EXCLUSIVE: Listing to give Sharemax debt holders relief
Nova creditors, many of them pensioners hurt by failed property syndication scheme Sharemax, are likely to welcome the move
Thousands of mostly elderly creditors who sank more than R4bn into property company Sharemax, may soon receive some financial relief if a planned JSE listing of a R2.25bn property portfolio by Sharemax successor, Nova Property Group, is realised in 2017. "Listing on the JSE will provide debenture holders with tradeable shares, as opposed to waiting for the historical scheme to run its course, which could take another five years," Nova Property Group MD Dominique Haese said on Friday. Nova hoped to list its property portfolio on the JSE before the end of 2017, she said. Haese will this week issue 20,000 debenture creditors with a 60-page circular, seen by Business Day, outlining Nova’s proposal to convert them to equity holders in a JSE-listed company and in so doing capitalise debt owed to them by Nova. Eyebrows will almost certainly be raised over the listing, considering the group’s historical ties to failed property syndication scheme Sharemax.In the years since Sharemax’s 2010 c...
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