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I am a qualified Attorney. I specialise in Property Law, Commercial Law, Corporate Law and Trusts.
 
Please visit our website at www.prop-law.co.za for more details.
 
I am an elected Committee Member of the Property Committee of the Association of Pretoria Attorneys and through my involvement, I like to ensure that I am constantly at the "sharp-end" of Conveyancing Practice.

I am the elected Chairman on the Gauteng Council of SAPOA. The South African Property Owners Association (SAPOA) is the biggest and most influential institution in the property industry. SAPOA members control about 90% of commercial property in SA, with a combined portfolio in excess of R150 Billion (about $22 Billion). I am also on the National Council and the National Legal Committee of SAPOA.
 
Member of the Institute of Directors South Africa and Member of the Sirdar Governance Panel.

29 May 2013

Financial statements reveal R2.2bn loss for Sharemax investors

Download the financial statements Nova Group’s directors wouldn’t make public.

Financial statements for Nova Property Group show that investors who bought Sharemax products have lost R2.2bn. Nova is the company that owns all the properties that used to belong to investors in the various Sharemax property syndication companies. Nova was formed as a result of a ‘Section 311’ rescue scheme which received court sanction in January last year.

The full Article on Moneyweb is available HERE.

The Financial Statements are available HERE.

Here is a breakdown of the losses suffered by Sharemax investors:
 
 
SHAREMAX SYNDICATIONS VS NOVA DEBENTURES
Name
Location
Syndication value
Value in 2012
% decline
financial statements
INCOME PROJECTS
148 LeeuwportBoksburgR 9 700 000R 5 679 539-41%
Centurion
Hazel
CenturionR 6 140 000R 5 860 347-5%
Oxford
Gate
DurbanvilleR 28 000 000R 21 976 348-22%
The Village
Mall
NelspruitR 29 400 000R 27 689 974-6%
Witbank
Highveld
WitbankR 100 900 000R 88 485 933-12%
Tarentaal
Centre
NelspruitR 31 000 000R 29 954 077-3%
MagalieskruinPretoriaR 29 900 000R 23 530 753-21%
Flora
Centre
FloridaR 118 500 000R 117 327 860-1%
Silverwater
Crossing
PretoriaR 75 000 000R 68 408 427-9%
Waterglen
Shopping
Centre
PretoriaR 80 000 000R 68 506 629-14%
Carletonville
Shopping
Centre
CarletonvilleR 38 400 000R 33 420 151-13%
Shopmakers
Village
Johannesburg & VirginiaR 50 000 000R 34 498 826-31%
Benoni
Hyper
BenoniR 102 000 000R 81 435 035-20%
De Marionette
Centre
Secunda & MeyersdalR 86 000 000R 73 405 961-15%
Athlone Park
Shopping
Centre
Amanzimtoti and PotchefstroomR 93 700 000R 50 456 578-46%
Range View
Shopping
Centre
DalparkR 30 000 000R 16 402 710-45%
Parkside
Plaza
Bromhof and SecundaR 72 500 000R 63 285 127-13%
Liberty MallWelkomR 200 600 000R 120 226 031-40%
Rivonia
Square
RivoniaR 258 000 000R 113 272 115-56%
Nelspruit
Hyper
NelspruitR 64 200 000R 55 045 952-14%
GROWTH PROJECTS
Whale Rock
Residential
Estate
MargateR 12 200 000R 2-100%
Mont Rouge
Residential
Estate
HartebeesportR 31 700 000R 18 553 679-41%
Stonewood
Country
Estate
DullstroomR 41 900 000R 14 500 000-65%
Berg en Dal
Residential
Estate
HeidelbergR 48 900 000R 29 849 389-39%
Sharemax
Waterfall
Estate
RustenburgR 114 900 000R 87 000 000-24%
Sharemax
Bay
Estate
HartebeesportR 61 000 000R 42 006 831-31%
Country
View
Retirement
Village
MontanaR 83 200 000R 54 475 245-35%
Theresapark
Retirement
Village
TheresaparkR 47 440 000R 28 538 826-40%
Steenbok
Crossing
LimpopoR 20 900 000R 11 551 924-45%
SHAREMAX PLATINUM
Lydenburg
Shopping
Centre
LydenbergR 13 000 000R 10 754 112-17%
Dainfern
Shopping
Centre
DainfernR 16 300 000R 1-100%
HUGE PROJECTS
Zambezi
Retail Park
PretoriaR 756 000 000R 234 645 951-69%
The Villa
Retail Park
PretoriaR 1 590 000 000R 498 102 553-69%
Total
R 4 341 380 000
R 2 128 846 886
-51

These figures appear from the Financial Statements of Nova as more fully disclosed in the Moneyweb Article referred to above.
Gareth Shepperson

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