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:
These figures appear from the Financial Statements of Nova as more fully disclosed in the Moneyweb Article referred to above.
Gareth Shepperson
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 Leeuwport | Boksburg | R 9 700 000 | R 5 679 539 | -41% |
| Centurion Hazel | Centurion | R 6 140 000 | R 5 860 347 | -5% |
| Oxford Gate | Durbanville | R 28 000 000 | R 21 976 348 | -22% |
| The Village Mall | Nelspruit | R 29 400 000 | R 27 689 974 | -6% |
| Witbank Highveld | Witbank | R 100 900 000 | R 88 485 933 | -12% |
| Tarentaal Centre | Nelspruit | R 31 000 000 | R 29 954 077 | -3% |
| Magalieskruin | Pretoria | R 29 900 000 | R 23 530 753 | -21% |
| Flora Centre | Florida | R 118 500 000 | R 117 327 860 | -1% |
| Silverwater Crossing | Pretoria | R 75 000 000 | R 68 408 427 | -9% |
| Waterglen Shopping Centre | Pretoria | R 80 000 000 | R 68 506 629 | -14% |
| Carletonville Shopping Centre | Carletonville | R 38 400 000 | R 33 420 151 | -13% |
| Shopmakers Village | Johannesburg & Virginia | R 50 000 000 | R 34 498 826 | -31% |
| Benoni Hyper | Benoni | R 102 000 000 | R 81 435 035 | -20% |
| De Marionette Centre | Secunda & Meyersdal | R 86 000 000 | R 73 405 961 | -15% |
| Athlone Park Shopping Centre | Amanzimtoti and Potchefstroom | R 93 700 000 | R 50 456 578 | -46% |
| Range View Shopping Centre | Dalpark | R 30 000 000 | R 16 402 710 | -45% |
| Parkside Plaza | Bromhof and Secunda | R 72 500 000 | R 63 285 127 | -13% |
| Liberty Mall | Welkom | R 200 600 000 | R 120 226 031 | -40% |
| Rivonia Square | Rivonia | R 258 000 000 | R 113 272 115 | -56% |
| Nelspruit Hyper | Nelspruit | R 64 200 000 | R 55 045 952 | -14% |
| GROWTH PROJECTS | ||||
| Whale Rock Residential Estate | Margate | R 12 200 000 | R 2 | -100% |
| Mont Rouge Residential Estate | Hartebeesport | R 31 700 000 | R 18 553 679 | -41% |
| Stonewood Country Estate | Dullstroom | R 41 900 000 | R 14 500 000 | -65% |
| Berg en Dal Residential Estate | Heidelberg | R 48 900 000 | R 29 849 389 | -39% |
| Sharemax Waterfall Estate | Rustenburg | R 114 900 000 | R 87 000 000 | -24% |
| Sharemax Bay Estate | Hartebeesport | R 61 000 000 | R 42 006 831 | -31% |
| Country View Retirement Village | Montana | R 83 200 000 | R 54 475 245 | -35% |
| Theresapark Retirement Village | Theresapark | R 47 440 000 | R 28 538 826 | -40% |
| Steenbok Crossing | Limpopo | R 20 900 000 | R 11 551 924 | -45% |
| SHAREMAX PLATINUM | ||||
| Lydenburg Shopping Centre | Lydenberg | R 13 000 000 | R 10 754 112 | -17% |
| Dainfern Shopping Centre | Dainfern | R 16 300 000 | R 1 | -100% |
| HUGE PROJECTS | ||||
| Zambezi Retail Park | Pretoria | R 756 000 000 | R 234 645 951 | -69% |
| The Villa Retail Park | Pretoria | R 1 590 000 000 | R 498 102 553 | -69% |
| Total |
R 4 341 380 000
|
R 2 128 846 886
|
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| |
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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