Nova withdraws listing proposal

SHAREMAX: NO REASONS GIVEN FOR THE RETREAT

The original proposal by the property group caused quite a stir and was labelled “daylight robbery”.

Badenhorst later resigned from the board, as did Dirk Koekemoer.

Their remaining shareholding in Nova was stripped of all voting powers, and this gave Myburgh and chief executive Dominique Haese full control of the company.

During the failed debenture holders meeting in 2017, Myburgh undertook to amend the proposal and repitch it to investors. However, the board informed debenture holders yesterday that it has withdrawn the proposal and cancelled a September 26 meeting.

No reasons were offered as to why the proposal was withdrawn.

Nova response

Nova Property Group chief executive Haese didn’t respond to emailed questions to provide some clarification.

The Nova board terminated communication with Moneyweb since the latter fought for three years to gain access to the former’s shareholder register, which later revealed that the board received 97% of Nova for free. At the time, Haese sent Moneyweb

the following statement: reference to us, and in breach of your undertaking to allow us to see and comment on the articles first, which articles twist the facts, articulate a number of inaccuracies and untruths and seek to slander and defame the Nova Group and its directorate. We are considering our position and our rights in this regard are reserved.

It has become clear to us that any information that is provided by us to Moneyweb, will be twisted and used out of context for the purpose of further negative reporting of and concerning the Nova Group and its directorate and given that no further productive purpose would be served in engaging with Moneyweb, the Nova Group has decided to break off all forms of communication with Moneyweb.

We will accordingly no longer respond to questions Moneyweb pose to us, requests for commentary on proposed articles or for that matter to any articles that Moneyweb might publish, subject of course to a reservation of the right to deal with any matter Moneyweb might publish, in a court of law.

Please ensure, should you elect to publish anything further regarding the Nova Group and any of its functionaries, that you include in such publication our above position, verbatim [sic]. Yours faithfully, Dominique Haese, Nova CEO