* 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
