Several developments at recent meetings of Nova debenture holders may bring the lawfulness of the process through which the Nova Property Group is trying to have a trustee elected for the Nova Debenture Trust into question. Four meetings were held , but only a handful of the 18 700 former Sharemax investors attended or submitted proxies. Consequently, the meetings did not achieve the required quorums.
nominated Pienaar as its candidate to become the trustee. Very few debenture holders or their proxies attended the meetings. Image: Supplied Moneyweb received several videos of the heated altercation, including one in which Myburgh acknowledges that not all debenture holders were notified of the respective meetings. A few years ago, Nova mailed invitations to debenture holders for a meeting to discuss a potential listing of the company, and thousands attended.
chair Roger Johnson also asked Myburgh whether he would make the minutes of the meetings available on Nova’s website for all debenture holders to access. Myburgh replied that he would not. Johnson subsequently asked Myburgh who was taking the official minutes of the trustee meetings, a requirement prescribed in the trust deed, to which Myburgh responded that he was taking the minutes “in his head”.
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