2026
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