We imagine that the AFS will be published by Saturday 28th because, for any normal company, it would be highly embarrassing for the Directorate if such a situation like arrival of a new year-end when the AFS for the previous year-end have still not been published, were to occur

Is Nova a “normal” company?

No, It’s an unlisted company with shareholders and its purpose is to deliver the Sharemax business rescue out of which it originated and achieve repayment of the Nova Debentures to the former Sharemax investors. Normally, the company Chair and Board would be at pains to demonstrate accountability to the shareholders but not in this case

The company has two levels of Shareholder:

* The A & B Class shareholders who are all Directors of the company. (as far as we know) That’s an insider cabal and no accountability is necessary. They acquired their shares out of a provision in the SoA whereby all Sharemax shares for which the individual underlying investors did not make a formal choice as to conversion to either of Nova Shares or Nova Debentures, would by default be assigned to the directors of the company and the investors who did not make a choice would become Debenture Holders by default

* The D Class shareholders being those Sharemax investors who did opt to convert their Sharemax asset to shares in Nova. D Class shares carry no voting rights and thus the Chair and the Board can disregard them altogether and probably do

Thus, we think that there is a chance that the 2025 AFS may not be published by Saturday 28th February and if so, that company Chair Myburgh will have already prepared one of his self-serving personal law-bending interpretations (possibly even backed by a – paid for – legal opinion) which justifies the non-publication

So, in the absence of the 2025 AFS, what is our level of information about and understanding of, the affairs of the company? Not very good considering that the last published AFS, for 2024, will have contained information that was relevant to activities in 2023 and thus, it could be said that we have had no formal information from Nova for two years (discount the not very informative Communiqu?? issued in December 2025) while they continue to run the company, and the prospects for Debenture Holder repayment, into the ground

And, underneath this, we have become aware of apparent court actions involving Nova

There was, apparently, a court session today (26 February) which reportedly, is an application for liquidation of Nova or one or more of it’s subsidiary companies

We stress that this and related information herein is at this stage, unverified. But, we think that, because of the implications of such court action, if indeed taking pace, the Debenture Holders should be aware of it

Of course, the Nova Chair and Board will not inform on this. They don’t do communication! At best, we might get some passing comment in a future Communqu? (don’t hold your breath) or in the 2026 AFS, if and when they are eventually published

Who might the applicants be? Maybe one or more of those creditors who have been at the losing end of Nova defaults over the last years?

* Quattro Security Services who wanted liquidation back in 2024 for Nova default under a contract for hygiene services at a number of malls. Has Nova defaulted again, this time under the settlement arrangement arrived at to prevent the liquidation and give Nova time to repay the outstanding debt?

* Bright Light Solar who took Nova to court in 2025 (see: <www.ndcag.co.za/go/202506191> www.ndcag.co.za/go/202506191,) over default in payment for solar installations at some of the commercial properties? Nova properties mentioned in a message on a Brightstar application are Flora Centre (but see below), Tarentaal/Courtside and the Village Mall (both already lost out of the Beneficio loan fiasco), Carletonville Centre (pledged under the Capitec loan – see below), Witbank Highveld and Waterfall

* Are there other creditors who are also taking legal action? We would not be surprised if that is indeed the case?

Then, there is the Flora Centre matter (see our 28 November post here: <www.ndcag.co.za/2025/11/> www.ndcag.co.za/2025/11/) which is apparently, going to court on 9 March. It seems that Capitec are going ahead with their application for liquidation of Flora Centre Investments (Pty) Limited, the Nova subsidiary that is the registered owner of Flora Centre

If this does go ahead and given the Board’s sacrificial and in defiance of CIPC’s asset disposal embargo, offering of Carletonville and Rangeview Centres in settlement – what will the outcome be?

We stress again, we have not verified any if this information and await detail and clarity

We’ve had no word from CIPC on Flora Centre following our email to them last year in which we suggested that the Nova action to circumvent the ban on disposal of fixed assets is now actionable

Meantime, we are aware that Nova debenture Trustee, JP Tromp, has addressed Willem van Niekerk, Chair of the Nova audit committee, and copied the other directors, on why the audit of the ’25 AFS has not yet been competed and when the AFS will be published

As regards Tromp’s investigative and revelatory activities, he has informed us that February is a very busy time for him and his business and that he will be resuming his Nova and Debenture related posts in his business web site at <www.carian.co.za> www.carian.co.za > Nova Debenture Trust in March

Ons verbeel ons dat die Jaarstate teen Saterdag 28ste gepubliseer sal word, want vir enige normale maatskappy sou dit ‘n grrot verleentheid vir die Direktoraat wees as so ‘n situasie soos die aankoms van ‘n nuwe jaareinde sou plaasvind wanneer die state vir die vorige jaar nog steeds nie gepubliseer is nie

Is Nova ‘n “normale” maatskappy?

Nee, dit is ‘n ongenoteerde maatskappy met aandeelhouers en die doel daarvan is om die Sharemax besigheidsredding waaruit dit ontstaan ​​het, te bewerkstellig en die terugbetaling van die Nova-skuldbriewe aan die voormalige Sharemax-beleggers te bewerkstellig. Normaalweg sou die maatskappy se voorsitter en direksie moeite doen om aanspreeklikheid teenoor die aandeelhouers te demonstreer, maar nie in hierdie geval nie

Die maatskappy het twee vlakke van aandeelhouers:

– Die A- en B-klas-aandeelhouers wat almal direkteure van die maatskappy is (sovêr ons weet). Dit is ‘n binnekring en geen aanspreeklikheid is nodig nie. Hulle het hul aandele verkry uit ‘n bepaling in die besigheidsreddingsplan Reëlingskena waarvolgens alle Sharemax-aandele waarvoor die individuele onderliggende beleggers nie ‘n formele keuse gemaak het oor omskakeling na Nova-aandele of Nova-skuldbriewe nie, by verstek aan die direkteure van die maatskappy toegeken sou word en die beleggers wat nie ‘n formele keuse gemaak het nie, by verstek skuldbriefhouers sou word.

– Die D-klas-aandeelhouers is daardie Sharemax-beleggers wat wel gekies het om hul Sharemax-bate tot in aandele in Nova om te skakel. D-klas-aandele dra geen stemreg nie en dus kan die Voorsitter en Raad hulle heeltemal ignoreer en waarskynlik doen wel so

Dus, dink dons at daar ‘n kans is dat die 2025 Jaarstate dalk nie teen Saterdag 28 Februarie gepubliseer sal word nie en dat maatskappyvoorsitter, Myburgh, reeds een van sy selfsugtige persoonlike wetsbuigende interpretasies al voorberei het (moontlik selfs gerugsteun deur ‘n regsopinie – dalk waarvoor betaal is met matskappy fondse) wat die nie-publikasie regverdig

So, in die afwesigheid van die 2025 Jaarstate wat is ons vlak van inligting oor en begrip van, die sake en stand van die maatskappy? Nie baie goed nie, as in ag geneem word dat die laaste gepubliseerde AFS, vir 2024, inligting sou bevat het wat relevant was tot aktiwiteite in 2023, en dus kan gesê word dat ons vir twee jaar geen formele inligting van Nova ontvang het nie (ignoreer die nie-baie insiggewende Communiqué uitgereik in Desember 2025) terwyl hulle voortgaan om die maatskappy, en die vooruitsigte vir die terugbetaling van die skuldbriefhouers, tot in die grond te dryf.

En onder hierdie het ons nou bewus geword van oënskynlike hofaksies teen Nova

Daar was blykbaar vandag (26 Februarie) ‘n hofsitting wat na bewering ‘n aansoek vir likwidasie van Nova of een of meer van sy filiale is

Ons beklemtoon dat hierdie en verwante inligting hierin op hierdie stadium ongeverifieer is. Maar ons dink dat, as gevolg van die implikasies van sodanige hofaksie, indien dit wel plaasvind, die skuldbriefhouers daarvan bewus moet wees.

Natuurlik sal die Nova-voorsitter en -raad nie hieroor inlig nie. Hulle doen nie kommunikasie nie! Op sy beste kan ons dalk ‘n paar terloopse kommentaar in ‘n toekomstige kommunikasie kry (maar moenie asem ophou nie) of in die 2026 Jaarstate, indien en wanneer dit uiteindelik gepubliseer word?

Wie mag die aansoekers wees? Miskien een of meer van daardie gewone verdagtes wat die afgelope paar jaar aan die verloorkant van Nova-wanbetalings was?

– Quattro Security Services wat in 2024 likwidasie wou hê vir Nova se wanbetaling onder ‘n kontrak vir higiënedienste by ‘n aantal winkelsentrums. Het Nova weer in gebreke gebly, hierdie keer onder die skikkingsreëling wat bereik is om die likwidasie te voorkom en Nova tyd te gee om die uitstaande skuld terug te betaal?

– Bright Light Solar wat Nova in 2025 hof toe geneem het (sien: www.ndcag.co.za/go/202506191,) oor wanbetaling vir sonkraginstallasies by sommige van die kommersiële eiendomme? Nova-eiendomme wat in ‘n boodskap op ‘n Brightstar-aansoek genoem word, is Flora Centre (maar sien hieronder), Tarentaal/Courtside en die Village Mall (albei reeds verloor uit die Beneficio-leningsfiasko), Carletonvile Centre (belowe onder die Capitec-lening – sien hieronder), Witbank Highveld en Waterfall.

– Is daar ander krediteure wat ook regstappe doen? Ons sal nie verbaas wees as dit inderdaad die geval is nie?

Dan is daar die Flora Centre-saak (sien ons plasing van 28 November hier: www.ndcag.co.za/2025/11/) wat blykbaar op 9 Maart hof toe gaan. Dit lyk asof Capitec voortgaan met hul aansoek om likwidasie van Flora Centre Investments (Pty) Limited, die Nova-filiaal wat die geregistreerde eienaar van Flora Centre is.

Indien dit wel voortgaan en gegewe die Raad se opoffering en in weerwil van CIPC se bateverkopingsembargo, aanbod van Carletonville- en Rangeview-sentrums as skikking – wat sal die uitkoms wees?

Ons het geen woord van CIPC hieroor ontvang na aanleiding van ons e-pos aan hulle waarin ons voorgestel het dat die Nova-aksie om die verbod op die verkoop van vaste bates te omseil nou aksievatbaar is nie.

Intussen is ons bewus daarvan dat Nova-skuldbrieftrustee, JP Tromp vir Willem van Niekerk, voorsitter van die Nova-ouditkomitee, aangespreek het asook die ander direkteure oor waarom die oudit van die ’25 AFS nog nie voltooi is nie en wanneer die Jaarstate gepubliseer sal word

Wat Tromp se ondersoekende en onthullende aktiwiteite betref, het hy ons meegedeel dat Februarie ‘n baie besige tyd vir hom en sy besigheid is en dat hy sy Nova- en skuldbriefverwante poste op sy besigheidswebwerf by www.carian.co.za <www.carian.co.za> > Nova Debenture Trust in Maart sal hervat.