He has published new items in his web site www.carian.co.za <www.carian.co.za> (see under the Nova Debenture Trust button)

On 9 March: www.carian.co.za/post/non-compliance-with-section-30-of-the-companie s-act-audited-annual-financial-statements-for-the-fi

It calls on CIPC to rule on the matter of the AFS publication deadline being as per the Companies Act, content, viz; six months after the end of the financial year in t eight of Nova Chair Myburgh’s persistence the Act’s requirements are only a guideline. It also contains statements on the unaudited AFS that nova lodged with CIPC in September last year and re which, Tromp states “These AFS clearly reflect a severe going concern risk and, in my opinion, indicate that the Nova Group is technically insolvent.”

On 10 March: www.carian.co.za/post/statement-on-the-nova-group-s-financial-positi on-and-official-complaint-to-the-cipc

This post deals with Tromp’s formal complaint to CIPC in May, 2025 about the state based on his analysis of the AFS up to the one for year-end 28 February, 2024

On 10 March: www.carian.co.za/post/nova-propgrow-group-holdings-limited-potential -r-414-694-327-debenture-shortfall
This post centres on Nova Chair Myburgh’s response to Tromps “Missing R 414,694,327” of September 30, 2025 nd correspondence between Tromp, CIPC Commissioner Advocate Rudi Voller and Myburgh

Tromp has echoed our views previously tabled with Cuma Zwane, Senior Investigator, Corporate Compliance and Disclosure Regulation Unit that urgent CIPC action against Nova is necessary and we wait to see what transpires

Hy het nuwe items op sy webwerf www.carian.co.za <www.carian.co.za> gepubliseer (sien onder die Nova Debenture Trust-knoppie)

Op 9 Maart: www.carian.co.za/post/non-compliance-with-section-30-of-the-companie s-act-audited-annual-financial-statements-for-the-fi

Dit doen ‘n beroep op CIPC om te beslis oor die kwessie van die publikasiedatum vir die finansiële jaarstate volgens die Maatskappywet, naamlik ses maande na die einde van die finansiële jaar, in agt van Nova-voorsitter Myburgh se volharding, maar die vereistes van die Wet is slegs ‘n riglyn. Dit bevat ook verklarings oor die ongeouditeerde finansiële jaarstate wat Nova verlede jaar in September by CIPC ingedien het, en waaroor Tromp sê: “These AFS clearly reflect a severe going concern risk and, in my opinion, indicate that the Nova Group is technically insolvent.”

Op 10 Maart: www.carian.co.za/post/statement-on-the-nova-group-s-financial-positi on-and-official-complaint-to-the-cipc

Hierdie plasing handel oor Tromp se formele klagte by CIPC in Mei 2025 oor die staat van die maatskappy gebaseer op sy ontleding van die AFS tot die een vir die einde van die jaar

On 10 March: www.carian.co.za/post/nova-propgrow-group-holdings-limited-potential -r-414-694-327-debenture-shortfall

Hierdie plasing fokus op Nova-voorsitter Myburgh se reaksie op Tromp se “Ontbrekende R 414,694,327” van 30 September 2025 en korrespondensie tussen Tromp, CIPC-Kommissaris Advokaat Rudi Voller en Myburgh

Tromp het ons sienings herhaal wat voorheen met Cuma Zwane, Senior Ondersoeker, Korporatiewe Nakoming en Openbaarmakingsreguleringseenheid, ter tafel gelê is dat dringende CIPC-optrede teen Nova nodig is en ons wag om te sien wat gebeur

Ons het inligting sedert ontvang wat verklaar het dat die interne oudit nog nie voltooi is nie, wat verder beteken dat die rekeninge nog nie eers aan die eksterne ouditeure vir hersiening en goedkeuring voorgelê is nie. Hierdie inligting het geen besonderhede ingesluit oor waarom die oudit nie voltooi is nie, maar dit verg nie te veel verbeelding om te glo dat die tyd dalk aangebreek het wanneer dit nie meer vir CEO/CFO Haese en Voorsitter Myburgh moontlik is om die boeke te manipuleer sodoende om ‘n aanvaarbare momentopname (snapshot) van ‘n lewensvatbare maatskappy te bied nie

Wat is die implikasies hiervan – van ‘n maatskappy wat aanhou aandring dat dit , ‘n “going concern” is en ….

“ …… here because we fundamentally believe we can succeed in getting as much of these investors’ historical money invested back to them. At Nova, we work tirelessly in achieving this goal; we have been and are their best chance to getting it done”

Dit is, na vyftien jaar van Nova-bestuur, so tragies vir die grootste deel van die agt-en-dertigduisend individuele Sharemax-beleggers en in baie gevalle hul opvolgers, wat steeds wag op skuldbriefterugbetaling en vir wie die Nova-missie (die publiek verklaarde een, in elk geval) was om die geld wat hulle belê het, terug te gee en wat hulle nêrens naby gekom het om te bereik nie, ten spyte van hul voortdurende versekerings en protes

Wat moet nou gebeur?

Ons glo dat daar te veel optrede deur die Voorsitter en die Raad was wat nie tot voordeel van die beleggers was nie en dat hulle duidelik misluk het om die vereistes van hul missie te lewer

Ons gaan selfs so ver as om ons mening te stel dat die doel van die sakeredding wat in 2011 voorgestel is, nooit oor die beleggers gegaan het nie, maar alles oor korporatiewe kaping en selfverryking met die doel om die geërfde eiendomsportefeulje van sy bates te stroop – wat grootliks bereik is en wat voortduur, alhoewel nie deur openlike optrede nie, maar deur slinksheid en onderduimse aksies

Ons glo dat die maatskappy nou onder administrasie geplaas moet word, maar nie met die oog op likwidasie nie – wat nie in die beste belang van die beleggers sou wees nie – maar met die oog daarop om die Voorsitter en die Raad van beheer oor die maatskappy te verwyder, dit onder ‘n tussentydse bestuur te plaas wie se enigste doel sal wees om te stabiliseer, te herbou en te groei sodat, ten minste, dié van die geërfde eiendomme wat op die boeke bly, hul ware doel kan dien, naamlik groei in waarde om die fondse te realiseer wat nodig is om die verwante skuldbriewe terug te betaal

Dit is geweldig ironies dat die voertuig vir die sakeredding in 2011 Nova PropGROW genoem is (of was dit ‘n doelbewus misleidende aksie?) en sedertdien was daar geen groei van enige aard nie en eintlik die teenoorgestelde en rampspoedig so!

Ons het gevolglik Cuma Zwane by CIPC oor die saak aangespreek per e-pos met hierdie pleidooi:

Hello Mr Zwane

As usual, Nova failed to publish their 2025 Annual Financial Statements by the deadline stipulated in the Companies Act. They have also now failed to publish by 28 February 2026. JP Tomp, the Nova Debenture Trustee may already have addressed you re this situation

We would like to appeal to CIPC (dare we demand?) for action via a famous quote (and an allegorical one for the purpose of this mail) from President Reagan at the Brandenburg Gate in Berlin on June 12, 1989 when he said:

MR GORBACHEV, TEAR DOWN THIS WALL!

In the same vein as Reagan’s appeal, we appeal to you: MR ZWANE: HAS THE NOVA BUSINESS RESCUE AND DEBENTURE REPAYMENT FARCE NOT NOW, AND DEFINITELY, GONE ON TOO LONG?

We are posting the following content in our Facebook page and web site and we urge you to take it on board and give it serious consideration (should you not already be contemplating such action):

We have received information stating that the internal audit has not yet been completed which further means that the accounts have not yet even been submitted to the external auditors for review and approval. This information did not include any detail as to why the audit is not finished but it does not require too much imagination to believe that maybe the time has arrived when it is no longer possible for CEO/CFO Haese and Chair Myburgh to juggle the books sufficiently so as to present an acceptable snapshot of a viable company

We are of the strong opinion that the Chair and Board of Nova can no longer be allowed to continue as they have been doing since around 2013. We believe that they do not have, and have never have had, the interests of the Sharemax investors at heart and as their guiding star

We believe that there have been too many actions by the Chair and the Board that have not been for the benefit of the investors and that they have manifestly failed to deliver the obligations of their mission (the publicly stated one, anyway)

We go so far as to state our opinion that the purpose of the business rescue put forward in 2011 was never about the investors and all about corporate capture and self-enrichment with the intention to strip the inherited property portfolio of its assets – which has largely been achieved and which continues albeit not through overt actions but by deviousness and subterfuge

We believe that the company should now be put under administration but not with a view to liquidation – which would not be in the best interests of the investors – but with a view to removing the Chair and the Board from control of the company, placing it under an interim management whose sole purpose will be to stabilise, re-build and grow so that, at the very least, those of the inherited properties that remain on the books can serve their true purpose, viz; growing in value in order to realise the funds necessary to repay the related debentures

There are some lines in an old English hymn titled The Church’s One Foundation” which read:

Yet saints their watch are keeping, their cry goes up, “How long?” And soon the night of weeping shall be the morn of song!

For the Sharemax investors it’s more a case of: When will the night of weeping, become the morn of song?

CIPC can make that happen, at least in part, by an immediate action against the Chair and the Board of Nova

Thank you in hope of what we deem would be an entirely appropriate action

We have since received information stating that the internal audit has not yet been completed which further means that the accounts have not yet even been submitted to the external auditors for review and approval. This information did not include any detail as to why the audit is not finished but it does not require too much imagination to believe that maybe the time has arrived when it is no longer possible for CEO/CFO Haese and Chair Myburgh to juggle the books sufficiently so as to present an acceptable snapshot of a viable company

What are the implications of this – from a company that keeps insisting that it is solvent, is a going concern and is ..

” .. here because we fundamentally believe we can succeed in getting as much of these investors’ historical money invested back to them. At Nova, we work tirelessly in achieving this goal; we have been and are their best chance to getting it done”

This is, after fifteen years of Nova stewardship, so tragic for the greater portion of the thirty-eight thousand individual Sharemax investors and in many cases, their successors, who still await debenture repayment and for whom the Nova mission ( the publicly declared one, anyway) was to return the money that they invested and re which they have come nowhere near to achieving despite their ongoing assurances and protestations

What should happen now?

We are of the strong opinion that the Chair and Board of Nova can no longer be allowed to continue as they have been doing since around 2013. We believe that they do not have, and have never had, the interests of the Sharemax investors at heart and as their guiding star

We believe that there have been too many actions by the Chair and the Board that have not been for the benefit of the investors and that they have manifestly failed to deliver the requirements of their mission

We go so far as to state our opinion that the purpose of the business rescue put forward in 2011 was never about the investors and all about corporate capture and self-enrichment with the intention to strip the inherited property portfolio of its assets – which has largely been achieved and which continues albeit not through overt actions but by deviousness and subterfuge

We believe that the company should now be put under administration but not with a view to liquidation – which would not be in the best interests of the investors – but with a view to removing the Chair and the Board from control of the company, placing it under an interim management whose sole purpose will be to stabilise, re-build and grow so that, at the very least, those of the inherited properties that remain on the books can serve their true purpose, viz; growing in value in order to realise the funds necessary to repay the related debentures

It is hugely ironic that the vehicle for the business rescue was named Nova PropGROW in 2011 (or was that a deliberately misleading action?) and since when there has been no growth of any sort and in fact quite the opposite and disastrously so!

We have accordingly, addressed Cuma Zwane at CIPC on the matter via mail with this plea:

Hello Mr Zwane

As usual, Nova failed to publish their 2025 Annual Financial Statements by the deadline stipulated in the Companies Act. They have also now failed to publish by 28 February 2026. JP Tomp, the Nova Debenture Trustee may already have addressed you re this situation

We would like to appeal to CIPC (dare we demand?) for action via a famous quote (and an allegorical one for the purpose of this mail) from President Reagan at the Brandenburg Gate in Berlin on June 12, 1989 when he said:

MR GORBACHEV, TEAR DOWN THIS WALL!

In the same vein of Reagan’s appeal, we appeal to you, MR ZWANE: HAS THE NOVA BUSINESS RESCUE AND DEBENTURE REPAYMENT FARCE NOT NOW, AND DEFINITELY, GONE ON TOO LONG?

We are posting the following content in our Facebook page and web site and we urge you to take it on board and give it serious consideration (should you not already be contemplating such action):

We have received information stating that the internal audit has not yet been completed which further means that the accounts have not yet even been submitted to the external auditors for review and approval. This information did not include any detail as to why the audit is not finished but it does not require too much imagination to believe that maybe the time has arrived when it is no longer possible for CEO/CFO Haese and Chair Myburgh to juggle the books sufficiently so as to present an acceptable snapshot of a viable company

We are of the strong opinion that the Chair and Board of Nova can no longer be allowed to continue as they have been doing since around 2013. We believe that they do not have, and have never have had, the interests of the Sharemax investors at heart and as their guiding star

We believe that there have been too many actions by the Chair and the Board that have not been for the benefit of the investors and that they have manifestly failed to deliver the obligations of their mission (the publicly stated one, anyway)

We go so far as to state our opinion that the purpose of the business rescue put forward in 2011 was never about the investors and all about corporate capture and self-enrichment with the intention to strip the inherited property portfolio of its assets – which has largely been achieved and which continues albeit not through overt actions but by deviousness and subterfuge

We believe that the company should now be put under administration but not with a view to liquidation – which would not be in the best interests of the investors – but with a view to removing the Chair and the Board from control of the company, placing it under an interim management whose sole purpose will be to stabilise, re-build and grow so that, at the very least, those of the inherited properties that remain on the books can serve their true purpose, viz; growing in value in order to realise the funds necessary to repay the related debentures

There are some lines in an old English hymn titled The Church’s One Foundation” which read:

Yet saints their watch are keeping, their cry goes up, “How long?” And soon the night of weeping shall be the morn of song!

For the Sharemax investors it’s more a case of: When will the night of weeping, become the morn of song?

CIPC can make that happen, at least in part, by an immediate action against the Chair and the Board of Nova

Thank you in hope of what we deem would be an entirely appropriate action

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.