Third party was behind secret Sharemax settlement
Third party was behind secret Sharemax settlement
A mystery buyer paved the way for court to sanction rescue scheme.
A mystery “investor” has paved the way for a court to sanction the Sharemax rescue scheme. The scheme, designed to save Sharemax-promoted syndication companies from liquidation, was sanctioned by the North Gauteng High Court on Friday.
It is also expected to be a formality for the Reserve Bank to withdraw its directives to repay investors. The Reserve Bank-appointed inspectors are also expected to be relieved of their duties at the various syndication schemes.
Last year Moneyweb reported that the Sharemax rescue had hit a speed bump. Clients of attorney Chris de Beer asked the court to delay sanction of the rescue scheme. This delay was granted. De Beer argued that proper process had not been followed, and that the rescue plan seeks to legalise an illegal scheme. The directors of the syndication companies were not impressed. They issued this media release at the time.
This year it was revealed that investors opposing the rescue, including De Beer’s clients, had received a secret settlement.
It has been speculated that this settlement may have been paid from investors’ funds. However, a source close to the rescue has confirmed that the settlement was made by a third party.
This means that the objecting parties sold their Sharemax investments to a third party for an undisclosed sum.
The identity of the mystery buyer will be open to some speculation. A cynic might believe it is a person or entity with strong vested interests in the rescue plan’s success.
In theory, the identity of the buyer ought to be public information. The syndication schemes are public companies, which opens their share transfer registers to public scrutiny. However, the directors of the Sharemax syndication schemes are not known for their disclosure. Moneyweb has previously been refused unrestricted access to financial statements. The directors also went to great lengths to keep the finer details of the rescue scheme out of the public eye.
Prior to publication a copy of this article was sent to Dominique Haese, director of the Sharemax syndication companies. We received this response:
Mr Cobbett,
Your email’s of 11h38 and 14h03 refer.
All the 311 Schemes of Arrangement have been sanctioned by Court and the relevant Court Orders have been registered.
I am unfortunately in no position to comment on the content of the rest of your emails and/or the “draft article”.
In not dealing with your “draft article”, please do not assume anything as to the correctness or not of anything stated or to be stated in such “draft article” or any subsequent actual article/publication of anything emanating from yourself.
All the rights of the Sharemax Syndication Companies, as re-structures, both prior to and post re-structuring, are reserved.
All press releases are and will be exactly that, press releases, and will be provided to the press in the normal course.
Regards
Dominique Haese
Managing Director
Frontier Asset Management (Pty) Ltd
A mystery buyer paved the way for court to sanction rescue scheme.
A mystery “investor” has paved the way for a court to sanction the Sharemax rescue scheme. The scheme, designed to save Sharemax-promoted syndication companies from liquidation, was sanctioned by the North Gauteng High Court on Friday.
It is also expected to be a formality for the Reserve Bank to withdraw its directives to repay investors. The Reserve Bank-appointed inspectors are also expected to be relieved of their duties at the various syndication schemes.
Last year Moneyweb reported that the Sharemax rescue had hit a speed bump. Clients of attorney Chris de Beer asked the court to delay sanction of the rescue scheme. This delay was granted. De Beer argued that proper process had not been followed, and that the rescue plan seeks to legalise an illegal scheme. The directors of the syndication companies were not impressed. They issued this media release at the time.
This year it was revealed that investors opposing the rescue, including De Beer’s clients, had received a secret settlement.
It has been speculated that this settlement may have been paid from investors’ funds. However, a source close to the rescue has confirmed that the settlement was made by a third party.
This means that the objecting parties sold their Sharemax investments to a third party for an undisclosed sum.
The identity of the mystery buyer will be open to some speculation. A cynic might believe it is a person or entity with strong vested interests in the rescue plan’s success.
In theory, the identity of the buyer ought to be public information. The syndication schemes are public companies, which opens their share transfer registers to public scrutiny. However, the directors of the Sharemax syndication schemes are not known for their disclosure. Moneyweb has previously been refused unrestricted access to financial statements. The directors also went to great lengths to keep the finer details of the rescue scheme out of the public eye.
Prior to publication a copy of this article was sent to Dominique Haese, director of the Sharemax syndication companies. We received this response:
Mr Cobbett,
Your email’s of 11h38 and 14h03 refer.
All the 311 Schemes of Arrangement have been sanctioned by Court and the relevant Court Orders have been registered.
I am unfortunately in no position to comment on the content of the rest of your emails and/or the “draft article”.
In not dealing with your “draft article”, please do not assume anything as to the correctness or not of anything stated or to be stated in such “draft article” or any subsequent actual article/publication of anything emanating from yourself.
All the rights of the Sharemax Syndication Companies, as re-structures, both prior to and post re-structuring, are reserved.
All press releases are and will be exactly that, press releases, and will be provided to the press in the normal course.
Regards
Dominique Haese
Managing Director
Frontier Asset Management (Pty) Ltd
Comments
Post a Comment