Deadline for this is 25 November. Thus, the 2025 audit by ARC Inc must be finalised so that the AFS can be published and distributed to Shareholders before the AGM can take place

Will this eventuate or will Nova submit yet another application for extension and if they do, what reason will they give and will Companies Tribunal approve again?

A further approval will just add to the length of the ongoing “dark ages” situation regarding the state of the company which has not reported publicly as per their obligations under the Companies Act since the ’24 AFS “were approved for issue on 31 January 2025 and subsequently published via the February 2025 notices for the 2024 AGM” (Google AI)

Will Companies Tribunal be satisfied with the same puerile reason given by Nova in their previous applications?

According to the 10 September extension approval, the reason Nova stated in its application was:

” … that it cannot convene its AGM within the previously extended period because the auditors had expected to finalise the audit and audit report by August 2026, but this did not occur”

Sounds like passing the buck to us. Or, maybe, throwing their auditors under the bus

In the 27 July approval record, the reason was given as:

“The Company states that it was unable to convene its AGM within the prescribed period due to a delay in the finalisation of the auditors’ report and the audited financial statements for the February 2025 financial year”

The CIPC rules on AGM extension applications are that:

“The Tribunal’s jurisdiction to grant an extension is discretionary. The applicant bears the onus of establishing “good cause.” The Act does not define “good cause.” The Tribunal has held that it requires a convincing explanation for the delay and a demonstration that the applicant is acting in good faith and with reasonable diligence.”
The previous reasons re the extensions hardly constitute good cause in our opinion. Will the Tribunal accept the same reason again or require deeper detail in the reason for the delay in getting audit approval

What will eventuate if they do not approve? And, what if at that time, the auditors have still not finalised the Auditor’s Report? Will the Tribunal force the issue and with what outcome?

In this connection, we mention that there have been no responses from anyone addressed in our 21 October “WE CALL ON REGULATORY AUTHORITIES TO TAKE ACTION ON THE ’25 AFS” email sent to ARC Inc, IRBA, CIPC, and the Companies Tribunal

That mail addressed our perception of regulatory failure which has also been stated in Moneyweb’s 19 October post: <www.moneyweb.co.za/in-depth/investigations/cipc-saw-the-nova-disast er-coming-and-failed-to-stop-it/?fbclid=IwZXh0bgNhZW0CMTAAcGRvZgFicmlkETF5OH EyYWlJcnY1UGR6UzROc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABH310an_yjsSoNudLou 9TAzH4hCAG3LQqoQeNL2DaJ_D7O_tu_q48LsrcYM6r_aem_lp_OWjU7LXUTInOeV12N6Q> www.moneyweb.co.za/…/cipc-saw-the-nova…/ as well as Debenture Trustee Tromp’s escalation to the to the National Assembly’s Portfolio Committee on Trade, Industry and Competition of his views on such failure as posted on 19 October

CIPC have responded to the Moneyweb article and we will be publishing same in the near future

The connection between the above comment on the 2025 AFS situation and the “regulatory failure” as previously published is simply:

HOW MUCH LONGER WILL THE NOVA DIRECTORS BE ALLOWED TO “GET AWAY WITH IT”?

We will be monitoring the Companies Tribunal web site for any information on a further application for AGM extension by the company

We definitely think that any further such application should be summarily declined with simultaneous issuance of a Compliance Notice demanding immediate finalisation and publication, TOGETHER WITH finalisation and publication of the AFS for year-ending 28 February, 2026which is also now eight months overdue)

Die sperdatum hiervoor is 25 November. Die 2025-oudit deur ARC Inc moet dus afgehandel wees sodat die finansiële jaarstate (AFS) gepubliseer en aan aandeelhouers versprei kan word voordat die jaarvergadering kan plaasvind

Sal dit werklik gebeur, of sal Nova nóg ‘n aansoek om uitstel indien? En indien wel, watter rede sal hulle aanvoer, en sal die Maatskappytribunaal (Companies Tribunal) dit weer goedkeur?

‘n Verdere goedkeuring sal net bydra tot die duur van die “Dark Ages” situasie wat heers rakende die stand van die maatskappy wat nie publiek verslag gedoen het volgens hul verpligtinge kragtens die Maatskappywet sedert die ’24 AFS “goedgekeur is vir uitreiking op 31 Januarie 2025 en daarna gepubliseer is via die Februarie 2025-kennisgewings vir die 2024 AJV” (Google AI)

Sal die Maatskappytribunaal tevrede wees met dieselfde kinderagtige rede wat Nova in hul vorige aansoeke gegee het?

Volgens die verlengingsgoedkeuring van 10 September, was die rede wat Nova in hul aansoek aangevoer het:

“ ….. that it cannot convene its AGM within the previously extended period because the auditors had expected to finalise the audit and audit report by August 2026, but this did not occur”

Vir ons klink dit soos om die verantwoordelikheid op ander af te skuif. Of dalk om hul ouditeure onder die bus te gooi

In die goedkeuringsrekord van 27 Julie is die rede soos volg aangedui:

“The Company states that it was unable to convene its AGM within the prescribed period due to a delay in the finalisation of the auditors’ report and the audited financial statements for the February 2025 financial year”

Die CIPC-reëls oor AGM-verlengingsaansoeke is dat:

“The Tribunal’s jurisdiction to grant an extension is discretionary. The applicant bears the onus of establishing “good cause.” The Act does not define “good cause.” The Tribunal has held that it requires a convincing explanation for the delay and a demonstration that the applicant is acting in good faith and with reasonable diligence.”

Die vorige redes rakende die verlengings vorm na ons mening nouliks ‘n goeie rede. Sal die Tribunaal dieselfde rede weer aanvaar of dieper besonderhede vereis oor die rede vir die vertraging in die verkryging van ouditgoedkeuring

Wat sal gebeur indien hulle nie goedkeuring verleen nie? En wat as die ouditeure teen daardie tyd steeds nie die Ouditeursverslag gefinaliseer het nie? Sal die Tribunaal op ‘n besluit aandring, en wat sal die uitkoms daarvan wees?

In hierdie verband meld ons dat daar geen reaksie ontvang is van enige van die partye aan wie ons e-pos van 21 Oktober – getiteld “ONS DOEN ‘N BEROEP OP REGULEERENDE OWERHEDE OM OP TE TREE INSAKE DIE ’25 AFS” – gerig was nie. Hierdie e-pos is gestuur aan ARC Inc, die IRBA, die CIPC en die Maatskappytribunaal

Daardie e-pos het ons persepsie van regulatoriese mislukking aangespreek – ‘n kwessie wat ook genoem is in Moneyweb se berig van 19 Oktober (www.moneyweb.co.za/…/cipc-saw-the-nova…/) – asook in die voorlegging deur die obligasietrustee, Tromp, aan die Nasionale Vergadering se Portefeuljekomitee oor Handel, Nywerheid en Mededinging, waarin hy sy siening oor sodanige mislukking uiteensit (soos op 19 Oktober gepubliseer)

Die CIPC het op die Moneyweb-artikel gereageer, en ons sal daardie reaksie in die nabye toekoms publiseer

Die verband tussen bogenoemde kommentaar oor die situasie rakende die 2025-jaarfinansiële state (AFS) en die “regulatoriese mislukking” waarna vroeër verwys is, is eenvoudig:

HOEVEEL LANGER SAL DIE NOVA-DIREKTEURE TOEGELAAT WORD OM “DAARMEE WEG TE KOM”?

Ons sal die webwerf van die Maatskappytribunaal monitor vir enige inligting oor ‘n verdere aansoek om die verlenging van die algemene jaarvergadering deur die maatskappy

Ons dink beslis dat enige verdere sodanige aansoek summier van die hand gewys moet word met die gelyktydige uitreiking van ‘n Compliance Notice wat onmiddellike finalisering en publikasie vereis, SAAM MET die finalisering en publikasie van die finansiële jaarverslag vir die jaar wat eindig op 28 Februarie 2026, wat ook nou agt maande agterstallig is