Hierdie skakel verwys na sy nuusbrief van Oktober, waarin hy die huidige stand van sy aktivisme breedvoerig uiteensit en ‘n oorsig gee van gebeure uit die verlede en die tydperk daarna, tesame met ‘n positiewe vooruitsig: www.ndcag.co.za/go/20261008

This link is for his October newsletter in which he has set out at some length the current status of his activism and provides a history of what happened back then and since together with some positive outlook: <www.ndcag.co.za/go/20261008> www.ndcag.co.za/go/20261008

We have mailed the following text to CIPC”s Companies Tribunal today

Quote:

We note in the Companies Tribunal web site that Nova Propgrow has been granted yet another extension for the holding of the 2025 AGM, this time to 25 November

The record shows only that the application arose because (Nova stated) the auditors have said that they will only finalise the audit by late September. Hardly a compelling motivation in the circumstances (and a case of Nova passing the buck)!

Surely, this is too much and too much misuse of the extension “escape hatch” whilst behind the AGM issue lies the still unfinalized ’25 AFS

You must have formed the opinion, if you’re not now actually convinced, that Connie Myburgh and the directors are employing delaying tactics. That this is happening must have a compelling driver and we suggest that it must be more than just insolvency (although that would be bad enough) and something very serious that is being kept hidden thanks to the deliberate delays

We are in agreement with Debenture Trustee J-P Tromp’s opinions conveyed to yourselves in his various CoR135.1 complaints on the alleged insolvency but we also think that the auditors may well be bowing to pressure from the company or they are complicitly participating in the delaying tactics

It is our understanding that the auditors have not lodged an AFS related Reportable Event with IRBA on the AFS issue and that, in the circumstances, must speak volumes!

And, all this whilst the deadline for finalisation of the 2026 AFS has already passed

Given that the ’25 AFS will likely not be finalised by 25 November and that yet another application for extension will quite likely be made, what are the chances that the 2026 AFS will be finalised this year?

We are faced here with a situation – which applies equally to yourselves – in which the last published information on the state of the company is relevant to its state prior to 28 February 2024, meaning two and a half years (and counting) without formal information about the company’s standing. You may have, per your perspective, valid reasons to have allowed this situation to get this far and maybe go further, but we state that it is unfair to have the Debenture- and Shareholders left in the dark in this way and getting little information on possible actions and progress towards resolution

For more than ten years Myburgh and the directors have practiced mushroom management (keep them in the dark and feed them “manure”) in respect of the Debenture Holders – their largest creditor and a liability of 2.227 billion as at 28 February ’24 – and probably also the Class D Shareholders (those Sharemax investors who opted to become shareholders rather than take the Debenture option, back in 2011/12

We are of the opinion that they are mushroom managing the CIPC also

We also put it to you that the time to stop continually letting the company “get away with it” has arrived and that with all of the non-compliance instances on record and the failure to deliver on their core mission after sixteen years, it is time to take drastic action. Court action to declare all of the directors delinquent and thus removed and with the company placed under administration pending actions to arrive at a new way forward is, in our opinion, highly appropriate

Whilst you have not responded to our previous mails, we trust that you will on this one and thank you in anticipation of same

We have seen in the CIPC web site that a Nova application for a further extension for the holding of the’ 25 AGM has been approved by CIPC and the new deadline date is 25 November

We informed yesterday that it has been confirmed that the ’25 AFS has not yet been finalised so the email invitations to shareholders re the AGM is now delayed

Ons het op die CIPC-webwerf gesien dat ‘n aansoek deur Nova vir ‘n verdere uitstel van die 2025-jaarvergadering deur die CIPC goedgekeur is, en dat die nuwe sperdatum 25 November is

Ons is gister in kennis gestel dat die finansiële jaarstate vir 2025 nog nie gefinaliseer is nie; gevolglik word die e-posuitnodigings aan aandeelhouers vir die jaarvergadering nou vertraag

* Status of Sharemax share certificates * What is my status at Nova * I don’t have a Share or Debenture certificate

Here’s the history:

In 2010 after Sharemax was closed down as a result of the SA Reserve Bank declaring the company’s investment model illegal a Business Rescue plan was offered by parties led by Connie Myburgh and implemented under Court approval of it under Section 311 of the Insolvency Act

Out of the Schemes of Arrangement (SoAs) sent to the Sharemax investors by the Myburgh & Co they, the Sharemax investors were offered a choice regarding the conversion of their Sharemax asset (the investment) to a form of asset in the new “business rescue” company

They could choose to become Shareholders in what was then styled as Newco being a temporary name for the new company that would assume ownership of the Sharemax assets – the properties – or become Debenture Holders

The then existing Sharemax shares would then covert to either of Newco (Nova) Shares or Debentures

The difference between the two is that Shares in the company are a capital investment and Debentures are an acknowledgement a loan to the company and these certificates were posted out to the Sharemax investors in 2011/2012

We have included copies of the Nova Share and Debenture certificates for guidance <<< Note: if the images of the certificates do not appear in this post in the web site then there has been a technical hitch. Viewers should look at our post of this content on 22nd September, in the Facebook page at web.facebook.com/profile.php?id=100067221587800

There is an important distinction between the two types of certificate:

Those who elected to become Shareholders were in effect, contributing capital to the new company. These shares appear under issued shares in the Capital Account section of the annual financial statements

Debenture Holders on the other hand are Nova creditors meaning that their Sharemax certificates were converted to a loan to the company and the total of the issued debentures reflects as a creditor lability in Nova’s books

If you did not actually choose between the two options and notify Newco accordingly, you have become a Debenture Holder by default

What are the differences between the Shares and the Debentures: this link provides a google AI summary: <tinyurl.com/4ubzn2pp> tinyurl.com/4ubzn2pp (No guarantee that it is 100% accurate but information extracted by Google AI is generally so although it will be based on what information and detail Google can source)

Of course, except for those Debenture Holders who were repaid between 2012 and 2013 neither of the two groups has ever received any of the intended/promised benefits – as far as we know

If you still hold your Sharemax Certificate under the impression that same is the evidence of your investment and your entitlement to repayment, this is not the case

The issue of the Shares and Debentures invalidated the Sharemax certificates – the company was no longer in existence

Therefore, if you do not have a Nova certificate, you should contact them for assistance

Their telephone number is 012 425 5000

Alternatively, perhaps better, is to email <mailto:[email protected]> [email protected]

Include your personal details – full names, ID number, address, telephone number, and email address (this does not have to be your own; it can be any address where you wish to receive correspondence) – as well as copies of any relevant certificates you hold

They will respond, request any further information they require, update your details in their records accordingly, and, once everything is in order, issue duplicate certificates if necessary. A fee may be charged for the new or replacement certificates

If you have any doubts regarding your status with Nova, there is no reason why you cannot contact them for confirmation; they will then also update your contact and other details as necessary, based on the information you provide to them