LINKS TO INTERNET POSTS RELEVANT TO AFRIFORUM’S ANNOUNCEMENT OF ITS INTERVENTION ON BEHALF OF THE SHAREMAX INVESTORS ON MONDAY, 22 JUNE

by Roger | Aug 20, 2020 | Uncategorized

Announcement in AfriForum’s web site: https://www.afriforum.co.za/en/?s=sharemax

Afrikaans content in AfriForum’s Facebook page: https://www.afriforum.co.za/afriforum-soek-geregtigheid-vir-slagoffers-van-sharemax-bedrog/?fbclid=IwAR2AucuOT1LQpqPO_ys_i0qTmFv0fG_e9BvFyI8iTjwID52BRZte8vTElws

Video of the AfriForum press briefing: https://web.facebook.com/watch/live/?=795278251313549&ref=watch_permalink

Podcast of the segment on this topic in RSG’s Geldsake program: https://iono.fm/e/880026

Nova’s response to the announcement: https://novapropertygroup.co.za/index.php/press-releases/

Moneyweb and Netwerk24 articles on the announcement will be posted in this web site hereafter

TRANSFER OF OWNERSHIP OF NOVA DEBENTURES OR NOVA SHARES FOLLOWING DEATH OF THE OWNER AND INHERITANCE BY FAMILY MEMBERS OR OTHER PARTIES IN TERMS OF THE DECEASED’S LAST WILL AND TESTAMENT

by Roger | Aug 20, 2020 | Uncategorized

In the event of the death of a debenture holder and for the information of persons who inherit these assets in the deceased’s estate (this also applies to inheritance of Nova Property shares issued in terms of the Schemes of Arrangement), Nova has advised that the ownership transfer to be registered with them must be done by the estate executors

Whilst Nova have not confirmed in precise terms, the following information would, logically, have to be conveyed to them in writing on the executor’s letterhead:
Full name, SA ID # or passport#, address, email address, telephone numbers and Debenture or Share Certificate #s (although the executor will be fully conversant with the standard requirements, including necessary documentation, for registration of change of ownership of the assets bequeatherd in the estate)

The same information would be required for the person(s) inheriting from the deceased

Where the debenture(s) or share(s) have been left to more than one beneficiary, the executor must also provide the split per inheritor

We expect that Nova still charges for the transfer of ownership and suggest that the charge would be paid over to Nova by the executor and then be accounted for in the Liquidation & Distribution Account prepared by the executor for presentation to and the approval of, the Master of the High Court

NOVA’S AUDITORS FILE A REPORTABLE IRREGULARITY WITH THE IRBA

by adminS | Dec 17, 2019 | Uncategorized

We’ve mailed to all NDCAG members the link to a this week’s Moneyweb post on this topic

What is the nature of the irregularity?

Whilst not specifically stated in the article, it appears that the auditors have reported the company’s failure to publish its financial statements for 2019. In terms of the Companies Act, such publication must take place within six months after financial year-end (28 February)

What does this say about the company and what does it say to the Debenture Holders?

In addition to the “significant developments” detailed in the article there was a December, 2018 Moneyweb post in which it was contended that the company was, at that time, all but bankrupt

We’re now a year further down the line and the company, seemingly, can’t, or won’t (despite the legal risks) publish the overdue financials

Why not?

What are they hiding?

Note also the information in the latest article on the new content on the financial statements in the Nova web site (https://novapropertygroup.co.za/index.php/financial-statements-2019/#). We cannot say what appeared there prior to the complaint submission by the auditors but the article content implies that once the complaint had been lodged, Nova rushed to publish a statement of “explanation” as to when the financial statements will be available    

Are they fooling anyone with that statement?

So what if they make them available when they submit their CIPC (Companies and Intellectual Properties Commission) Annual Return with financial statements? That’s got nothing to do with the issue and is certainly not an acceptable explanation for Debenture Creditors. 

The fact remains that they are in default as regards their obligations under the Companies Act and surely, that failure requires an appropriate explanation and not some “delaying tactic” statement that is clearly designed to fob off any web site visitor who is looking for the 2019 financial statements that should have been published at the end of August.

Again, what are they hiding?

Nova selling The Villa complex?

by adminS | Sep 4, 2019 | Uncategorized

See the recent Rekordeast article on this at https://rekordeast.co.za/215235/villa-mall-could-be-complete-in-3-years/

There’s no mention of this via a Communiqué or a Press Release in the Nova website but perhaps that’s

understandable if negotiations are still underway

One might wonder, though, if they would announce the sale if and when it takes place anyway? Or,will they leave

their Debenture Creditors in the dark as is so often the case

Will this sale result in debenture payouts? 

Dare we hold our collective breaths this time?