Following the January voting meetings which led to the appointment of Mr JP Tromp as the new Debenture Trust Trustee we entered into discussions with him as well as other entities
We await outcomes of these interactions and will inform members of same via this site and our Facebook page in due course
In the meantime, members might be interested in the background to Ryk van Niekerk’s’ February 9 post in Moneyweb titled “Sharemax Investors screwed twice” (copied in this site as well as our Facebook page: Sharemax Investors/Nova Debenture Creditors)
Why screwed twice? Two November 2016 Moneyweb posts by Ryk (see links below) give the explanation of the first swindle
They detail:
* the corporate capture of Sharemax/Nova
* how the very people who are supposed to ensure that the Sharemax investors (who opted for Nova Debentures instead of shares) are paid out as required per the four (Court sanctioned) Schemes of Arrangement but have not done so (to the extent required)
* how certain “insiders” – to the detriment of the original investors – acquired, through a single line of “small print” in the SoAs, a majority shareholding in the then still to be formed Nova Property Group and thus, effectively, ownership of the Sharemax assets (the properties in which the Sharemax investors were originally shareholders) – tangible assets as opposed to the questionable value of the debentures which replaced the Sharemax shareholdings
We await outcomes of these interactions and will inform members of same via this site and our Facebook page in due course
In the meantime, members might be interested in the background to Ryk van Niekerk’s’ February 9 post in Moneyweb titled “Sharemax Investors screwed twice” (copied in this site as well as our Facebook page: Sharemax Investors/Nova Debenture Creditors)
Why screwed twice? Two November 2016 Moneyweb posts by Ryk (see links below) give the explanation of the first swindle
They detail:
* the corporate capture of Sharemax/Nova
* how the very people who are supposed to ensure that the Sharemax investors (who opted for Nova Debentures instead of shares) are paid out as required per the four (Court sanctioned) Schemes of Arrangement but have not done so (to the extent required)
* how certain “insiders” – to the detriment of the original investors – acquired, through a single line of “small print” in the SoAs, a majority shareholding in the then still to be formed Nova Property Group and thus, effectively, ownership of the Sharemax assets (the properties in which the Sharemax investors were originally shareholders) – tangible assets as opposed to the questionable value of the debentures which replaced the Sharemax shareholdings
Part 1: ‘Corporate capture’ of Sharemax rescue vehicle
<www.moneyweb.co.za/news/companies-and-deals/nova-monkey-business-pa rt-2/> www.moneyweb.co.za/news/companies-and-deals/nova-monkey-business-par t-2/
Part 2: Shareholder structure hides how directors acquired 87.1% of Nova shares
www.moneyweb.co.za/in-depth/investigations/shareholder-structure-hid es-how-directors-acquired-87-1-of-nova-shares/