Blow for Nova investors
The Nova Property Group, the company set up to allegedly ‘rescue’ the R4.6 bn that around 18 700 people invested in Sharemax, said last week it would not repay investors within the 10-year period envisaged in the original rescue plan.
This period expires on 20 January 2022, reports Moneyweb.
The news will be a massive blow for the mostly elderly investors who set their hopes on being repaid in terms of the original Scheme of Arrangement.
The announcement follows after Nova initially informed the investors in April that it would start to repay their debentures before the end of the year.
The board said the April communication was ‘not a formal resolution’ of the Nova Investments board.
The board blames the impact of Covid-19 on its operations.
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