind alles plaas in die regulatoriese en wetlike arenas en baie beraadslaging en besluitneming lê nog voor asook die moontlike behoefte aan hofbevele en/of uitsprake

Lees die Moneyweb Jaarstate-ontleding hier:

www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-sharem ax-investors/?mc_cid=7a776e03e7 <www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-share max-investors/?mc_cid=7a776e03e7&mc_eid=8c2e642ad4> &mc_eid=8c2e642ad4

of

<www.ndcag.co.za/go/20231109> www.ndcag.co.za/go/20231109

Die Nova Jaarstate kan besigtig word by: novapropertygroup.co.za/index.php/financial-statements/