Post by cjm on Nov 23, 2016 16:55:41 GMT
An incredible story
The directors of the Nova Property Group, once portrayed as white knights riding to the rescue of 33 000 former investors in the failed Sharemax investment scheme, appear to have pulled off one of South Africa’s greatest-ever corporate captures.
The four directors managed to seize absolute control of the company, which according to the 2016 financial statements has a net asset value of R1.2 billion, for the princely sum of R40.
The directors have managed to keep this from public view since 2011, possibly even in contravention of the shareholding disclosure provision in the Companies Act.
This may be why the directors aggressively fought Moneyweb’s legal efforts to access the group’s shareholder registers for more than three years, after former Moneyweb journalist Julius Cobbett applied for access in terms of Section 26 of the Companies Act.
...
The directors of the Nova Property Group, once portrayed as white knights riding to the rescue of 33 000 former investors in the failed Sharemax investment scheme, appear to have pulled off one of South Africa’s greatest-ever corporate captures.
The four directors managed to seize absolute control of the company, which according to the 2016 financial statements has a net asset value of R1.2 billion, for the princely sum of R40.
The directors have managed to keep this from public view since 2011, possibly even in contravention of the shareholding disclosure provision in the Companies Act.
This may be why the directors aggressively fought Moneyweb’s legal efforts to access the group’s shareholder registers for more than three years, after former Moneyweb journalist Julius Cobbett applied for access in terms of Section 26 of the Companies Act.
...