Nova Property Group’s creditors will draw comfort from the JSE’s stringent listings requirements, which will force transparency on the group’s affairs and personal disclosures by directors before a listing is approved. The JSE would scrutinise the credentials of each of Nova’s directors and demand full disclosure on each of the properties in the group’s portfolio before authorising a listing, Andre Visser, GM of issuer regulation at the JSE, said on Friday. The JSE had not yet received an application to list from Nova. Nova, which arose out of the failed Sharemax scheme, hopes to list its property portfolio before the end of 2017, converting 20,000 debenture holders — most of them elderly — into shareholders. This would capitalise their claims of R1.68bn against Nova and give them a collective 34.45% stake in the listed entity. Many debenture holders, some of whom stopped receiving interest payments as far back as 2013, are desperate to exit their investments and will favour a listi...
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