In that site he has informed of his commitment to fulfil the role of Debenture Trustee and work in the interests of the Debenture Holders

Go to the web site and click on the Nova Debenture Trust link/button to read his foundation statement

This channel arises in part from the historical lack of communication out of Nova and where certain (many?) actions of the Chairman and the Executive have rung alarm bells for him and which, he has decided, necessitate public highlighting

Whilst some negativity and suspicion of Tromp has been detected amongst some Debenture Holders and activists in the past we are, in terms of a conscious decision taken some time ago, willing to co-operate with anybody or entity that opposes Nova. This is despite any alleged past activity or actions or suspicions that such persons or entities may have engaged in provided that we are satisfied about the bona fides of their actions taken against Nova and/or in the interests of achieving repayment for the Sharemax investors – whether out of Nova operations or from persons or entities that eventually carry the blame and accountability for the alleged illegal and irregular shut-down of the Property Syndication Promotions Companies in 2010

Note also the other links/buttons in the Nova Debenture Trust page under the heading Media Statements. Tromp will be publishing information under these headings in the future

There is already a post present on his response to Nova’s reaction to his public statements via Moneyweb plus an exposé on the situation regarding Amogela Mall in Welkom (formerly Liberty Mall)

The Amogela post is likely to set the tone for future posts on other of the Nova properties and related matters

The news will not always be good – in fact, may never be good

Appreciate that Tromp, whilst in office as the Debenture Trustee, is, first and foremost, a Chartered Accountant and it is quite possible that much of his future posts will be conveyance of the bad news that he has detected in his scrutiny and analysis of Nova’s Annual Financial Statements

What therefore does this hold for the Debenture Holders and the likelihood of repayment out of Nova?

The answer is very little unless Nova can find a White Knight who will deliver the goods. We suggest: don’t hold your breath!

Thus, the answer lies in the outcomes of other actions against Nova

In direct action, the Companies Tribunal on Nova’s performance and failures, that was initiated by the Companies and Intellectual Property Commission (CIPC)

Indirectly, the impact on Nova’s future once the CIPC initiated Inter-Regulatory Investigation into the shut down of the Property Syndication companies in 2010, has delivered its Final Report

Whilst both of these are very slow moving they are nonetheless, still on the go and will still deliver, as per direct and indirect feedback received from time to time

What are the possible outcomes for Nova as a result of the revelatory actions by Tromp?

That remains to be seen. Will the CIPC include details of his revelations in the agenda for the Companies Tribunal hearing? Will the frequent assertions that Nova is in fact, insolvent result in the company being placed under administration (with removal of the current Board of Directors)? Will yet another Business Rescue Plan be necessary? What will all of this mean as regards time-frames relevant to any foreseen eventual repayment?

See also:
www.ndcag.co.za/go/202506101 Nova trustee takes on Sharemax rescue vehicle board
and
<www.ndcag.co.za/go/202506102?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExZ1pMY jJNMDVWUVJ5ZDNBYgEeW2nxjcUOAlVCE0GwhxgbEKktcxrs4F9QNGvfX9Li3HAMFML4B8Y6IO0mj os_aem_gJe1s8vmwEq9DnlL2joBzg> www.ndcag.co.za/go/202506102 Official Response from the Trustee of the Debenture Trust on the Moneyweb article of 19 June 2025 – Sharemax Rescue Vehicle on the Brink as Creditors Circle
and
iono.fm/e/1572350: RSG Geldsake podcast (available in Afrikaans only) featuring Tromp on liquidation applications against Nova

Op daardie webwerf het hy ingelig oor sy verbintenis om die rol van Skuldbrieftrustee te vervul en in die belang van die Skuldbriefhouers te werk

Gaan na die webwerf en klik op die Nova Denture Trust-skakel/knoppie om sy stigtingsverklaring te lees

Hierdie kanaal spruit deels voort uit die historiese gebrek aan kommunikasie vanuit Nova en waar sekere (vele?) optrede van die Voorsitter en die Uitvoerende Kommitee alarmklokke vir hom laat lui het en wat, volgens hom, openbare uitlig noodsaak

Alhoewel daar in die verlede negatiwiteit en agterdog teenoor Tromp onder sommige Skuldbriefhouers en aktiviste bespeur is, is ons, in terme van ‘n bewuste besluit wat ‘n geruime tyd gelede geneem is, bereid om saam te werk met enigiemand of entiteit wat Nova teenstaan. Dit is ten spyte van enige beweerde vorige aktiwiteite of aksies of vermoedens waaraan sulke persone of entiteite moontlik deelgeneem het, mits ons tevrede is met die bona fides van hul optrede teen Nova en/of in die belang van die verkryging van terugbetaling vir die Sharemax-beleggers – hetsy uit Nova-bedrywighede of van persone of entiteite wat uiteindelik die skuld en aanspreeklikheid dra vir die beweerde onwettige en onreëlmatige sluiting van die Eiendomsindikasie-promosiemaatskappye in 2010

Let ook op die ander skakels/knoppies op die Nova Debenture Trust-bladsy onder die opskrif Mediaverklarings. Tromp sal in die toekoms inligting onder hierdie opskrifte publiseer

Daar is reeds ‘n plasing beskikbaar oor sy reaksie op Nova se openbare verklarings via Moneyweb, plus ‘n uiteensetting oor die situasie rakende Amogela Mall in Welkom (voorheen Liberty Mall).

Die Amogela-plasing sal waarskynlik die toon aangee vir toekomstige plasings oor ander van die Nova-eiendomme en verwante sake

Die nuus sal nie altyd goed wees nie – trouens, dit mag nooit goed wees nie

Daar moet verstaan word dat Tromp, terwyl hy in die amp as die Skuldbrieftrustee optree, eerstens ‘n Geoktrooieerde Rekenmeester is en dit is heel moontlik dat baie van sy toekomstige poste die oordrag van die slegte nuus sal wees wat hy in sy ondersoek en ontleding van Nova se jaarlikse finansiële state opgespoor het

Wat hou dit dus in vir die Skuldbriefhouers en die waarskynlikheid van terugbetaling uit Nova?

Die antwoord is baie min tensy Nova ‘n Wit Ridder kan vind wat die terugbetaling sal lewer. Ons stel voor: moenie jou asem ophou nie!

Dus lê die antwoord in die uitkomste van ander aksies teen Nova

In direkte aksie, die Maatskappytribunaal oor Nova se prestasie en mislukkings, wat deur die Companies and Intellectual Property Commission (CIPC) geïnisieer is

Indirek, die impak op Nova se toekoms nadat die CIPC ‘n Inter-Regulatoriese Ondersoek na die sluiting van die Eiendomsindikasiemaatskappye in 2010 begin het, sy Finale Verslag gelewer het

Alhoewel beide hiervan baie stadig beweeg, is hulle nietemin steeds aan die gang en sal, volgens direkte en indirekte terugvoer wat van tyd tot tyd ontvang word, steeds uitkomste lewer en hopelik, die gewenste terugbetaling

Wat is die moontlike uitkomste vir Nova as gevolg van die openbarende aksies deur Tromp?

Dit bly nog gesien te word. Sal die CIPC besonderhede van sy onthullings in die agenda vir die Maatskappytribunaalverhoor insluit? Sal die gereelde bewerings dat Nova in werklikheid insolvent is, daartoe lei dat die maatskappy onder administrasie geplaas word (met die verwydering van die huidige direksie)? Sal nog ‘n sake-reddingsplan nodig wees? Wat sal dit alles beteken ten opsigte van tydsraamwerke wat relevant is tot enige voorsiene uiteindelike terugbetaling?

Sien ook:
<www.ndcag.co.za/go/202506101> www.ndcag.co.za/go/202506101 Nova trustee takes on Sharemax rescue vehicle board
and
<www.ndcag.co.za/go/202506102?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExZ1pMY jJNMDVWUVJ5ZDNBYgEeW2nxjcUOAlVCE0GwhxgbEKktcxrs4F9QNGvfX9Li3HAMFML4B8Y6IO0mj os_aem_gJe1s8vmwEq9DnlL2joBzg> www.ndcag.co.za/go/202506102 Official Response from the Trustee of The Debenture Trust on the Moneyweb article Of 19 June 2025 – Sharemax Rescue Vehicle on the Brink as Creditors Circle
and
iono.fm/e/1572350: RSG Geldsake podcast (available in Afrikaans only) featuring Tromp on liquidation applications against Nova

Hierdie reaksie is gepubliseer in ‘n verdere Moneyweb-artikel getiteld “ <www.moneyweb.co.za/in-depth/investigations/nova-trustee-takes-on-sharemax-rescue-vehicle-board/> Nova trustee takes on Sharemax rescue vehicle board”

Sien www.moneyweb.co.za/in-depth/investigations/nova-trustee-takes-on-sharemax-rescue-vehicle-board/

en www.moneyweb.co.za/wp-content/uploads/2025/07/JPT-response.pdf

Luister ook na hierdie potgooi oor die onderwerp in RSG se Geldsake: iono.fm/e/1572350 waar Tromp verdere insette gelewer het.

Let wel: slegs beskikbaar in Afrikaans – Indien Engelssprekendes of ander taalsprekers hulp benodig, moet hulle asseblief met familielede of ander, bv. hul finansiële adviseur, skakel vir ‘n vertaling

Ingeval bogenoemde agter ‘n “paywall” geplaas is, kry toegang hier:

<www.ndcag.co.za/go/202506101> www.ndcag.co.za/go/202506101
<www.ndcag.co.za/go/202506102> www.ndcag.co.za/go/202506102

Waarheen gaan dit?

Likwidasie van Nova is nie die beste opsie nie as gevolg van die gebrek aan fondse om die skuldbriefhouers terug te betaal, wat nie eers eerste in die ry is nie. Hulle staan ​​agter Sars en ander voorkeurkrediteure.

Om die maatskappy in die beheer van die huidige direksie te laat, kan geensins gesien word as ‘n lewensvatbare toekoms wat terugbetaling kan lewer nie.

Om die maatskappy in kuratorskap te plaas (wat beteken opskorting van die huidige direkteurskap) mag dalk ‘n opsie wees, maar gegewe die oënskynlike insolvensie, hoe lank sal dit neem om die maatskappy te herstel, te stabiliseer en te laat groei tot die punt waar skuldbriefterugbetalingsvermoë bereik word?

Is die uitkomste van die CIPC en sy ondersoek na die beweerde onwettighede en onreëlmatighede agter die sluiting van Sharemax en ander eiendomsindikasiemaatskappye in 2010, en afsonderlik na Nova oor sy mislukkings, die enigste hoop? Kan daar enige hoop in hierdie verband wees solank die CIPC se tussentydse verslag nie vrygestel word nie en dus enige vordering na ‘n uiteindelike voordelige uitkoms vir die beleggers verhoed?

Wat nodig is, is aksie! Hoe langer die vertragings voorkom, hoe gevaarliker word die moontlikheid van ingryping deur “gevestigde belange” met die moontlikheid dat die hele saak onder die dekmantel van “politieke doelmatigheid” laat vaar word

Dit lyk asof daar óf te veel interne burokrasie by CIPC is wat die vrystelling belemmer, óf dat daar te veel geleentheid is vir eksterne agente – diegene wat dalk in die verslag genoem, indien nie geïmpliseer nie – om in te meng, óf dat daar binne CIPC te veel kommer is oor die moontlike reputasieskade wat die lot van sekere persone en entiteite by die staatsorgane kan wees, wat duidelik sal word sodra die Finale Verslag uiteindelik al die vorige skelmstreke in die publieke domein plaas!

This response has also been published in a further Moneyweb article titled <www.moneyweb.co.za/in-depth/investigations/nova-trustee-takes-on-sh aremax-rescue-vehicle-board/> Nova trustee takes on Sharemax rescue vehicle board

See www.moneyweb.co.za/in-depth/investigations/nova-trustee-takes-on-sha remax-rescue-vehicle-board/

and www.moneyweb.co.za/wp-content/uploads/2025/07/JPT-response.pdf

Listen also to this podcast on the topic in RSG’s Geldsake: iono.fm/e/1572350 where Tromp gave further inputs

Note: only available in Afrikaans. If English or other language speakers require assistance, they should, please, engage with family members or others, eg; their financial advisor, for an interpretation

In the event that the above have been placed behind a paywall, access here:

<www.ndcag.co.za/go/202506101> www.ndcag.co.za/go/202506101
<www.ndcag.co.za/go/202506102> www.ndcag.co.za/go/202506102

Where is this going?

Liquidation of Nova is not the best option because of the lack of funds to repay the Debenture Holders who are not even first in line. They rank behind Sars and other preferential creditors

Leaving the company in the control of the present directorate cannot, by any stretch of the imagination, be seen as a viable future that can deliver repayment

Placing the company in curatorship (meaning suspension of the current directorship) might be an option but, given the apparent insolvency, how long will it take to recover, stabilise and grow the company to the point of achieving debenture repayment capability?

Are the outcomes of the CIPC and its investigation into the alleged illegalities and irregularities behind the 2010 shutdown of Sharemax and other property syndication companies and separately, into Nova over its failures, the only hope? Can there be any hope in this connection as long as the CIPC’s Interim Report remains unreleased thus preventing any progress towards an eventual beneficial outcome for the investors?

What’s needed is action! The longer the delays occur, the more dangerous the possibility of intervention by “vested interests” becomes with the possibility of the whole matter being dropped under the guise of “political expediency”

It seems that there is either too much internal bureaucracy at CIPC that is hindering the release or that there is too much opportunity for outside agents – those who might be named, if not implicated, in the report – to interfere and/or that, within CIPC there is too much concern for the possible reputational damage that might be the lot of certain persons and entities with the organs of state that will become apparent once the Final Report eventually places all of the past skullduggery in the public domain!

www.moneyweb.co.za/in-depth/investigations/sharemax-rescue-vehicle-o n-the-brink-as-creditors-circle/

In case the article is moved behind Moneyweb’s paywall, it can also be viewed here www.ndcag.co.za/go/202506191, and for Nova Chair Connie Myburgh’s response to Moneyweb’s questions, here <www.ndcag.co.za/go/202506192> www.ndcag.co.za/go/202506192

Whilst, on the surface, it is correct that if Nova goes into liquidation, there is not enough money and insufficient assets, available to meet all of the company’s liabilities – including the 2.2 billion value of the yet to be repaid debentures, it is not the only source of possible debenture repayment

The article states that the CIPC investigation (into the 2010 shut-down of the PSPC – Property Syndication Promotion Companies – industry which included Sharemax and into Nova itself due to repeated failures to meet Companies Act obligations and the failure to repay all of the debentures by 22 January 2022) has “ground to a halt”

This is not the case. Yes, we still await the release of the CIPC Investigation’s Interim Report and have been for almost two years now. But there are actions underway to move forward

On 2 June, CIPC sent out a letter to all of the investigation participants who had already signed and submitted Non-Disclosure Agreements to CIPC (that’s non-disclosure of the contents of the Interim Report) together with documentation for recipient’s comments on the report’s contents. The letter opened with a statement to the effect that the recipients had already received the report but not directly from the internal Investigation division of CIPC – probably from their legal area

That report had not been sent out by 2 June and still has not. It appears that, on the one hand, there is much bureaucracy involved which keeps tripping up the release and on the other, we suspect, there are entities, organs of state, and individuals perhaps, who are also intervening because they are going to be seriously embarrassed at what the Final Report reveals – whether because of their part in the process that led to the shut-down, or their failure to act when addressed by the activists, some of the PSPC company directors and whoever, on the allegations of wrongdoing

The sending of the letters on 2 June indicates that CIPC Investigation division is ready to proceed and process investigation participant’s comments as preparation for the CIPC Inquisition (to take place thirty days after the release of the Interim Report) on the findings of the investigation which will lead to the formulation of the Final Report, which, we understand, will be made public

Given the expectation that the findings will expose who and which entities engineered and benefited from the deliberate shut-down (and as has been alleged, capture of the PSPC companies’ assets) we are of the opinion that all of the PSPC investors (or their successors) can look to the Investigation’s outcomes as their best hope of receiving their money back

But, it will not necessarily happen quickly. Once the Final Report has revealed the details of the illegalities and irregularities that were perpetrated back in 2010, decisions will have to be made on what to do about the revelations. Once those decisions have been made and implemented, will there be legal action against those persons and bodies found to be responsible and accountable? Will those same persons and bodies institute legal actions of their own to contest the findings and/or to defend their actions? How long will all of that take?

Note also the input from Debenture Trustee J-P Tromp. He is still speaking publicly and in negative terms about Nova which indicates that he is still pursuing actions against the company. We await further news in this regard

Regarding Nova Chair Connie Myburgh’s response to the liquidation application by Bright Light, we’d say that of course he would respond as he did. Typical Myburgh tactics in our opinion. He states that Bright Light is “a seemingly unregistered electricity provider”. According to CIPC company registrations, Bright Light is registered with CIPC as a Venture Capital Company with enterprise number K201649138. Does that not legitimise them? Anyway, why label them negatively now? Did they not have doubts right from the start of the solar installation project for the relevant properties? If so, why trade with them in the first place (reckless trading)? Or, are those doubts now expressed, just a smokescreen?

Likewise, with Beneficio and the 31 million loan. When they could not repay and the pressure was on, they complained that the interest rate was usury. But they entered into the deal nonetheless! Were the directors wearing blindfolds when they signed the contract? What was the purpose of the loan anyway? Something not benefiting the business per sé and not in the interests of the Debenture Holders?
According to the court record (North Gauteng High Court, Pretoria) for Benefico vs Tarentaal Centre in the Saffli archive – www.saflii.org/za/cases/ZAGPPHC/2023/324.html – Nova stated that “[64.4] The money was borrowed as a result of a business decision by the defendants and the NOVA Group to repay debenture holders and to avoid reputational damage – it was a business decision which made sense to the defendants and the NOVA Group”. It made sense? Who’s kidding who here? Was this the true reason? Just another smokescreen? What on Earth would lead the Nova directors to think – convince themselves? – that a debenture repayment of 31 million out of a total amount due of 2.2 billion would in any way contribute to avoiding reputational damage? Does that approach mean that they were not aware (and are still not?) of the huge scale of the reputational damage that already applied and continues to apply?

The downside of Nova’s tactics? They spend company money, what Myburgh publicly referred to, at one of the Debenture Trustee election meetings back in 2021, as “our money”, implying Debenture Holder money that could be used to repay, to defend their interpretations of the law or the legal opinions received (again, paid for with “our” money) and to attempt to escape the consequences of what has been alleged as occurrences of reckless trading. Deemed reckless trading which could lead to a CIPC Compliance Notice, in terms of the provisions of the Act, ordering them to cease trading which action in itself will probably lead to further legal action by the company (“our” money, again)

But the directors will continue promising repayment whilst stalling, fighting and spending “our money” on legal actions for as long as they can. Why? Because, we believe, Nova is a cash cow which they milk and have been milking ever since they acquired the Sharemax assets. That, we believe, was the hidden purpose behind the “Sharemax Business Rescue” (refer also Ryk van Niekerk’s content on the Harrison & White liquidation)

Mr Myburgh and co-directors of Nova Group: we invite you to respond and try to convince us otherwise. But, that’s a hell of a mountain to climb and your chances of success are very slim!