Daar was onlangs ‘n aantal navrae oor:

– Die status van Sharemax-aandelesertifikate
– Wat is my status by Nova
– Ek het nie ‘n aandele- of skuldbriefsertifikaat nie

Hier is die agtergrond:

Nadat Sharemax in 2010 gesluit is omdat die Suid-Afrikaanse Reserwebank die maatskappy se beleggingsmodel onwettig verklaar het, is ‘n sake-reddingsplan voorgestel deur partye onder leiding van Connie Myburgh; dit is geïmplementeer met hofgoedkeuring ingevolge Artikel 311 van die Insolvensiewet

Ingevolge die skikkingskemas (Schemes of Arrangement) wat deur Myburgh en Kie aan die Sharemax-beleggers voorgelê is, is daar aan hulle ‘n keuse gebied oor die omskakeling van hul Sharemax-bate (die belegging) na ‘n tipe bate in die nuwe “sake-reddingsmaatskappy”

Hulle kon kies om aandeelhouers te word in wat destyds as “Newco” bekendgestaan ​​het – ‘n tydelike naam vir die nuwe maatskappy wat eienaarskap van die Sharemax-bates (die eiendomme) sou oorneem – of om skuldbriefhouers te word

Die destydse Sharemax-aandele sou dan omgeskakel word na óf aandele in Newco (Nova) óf skuldbriewe.

Die verskil tussen die twee is dat aandele in die maatskappy ‘n kapitaalbelegging verteenwoordig, terwyl skuldbriewe dien as erkenning van ‘n lening aan die maatskappy; hierdie sertifikate is in 2011/2012 aan die Sharemax-beleggers gepos

Ons het afskrifte van die Nova-aandele- en skuldbriewsertifikate vir verwysingsdoeleindes ingesluit <<< Let wel: Indien die beelde van die sertifikate nie in hierdie plasing op die webwerf verskyn nie, het daar 'n tegniese probleem ontstaan. Besoekers kan na ons plasing van hierdie inhoud op 22 September op die Facebook-bladsy by web.facebook.com/profile.php?id=100067221587800 kyk.

Daar is ‘n belangrike onderskeid tussen die twee soorte sertifikate

Diegene wat gekies het om aandeelhouers te word, het in werklikheid kapitaal tot die nuwe maatskappy bygedra. Hierdie aandele verskyn onder uitgereikte aandele in die Kapitaalrekening-afdeling van die jaarlikse finansiële state

Skuldbriefhouers, aan die ander kant, is Nova-krediteure, wat beteken dat hul Sharemax-sertifikate omgeskakel is na ‘n lening aan die maatskappy en die totaal van die uitgereikte skuldbriewe word as ‘n krediteur-aanspreeklikheid in Nova se boeke weerspieël

As u nie eintlik tussen die twee opsies gekies het en Newco dienooreenkomstig in kennis gestel het nie, het u by verstek ‘n skuldbriefhouer geword

Wat is die verskille tussen die aandele en die skuldbriewe? Hierdie skakel bied ‘n opsomming deur Google se kunsmatige intelligensie (KI): tinyurl.com/4ubzn2pp (Daar is geen waarborg dat dit 100% akkuraat is nie, alhoewel inligting wat deur Google se KI verkry word, gewoonlik wel akkuraat is; dit hang egter af van die inligting en besonderhede waartoe Google toegang kon verkry)

Afgesien van daardie skuldbriefhouers wat tussen 2012 en 2013 terugbetaal is, het nie een van die twee groepe natuurlik ooit enige van die beoogde of beloofde voordele ontvang nie – vir sover ons weet

Indien jy steeds jou Sharemax-sertifikaat besit onder die indruk dat dit dien as bewys van jou belegging en jou aanspraak op terugbetaling, is dit nie die geval nie

Die uitreiking van die aandele en skuldbriewe het die Sharemax-sertifikate ongeldig gemaak – die maatskappy het nie meer bestaan ​​nie

Indien jy dus nie oor ‘n Nova-sertifikaat beskik nie, behoort jy hulle vir bystand te kontak

Hulle telefoonnommer is 012 425 5000

Alternatiewelik – en dalk beter – kan jy ‘n e-pos stuur na [email protected] <mailto:[email protected]>

Sluit jou persoonlike besonderhede in – volle name, ID-nommer, adres, telefoonnommer en e-posadres (dit hoef nie jou eie te wees nie; dit kan enige adres wees waar jy graag kommunikasie wil ontvang) – asook kopieë van enige relevante sertifikate waaroor jy beskik

Hulle sal reageer, enige verdere inligting aanvra wat hulle benodig, jou besonderhede in hul rekords dienooreenkomstig bywerk en, sodra alles in orde is, duplikaatsertifikate uitreik indien nodig. Daar kan ‘n fooi gehef word vir die nuwe of vervangingssertifikate

Indien jy enige twyfel het oor jou status by Nova, is daar geen rede waarom jy hulle nie ook kan kontak vir bevestiging nie; hulle sal dan ook jou kontak- en ander besonderhede bywerk soos nodig, gebaseer op die inligting wat jy aan hulle verskaf

(Only available in English)

In our post of 25 August (NDCAG CALLS OUT NOVA/NDCAG SPREEK NOVA AAN ) we made reference to CEO Haese’s response to an email sent by a Debenture Holder

Haese informed her that:

“We note that you communicate with Mr JP Tromp, the Debenture Deed Trustee, and it is unfortunate to not{e} that it seems that he has failed to assist you. A note of caution, as we have received multiple communications from Debenture Holders, complaining about his actions and the misguided information received from Mr Tromp by them. It remains a concern that the Trustee is unfortunately not assisting Debenture Holders.

We have furthermore been provided with proof that the Trustee has been busying himself by lodging unjustified complaints, and often in harassing fashion, at multiple regulatory and/or government bodies, all to the detriment of Debenture Holders, like yourself, and have been requested to take action against the Trustee in this regard.”

Debenture Trustee J-P Tromp has been in the loop in the wider correspondence and he has responded to that Debenture Holder with:

Quote:

“Before addressing your email, I must first respond to several statements made by Me. Haese. She is fully entitled to her views of me in my capacity as Trustee, as well as her interpretation of my actions, which I respect. However, I will not tolerate false, misleading, or incorrect statements made by her or by any member of the Board of Directors.

– “We note that you communicate with Mr JP Tromp, the Debenture Deed Trustee, and it is unfortunate to note that it seems that he has failed to assist you.”
I have reviewed my email correspondence and it appears that I have not received any email from you. If I overlooked an email, I sincerely apologise. Should you kindly forward the communication referred to by Me. Haese, I will accept responsibility for any oversight. Until such time, I cannot comment on Me. Haese’s alleged “failure to assist”.

– “A note of caution, as we have received multiple communications from Debenture Holders, complaining about his actions and the misguided information received from Mr Tromp by them.”
I am not aware of any “multiple communications” from Debenture Holders. I respectfully request that the Board of Directors provide me with copies of these communications without delay. Upon receipt, I will be in a position to respond to any allegation of “misguided information” published on my website.

– “It remains a concern that the Trustee is unfortunately not assisting Debenture Holders.”
I take note of the comment, although factually false (refer to my escalations below). However, it remains an equally serious concern that the Board of Directors is not assisting Debenture Holders. The Flora Centre matter is a textbook example.

– “We have furthermore been provided with proof that the Trustee has been busying himself by lodging unjustified complaints, and often in harassing fashion, at multiple regulatory and/or government bodies…”
It is correct that I have lodged complaints. The “proof” referred to by Me. Haese is simply the fact that the Board of Directors, and in many cases the external auditors, were included as recipients in all submissions to the CIPC and the Companies Tribunal. The interpretation that these complaints are “unjustified” or “harassing” is perhaps due to the fact that the information submitted is factually correct, and that the Board of Directors are well aware of these facts, but that is hard to face the facts.

Based on the previously published AFS, I remain of the respectful view that the Nova Group is factually and commercially insolvent. No action taken by the Board of Directors can reasonably be interpreted as being in the best interests of Debenture Holders.

“Unjustified complaints”

This is an ideal opportunity for the Board of Directors to provide documentary evidence proving that the statements made in my complaints to the CIPC and the Companies Tribunal are false or incorrect. These include, inter alia:

1. CoR135.1 – 08 May 2025
* Contravention of section 30 of the Companies Act – CIPC confirmed Nova’s incorrect interpretation and the contravention. * Amogela Mall – Complete mismanagement of the sale, resulting in the relevant class of Debenture Holders losing 100% of their investment. * Beneficio matter – Millions spent, loss of the ConCourt case, and repayment of ±R62 million. Two non‑debenture‑linked properties lost through auction. * Ever‑increasing SARS liabilities, not settled timeously, if at all.

2. Communication to the CIPC Commissioner – 30 September 2025
* Sale of 12 debenture‑linked properties valued at ±R 415 million, with the relevant Debenture Holders not yet paid. No funds exist, and will not exist, to repay them. These Debenture Holders have also lost 100% of their investment.

3. Communication to the CIPC Commissioner – 25 November 2025
* Alerting the CIPC to the serious issues surrounding the provisional liquidation of Flora Centre, which proved to be accurate and resulted in the Flora Debenture Holders losing 100% of their investment.

4. CoR135.1 – 30 June 2026
* Contravention of section 61(7) of the Companies Act. As at 4 September 2026, the audit was still incomplete, and the statutory 15 business‑day notice period for the AGM cannot be met.

5. CoR135.1 – 27 July 2026
* Failure to register the covering bond over the Flora property, DIRECTLY resulting in the Flora Debenture Holders losing 100% of their investment, a textbook example of reckless conduct by the Directors of Nova Investments.

6. Communication with the Companies Tribunal – 08 July 2026
* Detailed submission explaining why an extension under section 61(7) should not be granted. The extension was initially denied, then granted on appeal, an appeal which now appears baseless, as Nova will not be able to hold the AGM before 27 September 2026.

Trustee Fee

My monthly Trustee fee of R 50,000 is now questioned, with a suggestion to reduce it to R 10,000. The Board’s view appears to be that I am “busying myself” with matters outside my mandate (or am I getting too close the core of the issues, hidden from Debenture Holders). This may be their view, but it is also clear that the suggestion is financially motivated, given Me. Haese’s public acknowledgement that Nova is experiencing an insolvent financial position.

Conclusion

I urge you to pursue these allegedly “unjustified” matters and invite the Board of Directors to provide documentary evidence proving that my submissions are false or baseless. You are further encouraged to meet with the Board of Directors to “discuss the Trustee”. I trust that such a meeting will be properly documented and that the minutes will form part of the Board’s formal records.

Should you require any additional information or clarification, please do not hesitate to contact me. It may be advisable to include the full Board of Directors in future correspondence to enhance transparency.”

Unquote

PS: We inform that we have received no response to the email sent to Nova on 5 August. Perhaps they won’t respond, partly because they do not recognise us as a Debenture Holder representative organisation. Perhaps they will not respond because we hit the nail exactly on the head?

Attention any Nova Property Shareholder:
The 2025 AGM is due to be held by the end of this month
Please forward to us a copy of any email – with attachments – that you receive from Nova for this AGM
Please mail to [email protected],za
Thank you

Aandag aan alle Nova Property-aandeelhouers:
Die AJV vir 2025 moet teen die einde van hierdie maand plaasvind
Stuur asseblief vir ons ‘n afskrif van enige e-pos – insluitend aanhegsels – wat u van Nova oor hierdie AJV ontvang
Stuur dit asseblief na [email protected].
Dankie.

Dear Debenture Holder / Interested Party
I trust this communication finds you well.
This correspondence serves to provide a concise update regarding the finalisation of the 2025 Annual Financial Statements (“AFS”).
As at today’s date, the AFS for the financial year ended 28 February 2025 remain incomplete – 18 months after year end and 12 months beyond the legislated deadline of 31 August 2025, being the date by which the audit of a Public Company must be finalised in accordance with the Companies Act.
At the end of June, Nova applied for an extension to convene the AGM for the 2025 AFS, requesting a new deadline of 27 September 2026. In terms of section 62(1) of the Companies Act, Nova is required to issue notices for the AGM no later than Monday, 7 September 2026.
Earlier this morning, I requested confirmation from Nova’s independent auditors regarding the status of the audit. They responded promptly, confirming that “the audit opinion has not been signed off.”
This constitutes yet another contravention of the Companies Act by the Nova Board.
The indicators are becoming increasingly clear – Nova is factually and commercially insolvent.
In conclusion, and with due respect to both the CIPC and the Companies Tribunal, despite multiple escalations and formal complaints submitted regarding repeated contraventions of the Companies Act, there has been no visible regulatory action to date. Notwithstanding this lack of intervention, I will continue to act decisively. I will lodge a further complaint with the CIPC and will publish the updated documentation on my website as soon as possible.
Please rest assured that I am doing everything within my power to ensure that justice prevails in favour of the Debenture Holders. The value of Debentures is being eroded on a daily basis. Regardless of what value may ultimately remain, I remain fully committed to holding the Directors accountable.
Kind regards
JP Tromp In my capacity as Trustee of the Debenture Trust