Following the 18ths meeting, there has been no formal feedback from Nova on the vote outcomes ie; no communiqué posted in their web site (as was done after the 11 January meeting and which we re-posted in our internet sites)
Why not? Should the Debenture Holders not have been formally advised of this or is this Nova simply falling back on their usual custom of not communicating, having achieved what they wanted out of the process?
In our posts ahead of the meetings, we stated that the whole purpose of the exercise was only, in the event of receiving approval for the appointment, to be able to tell the CIPC that they could now cross out two of the issues (probably) listed in the Compliance Notice issued to the company in November, viz:
– No Trustee appointment following Mr Cohens resignation in March 2019
– The deadline of 20 January 2022 for the repayment of the debentures
It came as no surprise to learn at weeks end that Nova had already communicated to CIPC that the appointment of the nominated Trustee, Mr J Tromp, had been approved, that he had assumed duties and that an extension of the 20 January repayment deadline had been proposed, approved, and implemented
We trust that CIPC will see these outcomes as the fiction that they are
Has Nova communicated the repayment extension to the Debenture Holders? Of course not! Will they? Of course not!
Its all part of the way that they maintain a distance between the company and the Debenture Holders: keep them in the dark and only communicate when absolutely necessary (like having to get off the hook with CIPC)