Nova ‘will definitely not be liquidated’
A liquidation scenario was outlined only to meet Companies Act requirement, says Nova MD Dominique Haese
As 20,000 creditors consider whether to vote in favour of converting their debenture claims against Nova Property Group into shares in an as yet unlisted entity, chairman Connie Myburgh says there are no circumstances in which the group will be liquidated. "There is simply no liquidation scenario," Myburgh said this week ahead of a Friday meeting at which debenture holders — investors in failed property scheme Sharemax — will vote on a proposal to swap their debentures for shares in a new company holding Nova properties. This would capitalise their claims of R1.68bn against Nova. The plan is to list the new property company on the JSE, providing debenture holders with tradeable shares. A liquidation scenario had been sketched in a circular issued to debenture holders only because this was required by the Companies Act, said Nova MD Dominique Haese. Whether this assuages concerned creditors, many of whom are elderly and sank nearly R5bn into Sharemax, will be revealed on Friday. Nova...
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