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
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